Loan terms to suit the borrower

Press, 5 July 1983, Page 28

Loan terms to suit the borrower

By

TERRY BUTLER,

National Manager Retail

BROADBANK is always looking at ways of expanding its range of consumer products.

As Broadlands, the company started business as a provider of hire purchase finance for motor vehicle dealers.

Now Broadbank has a large network of contractual dealers providing hire purchase agreements over such consumer goods as motor vehicles, boats, caravans, home computers, furniture and white goods. The method of financing the purchasers through authorised dealers under hire purchase gives the

purchaser the convenience of being able to obtain finance on the spot.

Credit has become an important part of New Zealanders’ life style and Broadbank through its 27 branches offers a wide range of borrowing options with repayments spread over a term suitable to each individual client. Broadbank makes home improvement loans available for any type of renovation or addition to an existing home or a home being built. Many clients use our home improvement loan for such needs as adding bedrooms, studies, family

rooms or the refurbishing of kitchens, bathrooms and lounges. Some clients borrow to add garages or greenhouses. Many clients are “do-it-yourselfers” and prefer to borrow their money in one lump sum. They then do their own renovations over a period and employ tradesmen where necessary. Because of the high cost of materials for any home improvement, repayment terms can be extended up to a term of 10 years. Loans to consumers to

enable them to travel both within New Zealand and overseas for holidays or personal reasons are becoming popular.

These loans allow them to travel at today’s prices with fixed repayment terms over periods to suit. Increases in property prices over the past 10 years have resulted in a need, in most circumstances, for second mortgages to buy or build a home. It is no longer considered a social stigma to have a second mortgage. Broadbank offers

second mortgage finance to new home buyers or buyers of existing homes with repayment terms up to 10 years. The amount you can borrow is limited only by your ability to repay the loan over the term of the advance.

American Express card members are encouraged to use Broadbank branches for thier financial requirements.

Broadbank offers cardmembers access to loans through their Phone-a-Loan scheme. Loans are available to both green and gold card members within 60 minutes. On all loans Broadbank

offers borrowers a special payment protection insurance which covers their repayments in case of sickness, accidental death or redundancy. The small monthly cost to fully protect a borrower is added to the normal monthly instalment. The majority of loans available from Broadbank branches are repayable over a maximum of five years, although for larger sums terms can be extended to up to 10 years, but in ail instances clients’ circumstances are taken into consideration to ensure that they do not become overcommitted.