Don't Have A Will?

What Can Happen If You Don’t Have A Will?

Don’t Have A Will?
Is your family full of mind readers?
It is pretty unlikely! So, how will they know what your wishes are if you don’t tell them? Especially if the unfortunate occurs and you are no longer there to tell them yourself.
That is why having a will is so essential.
Here are just a few of the reasons why you should definitely have a will in place…

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Interest Rates

Why Are Interest Rates So Volatile Right Now?

2023 closed with the promise of interest rate relief hanging in the air.

The inflation numbers were going in the right direction and all the predictions were for the OCR to drop at some point in 2024, and interest rates with it.

Now, we sit on the morning of the first OCR decision of the year, and we are being warned it could go up.

How did we get here and when will we see the relief we have been promised?

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Seasons Greetings 2023

Season’s Greetings 2023 from Oliver Broomfield Mortgage & Insurances

As we approach the Christmas break, I wanted to extend my warmest wishes to you and your family for a very Merry Christmas and happy holiday season.

I also wish to take the opportunity to thank you for your ongoing support throughout 2023.

If you have any immediate requirements throughout the holiday season or wish to explore a scenario, please do not hesitate to make contact via email as I’m always happy to help.

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Reducing Inflation

The Tricky Job of Reducing Inflation

Why Is It Bad to Have High Inflation?
In New Zealand, the target inflation rate is between 1 – 3%. As of October 2023, the current inflation rate is sitting around 6%. Clearly, we are quite far away from the target window.
So, why is it such a bad thing for inflation to be high?
Well, there are several reasons why we can see the Reserve Bank working so hard to bring the rate down.

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Fixed Interest Rates

Fixed Interest Rates – What You Need to Know

There has been a lot of talk about fixed interest rates in recent times.
They were super low and now they are peaking at rates that are considered unsustainable for many households.
Fixed interest rates offered may vary between lenders, so it’s advisable to take advice from a mortgage broker to find the most competitive rate for your circumstances.

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DTI Ratio

What is a Debt To Income Ratio And What Impact Will It Have?

It seems imminent that the Reserve Bank will impose its debt to income ratio (DTI) restriction tool for new borrowing as early as March 2024.

So, what is a DTI and how will it impact you?

That is exactly what we are exploring today, along with a quick peek at what’s been happening in the property world in the last month.

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The Impact of the OCR And Why Does the Reserve Bank Keep Raising It?

Are you tired of seeing news article after news article announcing that the Reserve Bank has raised the OCR again?

What is the OCR and what does it have to do with steadily climbing mortgage rates?

Let us look into the answers to those questions now and also take a peek at what’s happened in the world of home loans in the last month.

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Mortgage Interest Rates

How Do Banks Set Mortgage Interest Rates?

When you take out a mortgage with a bank, there are two components to the home loan, the mortgage interest rates (cost of borrowing the money) and the principal (the amount you initially borrow from the lender).

Have you ever wondered how the mortgage interest rates (cost of the money) are calculated?
Rather than plucking a number out of thin air, there are several factors that contribute to that rate.

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Reverse Mortgages

Reverse Mortgages for 60 plus

How to access the equity in your home is a common question and client requests show us how big and small items can make a difference to their retirement experience.
A reverse mortgage allows homeowners over 60 years to access the equity in their home with no required repayments.

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Is it a Good time to buy property?

Is It a Good Time to Buy a New Home?

Is It a Good Time to Buy a New Home? Spring usually brings a bump in the market, but the values don’t seem to be reflecting that this spring.
Are You Planning to Build or Develop? The finance you need will more than likely differ from a traditional mortgage.
Is It Time to Check Your Insurance? Many insurers now use a ‘Sum Insured’ policy meaning they only pay out as much as the owner has historically stated the home is worth.

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The OCR Is Up Again so What Does That Mean for Mortgage Holders?

The OCR is up again, and house prices are still falling, but what does that mean for you? Let’s see what’s happened in finance and property in the last month.

