Another ingenious way to repay mortgage loans early

                                               Global Finance Founder-Managing Director Ajay Kumar

One of the largest mortgages and insurance brokers of New Zealand has launched another unique initiative, stating that it would enable customers to repay their mortgage loans earlier and manage their finances more efficiently and deal with the current uncertainties with confidence.

Global Finance, which opened its first out-of-Auckland branch in Tauranga on June 26, 2020 (and fourth in its network), is now asking its customers to consider ‘Mortgage Genius Plan,’ as the ‘Financial Vaccine’ against the negative effects of Covid-19 on the New Zealand economy.

Managing Director Ajay Kumar said that the new product is significantly different from its other unique and inimitable ‘Secret Formula’ for early repayment of mortgage loans.

Please visit https://www.globalfinance.co.nz/mortgage-genius-plan/   

Steering financial destiny

“Our Mortgage Genius plan has been carefully designed and developed, highlighting the need for everyday New Zealanders to take hold of their financial destinations and have access to a smarter way to manage their loans. Giving people access to a Plan that has numerous benefits to the user means that our customers can stay on top of their finances more easily and increase their financial knowledge at the same time,” he said at a press conference held at his Mangere offices in Auckland on Thursday, October 1, 2020.

The Mortgage Genius Plan is unique in that it can be tailored to suit individual customers to suit their individual needs- either to repay their mortgage early, purchase another property or meet other special circumstances.

This contrasts the run-of-the-mill products of most financial institutions, Mr Kumar said.

“Global Finance designs products to cater to the mortgage and insurance needs of customers. We are basically a solution-provider, focusing on their welfare. We establish long-term relationships so that changing needs can be fulfilled,” he said.

He said that Global Finance has about 7000 customers, a majority of who have been with the firm since it started business 21 years ago.

“The number of second-generation customers is also rapidly growing, strengthening the special bond that we foster with them,” he said.

Mr Kumar would not reveal the Plan works, saying that it is just another ‘Secret Formula’ developed by Global Finance, not available anywhere in the industry in New Zealand.

An Example

However, he provided an example:

A person has an annual income of $80,000. His living expenses are $40,000 and remits $30,000 as repayment of his mortgage loan. He thus has $10,000 surplus.

“Let us assume that the customer has a mortgage loan of $600,000. Our Mortgage Genius Plan will use this surplus amount of $10,000 to bring down the loan to $590,000. Our Plan process will enable the customer to repay his loan much earlier than 30 years to which he may have contracted with the lending institution earlier. Covid-19 has brought the fear of uncertainty in people but we will help customers achieve their objectives,” he said.

Mr Kumar said that the Plan guarantees enduring benefits to customers in the current low-interest environment, which should stimulate investment.

“Not only does our Mortgage Genius Plan saves interest for our customers, it also allows them to become financially stronger, support their family, minimise financial worries and building equity. It accords customers the freedom to strengthen their financial security. This is the result of extensive research and internal discussions,” he said.

Long-term benefits

For a majority of New Zealanders, owning a home is their life-dream but get entrapped in a loan spiral (for 30 years), paying substantial interest on their mortgages.

Almost ten years ago, Global Finance developed its ‘Secret Formula’ which has helped thousands of customers to repay their loans much sooner (in the case of some customers, in less than seven years), thereby achieving substantial savings on interest and reducing financial burden.

Mr Kumar said that the Mortgage Genius Plan is an improvement over the ‘Secret Formula.’

“The Mortgage Genius plan has massive long-term benefits that see our customers in a much better financial shape and that is why we are very excited to present this opportunity to all Kiwis and give them lifelong support in this very crucial aspect of their lives. Customers can build their cash reserves whether that is to further buy a business or create a family-oriented lifestyle it will mean reaching goals sooner than they had otherwise imagined. Making financial goals a reality,” he said.

Impressive business

Since its establishment in March 1999, Global Finance has arranged more than $10 billion in mortgage and insurance cover and has about 2000 active customers who constantly seek expert advice on obtaining mortgage loans either for their first home or for investment and for their varying insurance needs.

The Company today has four offices in New Zealand, three of which are in Auckland – at Kirkbride Drive in Mangere, Henderson (West Auckland) and Manukau (South Auckland) and Tauranga.

The Tauranga branch was opened by Paul Alderson, BNZ Branch Manager (Partnership Banking) in Tauranga on June 26, 2020, with Vikas Mediratta as the Branch Manager.

Difficult year ahead

Mr Kumar said that 2021 will be a challenging year as the negative effects of global recession and economic downturn of the New Zealand economy take effect.

“However, Global Finance has the ability to remain competitive even in these challenging times. Doing things differently, a willingness to adapt and change, and putting high regard on customer needs means that the mantra of customer satisfaction holds true, not only within Global Finance but within the community,” Mr Kumar said.

Awards and Citations

It is that cautious optimism, conditioned by resilience that has helped Global Finance to grow over the years. The Company has won more than 50 Awards, the first of which was the ‘Supreme Business of the Year’ Award that Mr Kumar won at the Third Annual Indian Newslink Business Awards in 2010, in addition to winning in individual categories. The Company was also the winner of the first Financial Advisor (Mortgage) and Financial Advisor (Insurance) of the Year Awards of Indian Newslink Business Awards.

Global Finance won significantly at the Twelfth Annual Indian Newslink Business Awards in 2019, including the ‘Supreme Business of the Year’ Award for the second time.

Over the years, the Company has also won the Awards presented by Westpac, ANZ, ASB, Ernest & Young, Deloitte and other organisations.

“These Awards have made Global Finance one of the most awarded Mortgage and Insurance advisers in New Zealand” Mr Kumar said.