Frequently Asked Questions
How is Fundit different?
Fundit puts you, the borrower, in control of the process. You set the basic terms and invite bids. The process is transparent and fast and you choose the deal that best suits you.
What are Fundit's trading hours?
The Fundit website is available 24 hours, 7 days a week. Our helpdesk is open 7am - 11pm weekdays, 2pm - 6pm Saturday and 5pm - 9pm Sunday. Lenders will bid during business hours.
How much does it cost to use Fundit?
Fundit is absolutely free for borrowers.
A lender who wins an auction pays Fundit a small one-off charge calculated as a percentage of your loan amount. This charge is .25% of the amount of your loan although lenders who have completed significant business through Fundit in any month will be eligible for a discount. The charge is substantially less than the commissions lenders often pay to mortgage brokers.
Fundit also has the ability to charge lenders a small fee to view applications made through Fundit. This fee is currently set at $10 per application that is viewed.
Can I apply for a home loan through Fundit if I'm not a New Zealand resident?
You must be either a New Zealand citizen or a New Zealand resident.
How do I know if I'm eligible to apply for a home loan?
You must be over 18 years of age and a New Zealand resident or citizen.
What information will I need to provide?
You must be able to provide evidence of your identity, income, value of your assets and current liabilities. You also need to provide details of properties you already own and the property you wish to purchase or refinance. If you are unable to provide this information you may be eligible for a lo doc loan.
What is the minimum loan I can apply for?
$10,000
What is the maximum loan I can apply for?
There is no maximum provided that you have adequate security and can afford to service the loan.
How long does the Fundit auction process take?
You set the time. This can be 1 - 3 business days from the time you submit your application.
What are the latest interest rates?
Check the latest interest rates here.
Will I need to move my banking relationship if I accept a bid from a new lender?
Some lenders will require you to have a repayment account and wages deposited into an account with them. However, you will not be required to move your whole banking package unless you want to.
Who can I speak to for further assistance?
You can email Fundit anytime. An experienced Fundit staff member will get back to you by email or phone.
This website contains detailed information to help you to decide such things a show much you can afford to borrow and what sort of loan and loan terms may best suit you.
You may find the following links helpful:
While the Fundit Call Centre staff can assist you to better understand that information or to complete the loan application or understand the process, we do not provide financial advice.
To enable us to best assist you, you must specify the nature of your query in as much detail as possible.
Can I run a Fundit auction if I haven't found a house yet?
No. Fundit is designed for those who have a specific property in mind.
How much will my repayments be?
You can get an indication of what your repayments will be using our mortgage calculators .
How much can I borrow for a residential investment property?
This can vary between lenders. Generally it is a lesser amount than for an owner-occupied property.
How much can I borrow for a residential property?
You may be able to borrow up to 100%, subject to general lending criteria.
What type of property can I borrow against?
Most lenders will lend on a variety of property types. However, the loan amount available may vary depending on the property's age, size and location.
Do I need a deposit?
If you're not applying for a 100% home loan then a deposit will be required. Your deposit may be derived from funds you have been gifted, savings, or the sale of an asset, but it can't be from borrowed funds.
How much is my home worth?
To determine this you can obtain a valuation from a registered valuer . Alternatively, one indication of value is your home's capital value, which is specified on your rates demand.
Will I need to complete further forms with the successful lender?
It's possible that the successful lender will require you to complete some additional forms when you make contact with them.
If I haven't received any bids on my auction how long must I wait before running another auction?
You can run another auction straight away.
If I receive bids on my auction and choose not to accept any of them, can I run another auction?
Yes, but if you do this soon after an earlier auction we will advise lenders bidding on your auction that the auction is being re-run.
Can I run more than two auctions on the same base terms?
If you run more than two auctions on the same base terms, one after the other, we may suspend your use of Fundit for a period.
Are there any costs associated with changing banks?
This is something you will need to discuss with the lender involved. During bidding, lenders are required to disclose any fees charged in connection with the home loan they're offering.
What if I have a complaint in relation to my bank?
You need to take your complaint direct to the bank concerned. All banks have a complaints process. If your issue is not resolved and you are at a stalemate your bank will most likely refer you to the Banking Ombudsman. Most banks are members of the Banking Ombudsman Scheme. This is an independent complaints resolution organisation that helps resolve customer issues in the banking industry.
What if I have a complaint about a lender that isn't a bank?
You need to take your complaint direct to the lender concerned. Most lenders have a complaints process. If your issue is not resolved there are a number of government organisations that can assist you to resolve your issue, such as the Ministry of Consumer Affairs or the Financial Services Federation.
What is meant by ‘capitalising fees'?
When fees are capitalised it means that rather than being paid upfront they are added to the principal balance of a loan and will incur interest. The ongoing loan repayments are then calculated on the new increased loan amount.
How do I know if I can capitalise my fees?
Most lenders will allow you to capitalise your fees if you will still be within the Loan to Value Ratio (LVR) limit set by the lender after the fees have been added to the principal loan balance.
