NZ Mortgage Income Trust (No. 2 Fund) Group Investment Fund – Loans

 

Fund Managers Otago Limited as a managed investment scheme manager does not offer investment advice. For investment advice we recommend that you make contact with a qualified registered investment advisor. Fund Managers Otago Limited is licensed under the Financial Markets Conduct Act 2013 [FSP30687] as the managed investment scheme manager of the NZ Mortgage Income Trust (No. 2 Fund) Group Investment Fund which is a Managed Investment Scheme (MIS) under the Financial Markets Conduct Act 2013.

View licence here. To view our schemes on the NZ Companies Office website – the Disclose Register.

Fund Managers Otago Limited (“FMO”) is currently taking applications for new lending propositions for the NZ Mortage Income Trust (No. 2 Fund) Group Investment Fund (“No. 2 Fund”) it currently operates. The FMO has a straightforward and transparent policy for the approval of loans. We currently lend against the security of a first ranking mortgage to home owners, landlords (residential and commercial), commercial owners and farmers.

Mortgage Interest Rates
Commercial/Industrial from 8.00% p.a
Farming from 8.00%p.a.
Housing from 8.00%p.a.
Residential/Rental from 8.00%p.a.

For loan enquiries please contact either Peter Hutchison by calling 0800 800 212 or email him at peter@mortgagetrust.co.nz

Download our Loan Application Form

  • Queries and applications are responded to quickly
  • We’re often more flexible than some traditional lenders
  • The No. 2 Fund lends in a wide variety of situations where first mortgage security is available

We’ll look at any first mortgage opportunity over almost any type of property. The following lending limits apply:

  • Residential Rental First Mortgages up to 80% LVR
  • Owner Occupied Home First Mortgages up to 80% LVR
  • Commercial First Mortgages up to 66.67% LVR
  • Farm / Rural First Mortgages up to 60% LVR

Notes:

  • LVR: Loan to Valuation Ratio (Divide the loan amount into the valuation sum – any allowance for chattels)
  • Residential and Home loans between 75-80% are subject to additional requirements
  • Maximum exposure relates to the percentage of purchase price or the registered valuation (excluding chattels), whichever is lower
  • Maximum exposure against current quotable valuations is 50% for residential and rural zoned properties only

Credit Contracts and Consumer Finance Act 2003 (‘CCCFA’)

The following table discloses the fees charged by Fund Managers Otago Limited to CCCFA clients in applying for and obtaining a loan under this legislation. If you have any questions concerning these fees please don’t hesitate to contact us toll free on 0800 800 212.

CCCFA Loan Fee Classification Amount to be charged
Credit Reports $17.35 per report for each individual (GST exclusive).
Government Valuation Requests $3.25 per valuation request (GST exclusive).
Mileage (Client interviews & property inspections) IRD published mileage rate that applies from time to time. Currently $0.72 cents per kilometre.
Accommodation & Meals (Client interviews & property inspections) Actual cost of any accommodation and meals incurred as a direct result of the CCCFA loan application process.
Rental Car & Petrol (Client interviews & property inspections) Actual cost of the rental vehicle and petrol incurred as a direct result of the CCCFA loan application process.
Air Fares (Client interviews & property inspections) Actual cost of air fares incurred as a direct result of the CCCFA loan application process.
Time Recovery (Client interviews & property inspections) Time spent by Directors, Management and/or staff at their actual hourly salary rate.
Time recovery – Loans Committee approval processing Time spent by Management & Staff at their actual hourly salary rate.
Time Recovery – Loan Application processing Hours taken by Management & staff at their individual hourly rate.
Broker Fees Usually 1% of the sum borrowed (Usually GST exempt).