Helping your kids buy a home

Oct 9, 2019 9:28:29 AM

With the rising cost of property across New Zealand, it’s not surprising that so many parents are having to help their grown-up children buy property. In fact, it’s estimated that the “Bank of Mum and Dad” is the sixth largest lender when it comes to mortgage lending in New Zealand. While bank lending requirements have made it harder for first-home buyers to use their parent’s help to get onto the property ladder, there are still a few ways you as a parent can help.

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Topics: Pre-approvals, NZ Finance, NZ Mortgage Adviser, Bank of mum and dad, Guarantor, Home Loan Advice, Buying property in New Zealand

What is the home loan pre-approval process?

Oct 9, 2019 9:19:57 AM

A home loan pre-approval gives you peace of mind when you first start house-hunting, by letting you know exactly how much money the bank is prepared to lend you. Although your pre-approval is conditional, it puts you in a position to move quickly when you find your ideal home, and it’s also an essential step if you want to bid at auctions. Here’s what you need to know about the home loan pre-approval process.

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Topics: Pre-approvals, NZ Finance, NZ Mortgage Adviser, Home Loan Advice, Buying at auction, Buying property in New Zealand, Home loan pre-approval

Should you get a “pre-nuptial” agreement?

Oct 9, 2019 9:12:56 AM

It’s not uncommon for couples to contribute different amounts when buying their first family home. Under New Zealand law, once a couple has been living together for three years or more, they are subject to the Property (Relationships) Act, which states that assets are shared equally regardless of how much each person initially contributed. A “pre-nup”– or a Contracting Out Agreement – is a way to preserve respective contributions in the event of a separation or divorce.

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Topics: NZ Finance, NZ Mortgage Adviser, Home Loan Advice, Buying property in New Zealand, Contracting Out Agreement, Pre-nuptial

Can non-residents buy property in New Zealand?

Oct 9, 2019 9:08:51 AM

In late October 2018, the Overseas Investment Amendment Bill came into effect. While the changes to the bill restrict certain overseas people from buying residential land and existing properties in New Zealand, there are still opportunities for overseas investors who want to buy residential land to build on, as well as for residence-class visa holders who don’t currently live in New Zealand but want to buy a home here.

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Topics: NZ Finance, NZ Mortgage Adviser, Home Loan Advice, Non-resident buyers, Buying property in New Zealand, Non-resident lending

5% deposits for first-home buyers

Sep 17, 2019 10:38:35 AM

Recent changes to KiwiBuild could help more first home buyers into the property market. Early in September 2019, Government announced a reset of the affordable housing policy including a drop in the deposit requirements for Welcome Home Loans, progressive home ownership schemes, and the removal of the earnings limit so multiple buyers could be eligible for combined HomeStart Grants.

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Topics: First Home, NZ Finance, first home buyer, NZ Mortgage Adviser, Low Deposit, Home Loan Advice

A step by step guide to buying your first home

Sep 17, 2019 10:29:01 AM

Buying a first home is a big decision; quite possibly, the biggest one you’ll ever make. Which is why it pays to understand exactly what you’re getting yourself into. To ensure you’re armed with the right information so you can make good decisions about your financial future, here is a step by step guide to buying your first home.

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Topics: NZ Finance, NZ Mortgage Adviser, Home Loan Advice

Understanding Property Valuations

Sep 17, 2019 10:10:32 AM

Whether you’re buying or selling, determining the value of a property is an important step in the process. A property valuation – an assessment of a property’s market worth – can help you set a realistic sale price when you’re selling and be a valuable tool when it comes to negotiating a purchase price when you’re buying. Here is a guideline to understanding property valuations.

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Topics: NZ Finance, property value, Home Loan Advice, Property Valuation

Why it makes financial sense to consolidate your debt

Sep 17, 2019 10:03:40 AM

If you’re feeling weighed down by the amount of debt you have and the number of repayments you’re trying to manage each month, debt consolidation could be the answer. Debt consolidation rolls multiple high-interest debts into a single payment which could help reduce your total debt over time and ensure you pay it off faster. Not convinced? Here are 5 ways consolidating your debt makes financial sense.

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Topics: Credit Card Debt, Debt Consolidation, Finance Update, NZ Finance, Credit Check, Home Loan Advice, Debt-free

Improve Your Loan-Ability

Aug 14, 2019 8:20:56 AM

Understanding how lenders assess lending criteria could help improve your chances of success when it comes to a home loan application. Your borrowing power and borrowing capacity will depend on your income, family size, current debts and the type of loan you’re applying for. But did you know that there are a few simple steps you can take to improve your borrowing power? Take a look at what these are.

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Topics: Credit Card Debt, Debt Consolidation, Finance Update, NZ Finance, Credit Check, Home Loan Advice, Debt-free

5 Reasons Why Insurance Matters

Aug 14, 2019 8:13:34 AM

It’s tempting to question the value of insurance because it’s an intangible thing – it’s not like buying a car or a new pair of shoes. Instead, when you buy insurance you’re buying a promise. A promise that when something catastrophic happens to you or your livelihood, your insurance will help you get through by providing the financial security you need. Here are 5 reasons why we think insurance matters.

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Topics: Insuring your property, NZ Property, Home Loan Advice, Mortgage Protection Insurance, Home Loan Insurance, Life Insurance