Important Information Included:
*Mortgage Review – Depending on your circumstances, we may be able to offer some repayment relief
*When reviewing your mortgage there is a lot to consider – Ongoing Mortgage Review & Refix Service
*Clients on Discounted Interest Rates for Build Loans – What is the best option?

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Buyers Market

Are We Entering a Buyers Market?

This month, the news from the housing market is actually quite cheerful – at least if you are a buyer. Mortgage rates have dropped again, prices are lower, and there are plenty of properties to choose from.
Don’t panic if you are considering selling though, it’s not all bad news.
Let’s look at the latest news and see what bright spots there are for buyers this month.

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Wait… What? Mortgage Rates Are Dropping Again?

It might feel like all you hear is bad news when it comes to property and finances lately.
It’s still not a pretty picture in the housing market, but it’s not all doom and gloom either.
This month we are bringing you some bright spots.
Mortgage rates have dropped slightly, yes, you did hear that right!

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Mortgage Lenders: Get Free Advice from a Mortgage Adviser

Mortgage advisers are unique in that they do an enormous an amount of work upfront prior to being paid for their services. This can be 1-2 months for standard residential purchases or 1-2 years for construction loans.
Any work we do for you will in general not cost you a fee (unless an upfront fee is negotiated for non-bank lenders).

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How do we find the best new home loan options for you?

Everyone’s situation is unique. We need to get to know you and your requirements prior to making specific recommendations. Each lender markets their suite of home loans differently, so it appears to consumers that there are many types of home loans to choose from. This makes if difficult when selecting the most appropriate home loan for your requirements.

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CCCFA Changes and the Impact on Borrowers and House Prices

It’s no secret that the Credit Contracts and Consumer Finance Act (CCFA) was not loved by many. It has been widely criticised for bringing in too much paperwork and causing issues for capable borrowers. Less than two months after the rules came in, a review was ordered and after submissions changes have now been announced.

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Real Estate Agents & Lawyer Referrals

For real estate agents, I can ensure clients are pre-approved or at least qualified for the property they are interested in purchasing. This service does not cost anything and will ensure you are working with clients that can complete.
For Lawyers, you may have clients that are interested in purchasing but have not yet attended to their finances. Talking with a broker is like talking with 20 banks and a vast number of lending products. We can either help your clients now or point them in the right direction so that we can help them in the future.

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Interest Rates Are Rising, But What Else Is Happening?

Interest Rates Are Rising, But What Else Is Happening?

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?

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Mortgage Review & Refix Service

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.

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Why Choose a Mortgage Broker?

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.

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What Questions Should You Ask a Mortgage Broker?

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?

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Why First Home Buyers Should Use a Mortgage Adviser

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

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What’s The Difference Between a Mortgage and A Home Loan?

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.

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market volatility

Is Market Volatility Creating A Buyer’s Market?

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.

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Property Reports and Legal Requirements

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.

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Know Everything about Mortgages in New Zealand

Is The Property Market Finally Trending Down?

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.

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Can I use Kiwi Saver ?

Can I use Kiwi Saver?

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

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Predictions 2022

Property Market 2022: Our Predictions

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?

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Owner Occupier Landlording

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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Property Investment

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

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Owner Occupier / Landlording

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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Non-Direct Property Investment

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

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Direct Property Investment

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

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Mortgage Jargon

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

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Reviewing the Mortgage

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

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Completing your Refinance

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

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Preparing for a Refinance

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

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Reasons to Refinance

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

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KiwiSaver for Previous Homeowner

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

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KiwiSaver HomeStart Grant

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

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News Letter September 2018

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

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Newsletter September 2018

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

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House Insurance Premiums In 2018: Up, Up And Away

Quotable Values NZ 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

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Foreign Exchange (XE)

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

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Comprehensive Construction Checklist

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

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News Letter July 2018

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,

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Why Use a Mortgage Adviser?

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

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What is Bridging Finance?

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

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What Does Your Lawyer Do?

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

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