An unconventional 90s-born all-rounder's account of life as a migrant in New Zealand

Looking back over those fifteen years, so many moments echo in our minds, and so many friendships remain close to our hearts.

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For founder York Zhang (Zhang Yong) and everyone at Plaxo, the warmest memories are of working alongside longstanding clients they met in the early days, and helping projects grow from sketches into impressive buildings.

Today, we share the stories of Frank Fu, one of the most reliable and efficient fully licensed mortgage advisers, and his clients:

“Approved in a day” Challenge completed!

Against the backdrop of tighter lending this year, Plaxo Mortgages achieved a legendary 'approved in a day' result, thanks to this article's leading man, Frank Fu:

Frank's client Mr A, an office employee, urgently needed a mortgage top-up for personal use. It was no straightforward case. Christmas and New Year had just passed, and the living expenses shown on Mr A's bank statements were more than double the bank's Standard Living Expenses benchmark, making borrowing difficult. You might wonder how much difference slightly higher spending could make to a loan application. Quite a lot, as it happens. Since the new Credit Contracts and Consumer Finance Act (CCCFA) rules took effect, banks have scrutinised living expenses particularly closely. A pilot made the news after being declined a loan simply for spending too much on coffee and takeaways. Someone else had a mortgage application declined after spending NZ$187 on Christmas presents at Kmart…

With Frank's help, however, Mr A not only secured the loan but had it approved in a day. Frank's efficiency came from his extensive experience, familiarity with banks' lending requirements and priorities, and meticulous approach. After reviewing the loan documents, Frank discussed and categorised Mr A's living expenses with him in detail. The documents ultimately submitted reflected his true level of spending. The approving bank manager asked no questions and approved the loan within a working day.

Just how fast is 'approved in a day'? Loan applications generally take around two weeks to be approved, even with all documents supplied. A single working day was an exceptional case, but Frank's efficiency and high success rate are widely recognised:

This past March, Frank's client Mr B urgently needed to settle an off-the-plan property purchase within four working days. Coordinating settlement himself in such a short time would have been difficult. With Mr B's authorisation, Frank urgently coordinated with his real estate agent and lawyer and efficiently completed the settlement.

In the difficult lending environment at the start of this year, Frank also secured an urgently needed bridging loan for developer Mr C in very little time. Other mortgage brokers Mr C had worked with had previously called it 'mission impossible'.

Asked about his efficiency, Frank replied calmly: 'Our work often involves very tight deadlines, so efficiency is essential. With support from our team, I have built very close relationships with the vast majority of lenders in the market, giving me ready access to funding channels. At the same time, I keep improving my professional knowledge to ensure the documents I submit fully meet lenders' requirements and rules. Applications can be approved quickly only when there are few issues with the documents, or none at all.'

Close teamwork and a commitment to lifelong learning are the secrets to Frank's efficiency.

 

A large company or a good boss: which would you choose?

Of course, Frank, whose expertise and efficiency have earned him almost legendary status, was once an ordinary student too:

In 2014, after completing a master's degree in finance in New Zealand, Frank faced the same uncertainty as many newcomers to the workforce while searching for a job. Should he join a major company—a mainstream bank—as a finance professional, with stable employment and fewer challenges? Or should he follow a good boss and work to carve out a place of his own?

York helped him make that decision during his interview at Plaxo Mortgages.

'During the interview, I felt York was a very sincere, wise and insightful person. Unlike other interviews I attended, York focused not only on professional questions but even more on a person's character. When he tried to recruit me, he did not talk about a high salary or paint a picture of the future. Instead, he kept discussing the company's culture. I clearly remember that its first principle was honesty and integrity, which I have always valued above all else. I felt he was choosing more than an employee: he was choosing a partner, or even a new member of the Plaxo family. That made a deep impression on me. Ultimately, I chose a boss and company that shared my values, and a mentor for myself. York's success and his warm, sincere manner were compelling evidence.'

Frank's answer was sincere and straightforward, and that same sincerity and directness in his dealings with people and work were what York valued most when recruiting. Guided by these values, York selected and developed every member of the Plaxo Mortgages team, creating a caring family whose members support one another. Frank feels completely at home there:

'Actually, I wasn't entirely certain when I made the choice. Only after working here for these past few years did I realise how right it was. I really enjoy challenges and completing projects, and every successful client settlement gives me satisfaction and a sense of achievement. I also love travel and food, and this work gives me some freedom to enjoy them outside peak periods. I can pursue both my work and my interests, and I'm very happy with where I am now.'

