With the Reserve Bank raising the OCR to 1.5% in April, it is no surprise that interest rates are on the rise again.
Oh, and the eagerly awaited changes to the CCCFA are expected to be announced soon (watch this space).
But, what else has changed since our last update?
What’s happening with property prices, mortgages and the cost of living?
Home loan deposit explanations.
The 1st is the Upfront or Holding Deposit used when purchasing a property.
The 2nd is the Equity Deposit which is the amount of deposit (equity) a lender will require depending on current lending criteria, the type of property being purchased and the end-use of that property.
In a rising interest rate market, refixing your mortgage can be time-sensitive. Banks no longer offer advice when you are refixing with online banking or phone apps. As a mortgage broker, I will continue to offer a mortgage review & refix service. In fact, I am paid to do this – some lenders pay me a small fee (or trail income) to provide this service. I often know your mortgage plans so can help you keep on track.
A Mortgage Broker will help and prepare new & existing homeowners to obtain competitive mortgage solutions for their unique situations.
Detailed advice and coaching on the recommended steps toward homeownership are provided to ensure a full understanding of the process.
1. Why do we need a Mortgage Appointment? 2. What is a Home Loan Pre-approval? 3. What is a Conditional Approval? 4. Why do I need a Solicitor? 5. What is an Unconditional Approval? 6. What is a Home Loan Structure Meeting? 7. Why do I Need to Meet with the Bank? 8. What is Document Signing? 9. Why do I need Property Insurance? 10. Why do I need Personal Risk Insurance? 11. When is Settlement Day?
First home buyers often ask if it’s worthwhile using a mortgage adviser and whether obtaining pre-approved finance is a good idea.
They want to know the benefits of going through the process.
Here are my top Nine reasons why first home buyers should use a mortgage adviser and obtain pre-approval for a home loan
Sitting in front of a broker is like sitting in front of 20+ lenders with hundreds of loan products, rather than having the options from just one bank.
The words ‘Mortgage’ and ‘Home loan’ are often misunderstood, and both are often used to describe money lent to a new homeowner by a bank to purchase a property.
There is confusion regarding the terminology and what the terms mean in theory and in practice. The mortgage & the home loan are separate legal obligations.
Autumn brings cooler mornings and evenings, but is it also bringing a cooler property market with it?
We’ve definitely seen a shift in the way the market is behaving.
But, what does that mean for you?
And, what impact has the change in lending regulations had on New Zealanders?
Let’s explore the answers to those questions now.
A Land Information Memorandum (LIM) is a report that provides a summary of all the information that the local authority has on file.
A Pre-purchase Building Inspection report is a detailed property survey and includes a visual inspection of the components of a building, i.e. the interior, exterior, outdoor, roof and site areas.
A lawyer or conveyancer will protect your interests, in other words, they will act independently as their purpose is to work for you.
Get to Know you Meeting, Set up for Mortgage Application Success, Summary and Action Steps, First Time Home Buyers Checklist, Options for Deposits, Home Ownership Budget, Home Buyers Financial Assessment,
Is The Property Market Finally Trending Down? The property market might finally be starting to climb down from its peak. However, many things are still impacted by Covid and its associated response. And let’s not forget that inflation and lending criteria are all playing a part in the current situation.
With the media going crazy with reports of declining mortgage approvals, is it harder to get a mortgage right now? We answer this question and more here.
Just about every first home buyer will ask the question ‘can I use kiwi saver’. The following blog will outline important information to answer this question. Eligibility for Kiwi Saver
Why use a mortgage broker? – A Mortgage Broker will help and prepare new & existing homeowners to obtain competitive mortgage solutions for their unique situations. We do this by
When you purchase a new home and take on a mortgage the bank will lend money to you for a fee called interest. The interest costs are calculated annually with
Initially, we all want to know what are the best mortgage interest rates on offer from the lenders.However, going with the lender that has the best mortgage interest rate may
The question, what does your income need to be to get a mortgage has no straight forward answer. There are many factors that come into play.The income you will need
There are a number of costs to be aware of and plan for so that you know how much it costs to get a mortgage.Using a mortgage broker generally means
Property Market 2022: Our Predictions. The major changes to the Credits Contracts and Consumer Finance Act are heavily impacting the lending scene, so is it harder to get a loan now? And what will 2022 have in store for us when it comes to all things finance?
