Home Loan Basics for First Home Buyers

Aug 15, 2022 1:19:55 PM

As first home buyers, it can be difficult to understand the different types of home loans (mortgages) and how they work, never mind deciding which type of home loan is right for you! Some home loans are best for borrowers looking for flexibility, others are more suited to those requiring certainty. In this home loan basics for first home buyers’ guide, we’ll take a look at six types of home loans available in New Zealand, and outline some of the pros and cons of each.

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Topics: Home Loan, First Home Buyer, mortgage adviser

How to Structure Your Mortgage

Aug 15, 2022 1:13:41 PM

Deciding whether to fix, float or use a combination of mortgage strategies is a tough decision to make, especially in a fluctuating interest rate environment. But ultimately, it will depend on your financial situation and where you see interest rates landing over the next few years. While there are some advantages to each of these mortgage strategies, there are disadvantages too. Here are some things to consider when choosing a mortgage strategy that’s right for you.

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Topics: Home Loan, mortgage adviser, Mortgage Advice

Get Your Home Ready For Sale

Jul 26, 2022 5:09:17 PM

Before you list your home for sale, spend some time ensuring it’s looking its best and that it appeals to prospective buyers. Sometimes all it takes are a few small changes to get your home ready for sale. A thorough clean, a declutter of personal effects, and a little home styling can make all the difference. When showcasing your home, create a lasting first impression with these five tips that will help you get your home ready for sale.

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Topics: Selling in winter, Mortgage Advice, Buying and selling

Mortgage Options With Non-Bank Lenders

Jul 26, 2022 5:04:24 PM

In New Zealand, banks do the majority of lending for mortgages and are often the first point of contact for borrowers. But they’re not the only choice. For home buyers and property investors who may be struggling to fit banks’ strict lending criteria or loan to value restrictions, non-bank lenders – or second tier lenders – are sometimes an option, providing competitive interest rates, fees and mortgage features outside the mainstream banks.

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Topics: lending options, Mortgage Advice, Buying a home in NZ

Amendments to CCCFA Impact First Home Buyers

Jul 21, 2022 3:06:07 PM

The proposed changes to the CCCFA came into effect on July 7, 2022, addressing some of the challenges that borrowers have faced since the code was first enacted in December 2021. Home buyers who were previously blocked from lending under the original code could now find themselves with borrowing capacity. And while they will still need to show how spending and saving is controlled in their budget, the CCCFA amendments could make things easier for first home buyers trying to get into the property market.

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Topics: First Home Buyer, Mortgage Advice, Responsible Lending

Specialist Property Investment Lending

Jul 21, 2022 3:01:18 PM

Inflation is at its highest level in 30 years, mortgage interest rates are on the way up, and the Reserve Bank of New Zealand (RBNZ) has just announced  to the OCR. It’s a challenging time that has many property investors weighing up their investment options. However, despite its ups and downs, investing in property remains a popular investment strategy for Kiwis. Read on for more about a specialist investment lending product.

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Topics: Property Investment, Investment Property, Investment Opportunity

The Pros and Cons of a Reverse Mortgage

Jun 27, 2022 2:15:06 PM

While reverse mortgages have traditionally been seen as a little unconventional, it’s not surprising that New Zealand’s major lenders of reverse mortgages have seen a sharp rise in new approvals. Rising house prices and a higher cost of living have forced some homeowners approaching retirement to re-evaluate their financial position, and consider a reverse mortgage as a means to a financially comfortable retirement. To help you decide, here are the pros and cons of a reverse mortgage.

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Topics: Retirement, Mortgage Advisers, reverse mortgage

Is It Worth Applying For a Mortgage?

Jun 27, 2022 2:10:36 PM

In a recent survey of 1,000 Kiwis, 73 per cent of respondents say it’s simply too hard right now to apply and be approved for a home loan. What’s more, an even greater number believe it’s not worth the effort, as their mortgage application is likely to be declined. Surprising results when you consider that many of these would-be borrowers could probably have qualified for lending just seven months ago.

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Topics: Mortgage Advisers, First Home Buyer, Buying and selling

Lending Rules To Change And Provide Further Clarity for Lenders

Jun 15, 2022 10:54:37 AM

The changes to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) announced by the Government earlier in June 2022, are due to come into force from July 7, 2022, with amendments to how lenders are required to assess affordability and more clarity around investments and savings as outgoings.

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Topics: Mortgage Advisers, First Home Buyer, Responsible Lending

Tips for Dealing With Rising Mortgage Rates

Jun 7, 2022 3:11:03 PM

Rising interest rates are bad news for first home buyers and borrowers alike, with new homeowners (those who bought homes in the last 18 months) facing much higher mortgage repayments for the first time. With the Reserve Bank of New Zealand signalling further interest rate hikes are on the horizon, how can homeowners avoid placing strain on already tight budgets and stay on top of bigger mortgage repayments? Here are some options.

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Topics: Mortgage Advisers, Interest Rates, Refinancing