People say that finding a good boss is one of life's three great pieces of good fortune. Frank is undoubtedly very fortunate.

90 s-born and thoroughly dependable

Frank has made the most of that good fortune.

Whether handling a complex development or construction loan, or an ordinary owner-occupier mortgage, Frank gives every case his full attention and completes it to an excellent standard. He delivers both efficiency and interest rates below those otherwise available at the time. In York's words, Frank is 'a truly deserving representative of Plaxo's 90s-born generation'.

But words alone prove little. Just how low an interest rate has this 90s-born adviser secured? He once arranged exceptionally low-cost finance for Ms D's project to subdivide a property into five lots, with an interest rate 3% lower than other development loans available at the time. This followed extensive early discussions with Ms D to understand her need for a high loan-to-value ratio and a low interest rate. Frank put considerable work into presenting her previous experience, the project's profit margin through its feasibility report, and the lending ratio, among other factors, to meet the basic requirements for financing the project. When anti-money laundering (AML) issues arose, Frank communicated extensively and effectively with both the client and her lawyer. With the approving manager's help, he ultimately secured approval.

Recently, Frank also secured a 89% loan for a young couple buying their first home, with a floating interest rate of 2.03% at settlement. Their deposit was only 10–15%, their employment income was not particularly stable, and they had high expectations for their home, making the loan challenging. After a comprehensive assessment, Frank recommended a new build because a particular bank offered favourable policies for new homes and relatively lower income requirements. After securing pre-approval, Frank also did considerable work during their house search, including discussing title and building consent matters with their lawyer and communicating repeatedly with the valuer. He ultimately helped them settle on their dream home while saving them a substantial amount of interest.

York is grateful to have such a disciplined, dependable employee on the Plaxo Mortgages team: 'Frank is more than a representative of our 90s-born generation. He is also a role model for me. He studies his work carefully and is disciplined in daily life. He approaches life with passion and curiosity and knows how to balance work and life. Many of our colleagues at Plaxo can learn from him.'

Outside work, Frank is indeed a 90s-born young man who knows how to enjoy the world's beauty. His colleagues call him 'Plaxo's little prince'. His discipline in starting work at seven each morning, and his efforts as a highly efficient workaholic, are all aimed at a better life—or, as he puts it, 'exploring and eating':

Whenever he has time off, Frank is on the road. He has now explored dozens of countries in depth and is Plaxo's go-to person for having a good time.

When he has no time off, Frank is in the kitchen. This 90s-born cook can do much more than scrambled eggs with tomatoes. His beef Wellington won Plaxo's cooking competition, and his colleagues have been craving it ever since…

Loves food, knows food, yet never puts on weight? No, Frank worries about weight gain too. But through discipline, perseverance and a scientific approach to fitness, he lost a full 15 kg during lockdown while everyone else was gaining weight. As his female colleagues at Plaxo put it, even his smiling eyes became more charming!

It is no exaggeration to say that choosing Frank brings you a dependable mortgage manager, a world travel adviser, a friend who cooks wonderful meals, and someone to help you lose weight.

Interview notes:

Without exaggeration, our interview with Frank Fu required the least effort to coordinate and received the fastest responses of any interview this YIJU writer has conducted in the past year, bar none.

'Frank, could you share some particularly memorable cases you've worked on?'

'Sure. I'll give it some thought and share two specific cases with you tomorrow morning.'

And the next morning, Frank clearly explained two highly representative cases covering different loan categories and revealing his personality and working habits. What a dream interviewee—he had even helped do the writer's work!

'Frank, could you expand on a few points?'

'I'm travelling in Fiji at the moment. Would it be all right if I answered your follow-up questions on the flight home?'

And as soon as the plane landed, his additional material arrived in the writer's inbox, richer in detail than expected. Once again, a dream interviewee! Every piece of extra material was valuable, making it difficult to choose what to include.

 

As Han Feizi said, small details reveal the bigger picture.

I believe every one of Frank's clients and business partners will recognise the impression he made on this writer. It stems from his personal principles: work carefully and efficiently, be punctual and keep your word. After years of putting them into practice, these principles have become part of him and ingrained in his working habits. In a society where reliability is often lacking, this is Frank's most distinctive quality, benefiting everyone who works with him.

You cannot go wrong choosing Frank Fu and the Plaxo Mortgages family behind him.