Finally, could the winds in the property market be changing and shifting to a buyer’s market?
A Focus On Property Investment Property Investment Residential property investment is one of the most popular types of investment in New Zealand. It is accessible to many people in the
As 2021 enters its final weeks, there is no shortage of financial news and property developments. We know that interest rates are on the rise. But are property prices still
Even if you don’t have your ear to the wall in the finance and property world, you’ll have heard whispers about the state of the economy in New Zealand lately.
What’s Happening In Finance and Property Right Now? Amidst the rollercoaster of lockdowns and the ongoing restrictions in our largest city, life goes on in the world of finance and
Clients often ask if it’s worthwhile obtaining pre-approved finance. They want to know the benefits of going through the process.
The Government has released the draft legislation outlining details of the policy limiting the deductibility of interest costs on residential property investments. [Source] A property with a code compliance certificate
Tighter Lending Restrictions As house prices continue to soar throughout the country, the Reserve Bank has taken steps to combat the rise. They are wanting to further restrict the low
There’s been some significant data released in the last month – we have a record-breaking inflation rise and a forecasted OCR increase. Homebuyers are responding to an uncertain economy, with
There has been lots of news about how the property market is going crazy. House prices are rapidly rising, by as much as 20% in a year. And there are
Tips & Tricks – A Quick Review of Changes for Rental Investors – July 2021 PERSONALISED SUPPORT FOR YOU, AND YOUR FAMILY My newsletter this month included a quick review
First Home Loans – 5% Deposit (and Welcome Home Loans) It’s easier to own your own home with a First Home Loan (Welcome Home Loan). Finding the deposit for your
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Whether you are starting out investing in real estate or adding to your already-substantial portfolio, here are some things to consider when buying a rental property. Do the numbers stack
Mortgage Strategies for 2020 Tips & Tricks Newsletter – March 2020 It’s very hard to describe what has happened over the last few days and to know how to prepare
A Focus On Property Investment PERSONALISED SUPPORT FOR YOU, AND YOUR FAMILY Tips & Tricks Newsletter A Focus on Property Investment Is now the right time to consider purchasing a
A Focus On Property Investment Owner Occupier / Landlording Boarder Income – This is a cost-effective way to start making money from property. It’s often an option for younger homeowners
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A Focus On Property Investment Property Investment Residential property investment is one of the most popular types of investment in New Zealand. It is accessible to many people in the
A Focus On Property Investment Property Investment – The Good & The Not So Good Property is a popular, and desirable, investment for Kiwis, and can offer excellent returns over
A Focus On Property Investment Owner Occupier / Landlording Boarder Income – This is a cost-effective way to start making money from property. It’s often an option for younger homeowners
A Focus On Property Investment Understanding the Risks of Property Investment Property investors are exposed to risk for a longer time, so it’s important to understand the risks before you
A Focus On Property Investment Why Should You Consider Other Types of Investment? If property is your only investment, you’ll have little or no diversification, which increases your risk if
A Focus On Property Investment Non-Direct Property Investment So, you don’t want to be a landlord and have the day-to-day headaches of managing tenants, managing cash flow and property maintenance
By Nick Goodall, head of research at CoreLogic NZ Nick has dusted off his data and analytics-driven crystal ball, and present to you his 2019 property and economic outlook. Here’s
A Focus On Property Investment Direct Property Investment Residential property investment is one of the most popular types of investment in New Zealand. It is accessible to many people in
By Nick Goodall, head of research at CoreLogic NZ Nick has dusted off his data and analytics-driven crystal ball, and present to you his 2019 property and economic outlook. Here’s
