Early mortgage settlement sets the mind free

While the goal of every individual is to repay his or her mortgage loan as soon as possible, the means to achieve that objective would depend on the ability and quality of the financial advisor or mortgage broker.

Some commercial banks also advise their clients on judicious management of their mortgage loans for early liquidation, but it is largely the advisors who cater to the interests of their clients better.

Global Financial Solutions Limited (GFSL) is arguably among the largest mortgage brokers in the country. The Company accounts for a total of $2 billion arranged as mortgage, commercial and business loans arranged since its establishment in 1999.

The company’s insurance portfolio (including home, life and health policies) has also witnessed impressive growth in the past 14 years, with the total premium written going beyond $2 billion.

GFSL has been a winner of the Indian Newslink Indian Business Awards in many categories in 2009, 2010 and 2012 and won the ‘Supreme Business of the Year Award’ in 2010. The Company was also a finalist in many categories.

Justifiable pride

Managing Director Ajay Kumar is justly proud of his company’s progress, which grew by 65% last year alone.

“I believe that honesty and transparency are among the most important attributes in this business. We outline the chances of obtaining a loan at our first meeting with customers, and once they accept our suggestions, we begin a long and fruitful association. We have a growing number of customers, who are individuals and businesses. Our basic goal for each of them is the same – help in early settlement of their loans and help them to lead a peaceful debt-free life. This is not difficult to achieve,” he said.

A banker by qualification and profession, Mr Kumar came to New Zealand in 1999 with more than 25 years of experience in the banking industry (at Bank of Baroda and ING Vysya Bank). The Mortgage finance sector, with its peculiarities and discrimination, offered him a challenge.

Professional calibre

He began his career in the industry using a small section of his home as office. Today, his company operates from its premises in Airport Oaks in Auckland with a team of ten professionally qualified and highly motivated staff.

“People of Indian origin are hardworking, diligent and honest but many do not understand the procedures and regulations governing mortgages. Most of them do not also appreciate the important of insurance.

“GFSL began with the vision of helping as many people as possible to achieve their objective of owning a home, and more importantly, repaying their mortgage loans early, without the need for any increase in the payment of instalments,” he said.

Those were the times when banks would not lend more than 80% of the value of the property. He was determined to understand the market and assist people.

Perceiving the business potential and the opportunity to assist more people, Mr Kumar obtained qualifications in Investment Law, Commercial Law and Tax Law.

He is a Member of the Institute of Financial Advisors and a Fellow of the prestigious Financial Services Institute of Australasia.

“We specialise in arranging home loans, business loans and commercial loans, create and implement mortgage restructuring plan depending on the needs of our customers, help them to pay their loans faster and save money in unnecessary interest payment. We also offer expertise on insurance needs of people and arrange the best-fit personal risk insurance policy at the right premium,” he said.

Customer feedback

GFSL sponsors ‘Money Talk,’ a breakfast programme on Radio Tarana during weekdays and Mr Kumar answers questions from listeners on Tuesdays and Thursdays. Many of his customers have expressed their experiences in dealing with him and his team of professionals on radio and by email.

Nafis, a government official, said, “My son and I have saved thousands of dollars and we are now nearly mortgage free. Mr Kumar is honest, humble and straightforward and a trustworthy person.”

Peter McGregor from Drury said that GFSL helped him to save substantially through lower rate of interest on his mortgage account. “I am confident that I can finish my mortgage within seven to nine years,” he said.

Dr Sunil said that he was initially nervous of buying his first home in New Zealand. “I met many mortgage brokers who were interested only in figures and money. I found Ajit Kumar to be the right man, and highly dependable and trustworthy,” he said.

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