Refinance your United Home Loan

If your mortgage is with United Home Loans also known as TEA Custodians or AMS. And you feel like this lady...you're not getting the service you want – or you're looking for a better deal - refinancing your United Home Loan mortgage 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.

Steve also 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 highlight 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)

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United Home Loans unable to write new business
Tuesday, February 17th 2009, 10:56AM
by Jenny Ruth

United Home Loans is unable to originate new mortgages because it hasn’t been able to find new funders to replace GE Money, its owner, Lombard Group, told the stock exchange late on Monday.

GE Money withdrew from funding third party mortgage originators last October. While United had been using other funding providers, Lombard says difficult market conditions have deteriorated further since October.

Although it has had ongoing discussions with alternative funders, United "is no longer in a position to originate new mortgage transactions," Lombard said. United will continue to receive monthly trail payments from various lenders, unless loans are in default, and will gradually run down its mortgage book, the company said.

Lombard bought United from Hanover Group in December 2007 for $1.425 million. It wrote down its value to $1.086 million at September 30 and will be "impairment tested" again at March 31, it said.

It has been clear for months that United hasn’t been trying to attract new business. Its floating mortgage rate has remained unchanged at 10.22% since September last year while active lenders have been aggressively cutting rates in response to the Reserve Bank cutting its official cash rate. ASB Bank, for example, has cut its floating rate from 10.25% to 6.9% over that period.

Last week, Lombard told the stock exchange its other mortgage originator, Tasman Mortgages, ceased writing new business has had management of much of its loans taken over by a major lender, significantly reducing its trail income and the size of mortgages under management. Lombard didn’t say which lender was involved.

It also said another arm of the business, Tasman Mortgage Brokers, is subject to a wind-up application from the Inland Revenue Department. This relates to unpaid tax from before Lombard bought the Tasman Mortgages Group from Blue Chip, now named Northern Crest Investments, in July 2007.

Lombard has already written off the $50,000 purchase price and the broking operation hasn’t undertaken any new business since October. Lombard said it has "been in dialogue" with IRD and has made a formal demand on Northern Crest under the warranties in the sale and purchase agreement.

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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 Custodians, 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 United Home Loans mortgages break fees may apply.

 

Call us on 0800 ADVOCO (0800 238 626) or email us.