Application FeeBanks and lenders all have their own fee structure, as well as the interest rate charge. The Application Fee is a fee that lenders charge borrowers to assess their
Reviewing the mortgage It’s a good idea to check things like your level of repayments and interest rate from time to time. It pays to do it every year or two, or
Completing your Refinance – Do you have questions? Continue reading below or Book a time that suits you to have a quick chat over the telephone. Click ‘Here’ and I
Preparing for a Refinance – Do you have questions? Continue reading below or Book a time that suits you to have a quick chat over the telephone. Click ‘Here’ and I will
Things You Need to Evaluate Before Refinancing Once you have a clear goal in mind, you’ll want to evaluate your financial situation. There are four keys things to look at:
Reasons to Refinance – Do you have questions? Continue reading below or Book a time that suits you to have a quick chat over the telephone. Click ‘Here’ and I will call
First Home Loans (and Welcome Home Loans) It’s easier to own your own home with a First Home Loan (Welcome Home Loan). Finding the deposit for your first home can
1. Start a budget The secret to financial security isn’t making lots of money, but sensibly managing the money you have. A budget is the best way to start doing
The ballots for the 18 KiwiBuild apartments in the Auckland suburb of Mt Albert have opened! If you’re interested in buying one of these stylish new homes and you haven’t
What to do when the bank says NO! Under increasing external pressure from the Reserve Bank, and internal pressure from credit-tightening measures, banks are limiting borrowing. This in turn has
KiwiSaver for Previous Homeowners If you are applying for a KiwiSaver first-home withdrawal determination as a previous homeowner, do you meet the following: You have not previously withdrawn your KiwiSaver
KiwiSaver HomeStart grant Published Housing NZ: 27 July 2018 How does the HomeStart grant work? After three years of regularly contributing to KiwiSaver (of at least the minimum allowable percentage
How to Use KiwiSaver for your First Home Purchase An Overview of KiwiSaver What do I need to do to apply for a first-home withdrawal? What do I need to
Tips & Tricks Newsletter & Money Week 2018 Welcome to my Spring newsletter & Money Week 2018 – It’s been a long winter and I’m looking forward to more daylight
Mortgage Borrowing Strategy Commentators seemed to have flat-lined their OCR forecasts and feel that there is a chance that the next move in the cash rate is actually a cut.
The Property Finance Center Tips & Tricks Newsletter (Money Week 2018) Welcome to my Spring newsletter & Money Week 2018 – I’m looking forward to longer and warmer days – they’re
Personal Risk Resilience Tips Explained Life certainly can be unpredictable. How well would you weather one of life’s storms? What can’t you afford to happen? We hope you find this
Mortgage Resilience Tips Explained Home or property ownership plays a big role in the financial lives of most Kiwis. So giving yourself some time to ponder your personal situation is
Quotable Values NZ https://www.qv.co.nz/property-insights-blog/insurance-premiums-in-2018-up-up-and-away Levy Spikes and Market Hardening In 2018 we’ll see a general hardening of the market. Insurers face increased losses against a backdrop of increased global re-insurance
KiwiBuild Pre-Qualify KiwiBuild Pre-Qualify online portal is now open. That means New Zealanders like you, who have registered an interest in owning a KiwiBuild home, can now apply online to
Foreign Exchange (XE) Achieving best practice starts with education and awareness. Often the starting point for your journey is education – providing insight into the range of options available and
Comprehensive Construction Checklist To help you maintain control over your house construction – and be another set of eyes for mistakes – we’ve put together a comprehensive construction checklist. Some
KiwiBuild Pre-Qualification & Eligibility Thank you for registering your interest in KiwiBuild. Thousands of Kiwis want to buy an affordable home of their own and you will soon be able
Kiwibuild Frequently Asked Questions Where will kiwibuild homes be built? How much will kiwibuild homes cost? Do I need a deposit to apply for kiwibuild? How many properties in the
Next steps to a KiwiBuild home Thank you for registering your interest in KiwiBuild, just like thousands of other Kiwis who want to buy an affordable home of their own.
