can be stressful, especially when accounting is not your forte’.
Steve has always taken over the process, telling us exactly what to do
and what not to do and has made the process very smooth. I highly recommend
using Steve as a Mortgage Broker...
- Greg & Nancy Doherty
your mortgage is with the collapsed Argosy Finance also known as Foundation
Custodians Ltd (FCL). And you feel like this guy... you're not
getting the service you want – or
you're looking for a better deal - refinancing your Argosy home
loan can be an option for you.
Generally we can get a reduced interest rate and better more flexible mortgage structure with repayments to suit you - not the lender.
ADVOCO's principal, Steve McGowan understands and keeps up to date with the ever changing lending policy of each of the banks. This allows him to get the right home loan for you and your family.
has an ability to be able to see "outside the square" when it
comes to mortgages. "Finding a solution for difficult home loans is
the most rewarding part of the job." says Steve.
The hightlight of his career was helping five families have their home returned to them in a illegal "buy back scheme." For this Steve was publicly thanked by Kevin Milne on TV One's Fair Go show. For personal trusted service call Steve today on 0800 ADVOCO (0800 238 626)
knockback for Argosy
Sunday Star Times
Last updated 00:00 01/01/2009
Sub-prime mortgage lender Argosy Property Finance, which brought the country its first Islamic mortgage, has stopped making loans after its insurer pulled the plug.
Shareholder and director of the Auckland company, Gary Palmer, said the move by its American insurer was prompted by the actions of an Argosy employee, though he would not divulge details.
"We had a minor issue with an employee and the ramification of that was our mortgage insurers have pulled the plug on us," Palmer said. "Our funding requires that insurance."
Asked if those actions were criminal, Palmer replied: "Yes, in my opinion criminal. There are potential criminal proceedings involved."
The firm specialised in lending to those who could not borrow from banks, and in supplying unusual mortgage deals.
While that included Islamic home loans (circumventing religious strictures on paying or receiving interest) and interest-capitalisation loans, which were favoured by property investors whose rental income did not meet their loan repayments, it also included so-called low and no-doc loans for borrowers who could not produce long-term proof of earnings.
Because such loans are risky, Argosy's funders required each loan to be insured, but Palmer said the sub-prime crisis was complicating negotiations to get its insurer back on side.
"The problem is our insurer is America-based, so they are exceptionally nervous."
Palmer said Argosy did not raise money through selling debentures to mum and dad investors in New Zealand, but instead drew its funding from institutions overseas, which was channelled through a company called Foundation Custodians Ltd (FCL) operated by trustee company Trustee Executors.
Existing loans continue as normal with an Argosy employee seconded to FCL.
Palmer said Argosy was not experiencing unusual levels of defaults on repayments from borrowers, and was hopeful that Argosy would be back, possibly in a different guise.
Maybe your mortgage is with one of the many home loan lenders that have 'packed their bags' and left the market such as; Argosy, Bluestone Mortgages, Freedom Mortgages, GE Money (TEA, AMS) Property Finance, United Home Loans, Pacific Home Loans, Pioneer or Wizard Home Loans, we may be able help you refinance back to a bank.
In May 2011, GE Capital has sold its $5 billion Australian and New Zealand residential mortgage book to Pepper Home loans in a deal that includes a total of $1 billion worth of mortgages in New Zealand. The new Pepper Home loans mortgage book includes; Argosy, Freedom Mortgages, GE Money (TEA Custodians, AMS), United Home Loans, Pacific Home Loans, and Wizard Home Loans.
Click on the home loan providers logo for more information
We eat and breathe bank lending policy, with our 24 years of banking and broking experience we can give you the advice you need to get you into the right home loan.
Depending on your home loan contract Argosy Property Finance break fees may apply.
Call us on 0800 ADVOCO (0800 238 626) or email us.