New Zealand’s housing market has seen its fair share of ups and downs over the years, with the most recent drop in property prices linked to interest rate rises and cost of living pressures. But the tide may be turning, and there’s growing evidence to support a property rebound sooner than anticipated. Buyers choosing to wait for property prices to go lower should consider the impact that decision could have on borrowing power once property prices go up.
Topics: Property Investment, First Home Buyer, Financial Advice, Buying and selling
Government recently announced changes to some of the home ownership products and programmes administered by Kāinga Ora – Homes and Communities that will take effect from 15 May 2023. By introducing changes to the First Home Grant, Government hopes to make it easier for first home buyers to build new homes or buy newly built homes. Read on to find out what the changes are as well as the opportunities these changes could present to first home buyers looking to build new or buy new.
Topics: First Home Buyer, House prices, Kiwisaver withdrawal
According to REINZ February 2023 Property Report, the median house price in New Zealand decreased by 13.9 per cent year on year. At the same time, property website Realestate.co.nz showed 29,284 residential dwellings available for sale at the end of March, the highest number in any month of the year since November 2015. With lower house prices and less heat in the market, now may be the right time to buy a first home, with more opportunities for first home buyers.
Topics: First Home Buyer, Low Deposit, Kiwisaver withdrawal
An important decision for many first home buyers is choosing between buying a home with a low deposit or waiting a few years to save up a bigger deposit. While low deposit lending means you could be charged extra fees or incur higher interest rates, waiting to save up a bigger deposit could mean you miss out on your preferred property or that property prices increase to a level that you can no longer afford. If you have to choose between low deposit lending or saving a bigger deposit, here are some things to consider.
Topics: Financial Health, First Home Buyer, Budgeting
Falling house prices in some parts of New Zealand could spell good news for first home buyers who have been struggling to save a big enough deposit to enter the property market. However, although previously locked out due to affordability, further interest rate rises and the threat of a recession could make getting finance and servicing a mortgage that much harder. Before you step onto the property ladder, here’s how to prepare for the journey ahead.
Topics: Mortgage Advisers, First Home Buyer, Low Deposit
First home buyers in New Zealand face more challenges than ever when it comes to buying a first home. House prices remain largely unaffordable for many, while higher interest rates and the high cost of living further impacts housing affordability, leaving many first home buyers with a much smaller budget. If you’re considering applying for a mortgage in 2023, here are some insights that could help you get home loan ready in the new year.
Topics: Home Loan, Financial Health, First Home Buyer, mortgage adviser
Family, food, and festivities is what Christmas is all about. Unfortunately, Christmas can also be a time of stress, juggling extra expenses and a further strain on the budget. And often, once the holiday is over, the reality of overspending sets in. If you’re applying for a mortgage – whether to buy a first home or to refinance – it’s important you keep a tight rein on spending. Avoid blowing out the budget and jeopardising your borrowing power with these 3 tips for managing Christmas spending.
Topics: First Home Buyer, saving tips, Refinancing
Buying a first home is a huge investment, so it’s important to get the planning right. Many first home buyers underestimate the true cost of home ownership, and fail to budget for the extra costs they’ll incur when buying a first home. Setting a realistic budget is one way to get around this. To help you plan a budget for a first home, here are 3 important costs to keep in mind.
Topics: First Home Buyer, Budgeting, Financial Advice
The threat of cyber-attacks continues to be a major concern in New Zealand, as cyber-criminals find ever-more sophisticated ways to target internet users and gain access to personal data and financial information. In the first quarter of 2022 alone, CERT NZ responded to 2001 cyber incidents resulting in $3.9 million in direct financial loss! To help keep you and your family safe online, here are some of the steps you could follow.
Topics: Mortgage Advisers, Financial Health, First Home Buyer, Financial Advice
With the cost of New Zealand property at an all-time high, many prospective first home buyers struggle to save a big enough deposit to enter the property market. One way around this issue is to have a family member be guarantor, using their own home as security for the borrower’s loan or for their deposit. But before agreeing to be a guarantor, it’s important to understand what the pros and cons are.
Topics: Mortgage Advisers, Financial Health, First Home Buyer, Financial Advice
