Mortgages Online’s Hamish Patel tells NZ Adviser why the industry needs more regulation
Mortgages Online broker Hamish Patel explains why the new LVR changes will have little impact on investors.
Q: Who or what has inspired you to become a broker?
A: Becoming a broker seemed like a handy way to be able to serve up many more options than one bank. It was the only way to able to have more freedom but still be involved in the industry. Let’s face it, once you are in the banking industry, you can’t really leave. Can you?
Q: What is the best part of being a broker?
A: The freedom of being self-employed allows me to be creative with how we deliver products. I get a real kick out of making things happen for clients – who end up securing a strong financial future for their family – and educating people on understanding the real source of financial wealth.
Q: What’s the hardest, most challenging part?
A: Changes in the legislation and changes at the central bank are all challenging aspects, but are also the most exciting part of the job.
It does get harder to plan when the RBNZ can come up with quite big changes quickly. A lot of changes lately does change who your target market is.
Q: What was your most memorable client experience?
A: So many, the best is when I have made owning a property possible for someone who thought they could not get in. I had a client go from a 5 to 50 house portfolio with me; I have had some young clients who would tell me that they were the only ones from both sides of the family to ever own a home.
Q: How would you sum up mortgage advisers in three words?
A: Just need two words really – more options.
Q: What do you see as the biggest opportunity for brokers in 2018?
A: The non-bank space – some of the changes due to the reform of the Credit Contracts and Consumer Finance Act has changed the landscape permanently. There is now a real need for alternative sources of funding. More complexity means we can add more value.
Q: What do you think of the RBNZ’s LVR changes announcement?
A: I think it will have little impact on investors. It will increase the number of first-home buyers. At best it may get the stalemate in Auckland moving, at worst it does nothing and we start to look at the ugly face of a full economic slowdown. I think the acting governor has been wise to move on it fast, I wonder if the change could have been stronger.
Q: Does the industry need more regulation?
A: Yes, it does, the vast majority of brokers I meet operate a clean ship. However, there is behaviour from some that pose a risk to our industry; we have to be pro-active to ensure that the profession is sustainable.
Q: Outside the broking business, what else do you enjoy doing?
A: Right now, it’s mountain biking, there are hundreds of kilometres of awesome trails all around New Zealand. It is fairly low-cost and gets you to connect with nature and it builds stamina.
Q: If you were the Prime Minister for one day, what would you do?
A: I would do nothing, seriously I think as New Zealanders we have some awesome bits of legislation, we live in an amazing country. Wouldn't it be nice to just have a stable three years with no change to see some of the fruits of the great work already done?
Q: If you could have dinner with any three people (dead or alive, excluding family or friends), who would you invite and why?
A: Einstein; would love to see if he thought that the big bang was actually us inside a black hole. Buddha; to see what he might like for dinner.
Winston Peters; he seems like an interesting chap to have a beer with.
Q: Complete this sentence: If I wasn’t in mortgage broking, I would be…
A: running a dairy.
Related stories:
Being a broker offers a great lifestyle
First-time buyers most valuable, broker
Q: Who or what has inspired you to become a broker?
A: Becoming a broker seemed like a handy way to be able to serve up many more options than one bank. It was the only way to able to have more freedom but still be involved in the industry. Let’s face it, once you are in the banking industry, you can’t really leave. Can you?
Q: What is the best part of being a broker?
A: The freedom of being self-employed allows me to be creative with how we deliver products. I get a real kick out of making things happen for clients – who end up securing a strong financial future for their family – and educating people on understanding the real source of financial wealth.
Q: What’s the hardest, most challenging part?
A: Changes in the legislation and changes at the central bank are all challenging aspects, but are also the most exciting part of the job.
It does get harder to plan when the RBNZ can come up with quite big changes quickly. A lot of changes lately does change who your target market is.
Q: What was your most memorable client experience?
A: So many, the best is when I have made owning a property possible for someone who thought they could not get in. I had a client go from a 5 to 50 house portfolio with me; I have had some young clients who would tell me that they were the only ones from both sides of the family to ever own a home.
Q: How would you sum up mortgage advisers in three words?
A: Just need two words really – more options.
Q: What do you see as the biggest opportunity for brokers in 2018?
A: The non-bank space – some of the changes due to the reform of the Credit Contracts and Consumer Finance Act has changed the landscape permanently. There is now a real need for alternative sources of funding. More complexity means we can add more value.
Q: What do you think of the RBNZ’s LVR changes announcement?
A: I think it will have little impact on investors. It will increase the number of first-home buyers. At best it may get the stalemate in Auckland moving, at worst it does nothing and we start to look at the ugly face of a full economic slowdown. I think the acting governor has been wise to move on it fast, I wonder if the change could have been stronger.
Q: Does the industry need more regulation?
A: Yes, it does, the vast majority of brokers I meet operate a clean ship. However, there is behaviour from some that pose a risk to our industry; we have to be pro-active to ensure that the profession is sustainable.
Q: Outside the broking business, what else do you enjoy doing?
A: Right now, it’s mountain biking, there are hundreds of kilometres of awesome trails all around New Zealand. It is fairly low-cost and gets you to connect with nature and it builds stamina.
Q: If you were the Prime Minister for one day, what would you do?
A: I would do nothing, seriously I think as New Zealanders we have some awesome bits of legislation, we live in an amazing country. Wouldn't it be nice to just have a stable three years with no change to see some of the fruits of the great work already done?
Q: If you could have dinner with any three people (dead or alive, excluding family or friends), who would you invite and why?
A: Einstein; would love to see if he thought that the big bang was actually us inside a black hole. Buddha; to see what he might like for dinner.
Winston Peters; he seems like an interesting chap to have a beer with.
Q: Complete this sentence: If I wasn’t in mortgage broking, I would be…
A: running a dairy.
Related stories:
Being a broker offers a great lifestyle
First-time buyers most valuable, broker