Kiwibuild Homes – The path to affordable home ownership. The first step is to check whether you’re eligible for a KiwiBuild home. When we get closer to KiwiBuild homes being
The realisation of how hard it is to be a homeowner becomes all too clear when prospective buyers start the process of reviewing their finances, calculating how much deposit is
The Property Finance CentreTips & Tricks Newsletter Welcome to my midwinter newsletter – I hope you are keeping warm and dry. A quick market update: As we move through winter,
These steps will provide you with the best possible return on time and money invested when it comes time to sell your home: 1. Painting You should paint bathroom ceilings
When you are about to negotiate the biggest purchase of your life so far it’s important that you know how to avoid making a costly mistake. As the excitement builds
Low Deposit Home Lending What does loan-to-value ratio (LVR) mean? When you take out a home loan, the loan-to-value ratio is the amount you borrow as a percentage of the
Clients often ask if it’s worthwhile obtaining pre-approved finance. They want to know the benefits of going through the process. Here are my top Nine Reasons and the Benefits of
Credit reports, Credit History & Credit Scores – How credit history and scores work Credit reports, Credit History & Credit Scores – We’re getting identified more and more by our
Pre-Settlement Inspection – What To Check One of the more contentious steps in buying a house is the pre-settlement inspection. Purchasers have a right to inspect the house prior to
As a Mortgage Adviser, I help and prepare new & existing homeowners to obtain competitive mortgage solutions for their unique situations. I do this by providing detailed advice and coaching
Mortgage Adviser Bridging finance offers a fast way to find finance which “bridges the gap” between the sale of your old property and the purchase of a new property. The
Refinancing a home loan is popular, as people juggle their finances to take advantage of competitive interest rates and hopefully, pay off their mortgage sooner. But there are a few
LTC for the Rental Property Investor If you own one or more rental properties, you could save money by setting up an LTC. The LTC structure allows you to transfer
Sometimes things go pear-shaped. If an earthquake strikes, our house burns down, our car is in a crash or we fall ill, we might be faced with large costs that
Family Trusts – The idea with a family trust is to protect the ownership of our assets. Here’s how trusts work: we transfer the legal ownership of our assets to
Why do we need a will? Why do we need a Will? – People mainly use them to write down family members they want to provide for if they die,
An Enduring Power of Attorney (EPA) is when you (the ‘Donor’) appoint a trusted person (the ‘Attorney’) to act on your behalf. It is acknowledged that setting up an EPA
For these types of properties, developers must secure a certain number of pre-sales before banks will let the development go ahead and mortgage lending can be approved. Which is why
Following are some tips for first home buyers, with perhaps less than 20% deposit who want to make sure they are in the best possible position to apply for mortgage
Insuring your home House insurance is a condition of your home loan. It covers loss and accidental damage from fire, water, burglary and natural disasters, including earthquake and landslides. There
How to be mortgage-free at 27 by NIGEL PILKINGTON Complaints by 20 to 30-somethings about being locked out of the housing market seem to have multiplied recently. Everybody’s circumstances are
Discuss with your solicitor the most appropriate for ownership structure. If you are purchasing in your own name and there is to be more than one owner, you should consider:
If this property is on a cross lease or composite title, the purchasers should be aware that any external changes or additions made to the existing building or outbuildings will
Once you’ve found the home you want it’s time to take the plunge. It’s an exciting time but you don’t want to get carried away by emotion. You’ll need to
Once you’ve found a home you’re interested in you’ll want to check it out carefully. It really is a case of buyer beware. You don’t want to end up with
There are a lot of hidden requirements when you first start your journey to homeownership. Having a trusted team on your side is a big help. A good lawyer is
Set your property investment goals: Keep asking yourself “why are you investing”. Keeping sight of the end rewards can help you stay motivated. Understand your current situation: Get a detailed
There are various methods of contracting someone to build your home and below are some common examples. Self-managed labor-only contract You get the house designed, the plans drawn and specifications
So should you fix? Should you float? Or do a bit of both? If you’re toying with this question you’re certainly not alone. Homeowners across the nation are debating what’s
There’s a lot to think about and remember when you’re buying your first home – so here’s a quick Property Purchase Checklist covering the main points. The following Property Purchase
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