Donna Marks has been a mortgage adviser with Mortgage Express in Wellington for seven years, after decades in banking.
Marks, 64, shares her property experience and knowledge as part of an ongoing Q&A series with those involved in the housing market.
What do you love about what you do?
DONNA: I love getting to know my clients and building long term relationships with them. It’s not just about the transaction. Over the years I have been invited to their house warmings, weddings, baby showers and now I am helping their children buy their first homes.
I used to think technology would make lending easier, but in the current regulatory environment the opposite is true with compliance, legislation and the ability to fake documents making the process more complicated and time consuming, adding to the challenges faced as an adviser today.
How did you get into this industry?
When I was still at high school my mother saw an advertisement in the newspaper for starting roles at a bank for school leavers and before I knew it, I was working in the bank.
Apart from a couple of breaks, one to have two children and a second working for a NZ Trustee Company, I spent almost 30 years with that bank developing my financial service relationship building skills while undertaking numerous roles from managing customer lending portfolios to staff and branch management roles.
What do you do differently to others?
For me it’s the relationship I develop with my clients. No two clients are the same so it’s about taking the time to get to know them, their goals and objectives.
I am available to my clients when they need me, and I encourage them to ask questions. There is no such thing as a dumb question. With many years of industry knowledge and life experience and I use this to help me build those trusted relationships.
What do you like to do outside work?
I have four grandchildren in Australia and take every opportunity I can to visit and spend time with them. I wish they were closer, but our time together is always special.
I enjoy spending time in my garden that keeps me busy in the summer time to keep it looking good. My mother passed on her love of knitting to me and I enjoy making toys, baby shawls and baby clothes while I’m sitting watching TV.
I enjoy baking, last year raising over $2000 in the Starship Bake Off. The big problem is I also enjoy eating it too.
Where do you live?
I live in Camborne, Porirua in a lovely home with an amazing view of the Pāuahatanui Inlet. My husband Stephen and I have lived here 13 years now and I still pinch myself most days that I’m lucky to live in such a scenic place. The water has a very calming effect, and we have direct access to a popular waterside walkway for frequent walks, meeting and greeting others on the path and watching all the birdlife and fish jumping.
Porirua is a vibrant and diverse community with some great cafes, restaurants and we love living here. Our family in Australia would like us to move over there but we can’t imagine leaving this place any time soon.
Please tell us about your first home
I purchased our first home in Dunedin in 1980 with my husband for $30,000. It was a lovely three-bedroom, one-bathroom brick house. Even back then real estate agents would show you houses they knew you would fall in love with, even though they weren’t in your price bracket.
I loved that I could plug the vacuum cleaner in the hallway and vacuum the whole house without having to move the plug.
Our two children were born in that house, and we still drive past and check it out when we are back in Dunedin.
Do you own investment property?
We currently own a rental property in Johnsonville and have owned it since 2005. During that time, we have had only four tenants and it has been an excellent investment. Over the years we have owned more than seven rental properties in Dunedin, Queenstown & Wellington.
Overall, they were good investments, however we did have some that turned out to not be so profitable and we did incur some losses along the way. These were good life lessons on why you need to look at all the pros and cons of the property, complete all the recommended due diligence and double check your finances before making any decisions. Learning from my mistakes has meant I am able to provide good advice and information to my clients so they can avoid the mistakes I made.
What is your advice to first-time home buyers?
There is a lot of discussion about whether renting is better than buying. I think if you have the opportunity to buy a house you should. Your first home doesn’t have to be a mansion; most start small and build up to the house of their dreams later. Owning your own home gives you security, privacy and pride in what you have achieved. No quarterly house inspections, the ability to hang anything you want on your walls and do what you want to the property to make it yours.
With more houses on the market, prices and interest rates coming down and less competition from investors, I believe now is a good time for first home buyers to buy.
However, it is important that they ensure they can afford the repayments, the rates and insurance and maintenance costs. People often think they can afford it when the repayments are less or the same as their rent but forget about the other costs of owing their own home.
Do you have any other property advice?
Property has been a preferred New Zealand asset for years. When I bought our first home for $30,000 45 years ago, my parents could not believe that we paid so much, and this will continue as the years go by.
While the quick capital gains of recent years have slowed and the market has cooled significantly, there are not many people out there who bought a house 20 years ago and still have it today and would say they are sorry they bought it.
When considering buying, get good advice, talk to professionals, information is key. Do your own research and follow your gut not your heart when making financial decisions.
