A Mortgage Guide for Returning Kiwis

Apr 26, 2022 11:07:39 AM

With New Zealand’s borders open once again to Kiwis from all over the world without the need for MIQ, it’s likely many will be returning to our shores to buy a home or investment property. Over the last two years, the COVID-19 pandemic has had a significant impact on New Zealand’s property market, with rising house prices, stricter lending requirements, and LVR’s (loan to value restrictions) just a few of the challenges facing returning Kiwis. Here are two things to think about when applying for a mortgage as a returning Kiwi.

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Topics: Financial Health, First Home Buyer, Home Loans

Understanding Home Loans

Apr 13, 2022 5:11:07 PM

Many first home buyers are left feeling mystified and confused by the amount of home loan jargon they’re expected to understand when buying a first home. The sheer amount of information can feel overwhelming, and many are left wondering what it all means. To help simplify things for first home buyers, we’ve unpacked some of the more common – and often most confusing – home loan terms and provided a basic explanation of each.

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Topics: Financial Health, First Home Buyer, Home Loans

Fix Your Credit Score in 5 Simple Steps

Apr 11, 2022 6:56:39 PM

When it comes to credit scores, the general rule is the better your credit score, the better your chances of success with credit applications. That’s why it’s so important to regularly track your credit score and fix anything that could negatively impact it – such as late payments, defaults, or errors on your credit report. And if you do find yourself with a poor credit score, there are ways to fix it. Here are five simple steps to follow.

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Topics: Financial Health, First Home Buyer, Home Loans

Changes to Responsible Lending Policies

Mar 25, 2022 3:02:09 PM

Following an announcement by Consumer Affairs Minister David Clark earlier in March 2022, lending restrictions, which were introduced in December 2021 under the CCCFA, will be changing. In response to feedback from the sector, consumers and mortgage advisers, a number of changes will be introduced to ease the controversial lending rules that have impacted creditworthy borrowers and first home buyers in particular. The announcement has received support from lenders and advisers.

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Topics: Financial Health, First Home Buyer, Home Loans

All You Need to Know About Mortgage Protection Insurance

Mar 25, 2022 2:57:28 PM

Many New Zealanders worry about what would happen to the family home if they were unable to pay their mortgage due to illness, an accident or death. Mortgage protection insurance helps reduce this worry, by taking care of the mortgage repayments and other expenses for a short time in the event you’re unable to cover these costs due to injury or health reasons. If you’re considering adding a mortgage protection insurance policy to your existing insurance policy, read on to find out more.

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Topics: Insurance Advisers, Insurance, First Home Buyer

Preparing Your Finances to buy a First Home

Mar 11, 2022 11:51:52 AM

Saving a deposit is just one of the many hoops that first home buyers need to jump through when buying a first home. With recent changes to lending regulations, requiring borrowers provide more detail and evidence around income and expenses when applying for a home loan, it’s more important than ever to ensure your personal finances are in good order. So to help you get started, here are our tips for preparing your finances to buy a first home.

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Topics: Home Loan, Financial Health, First Home Buyer

What to Look for in an Investment Property

Mar 11, 2022 11:47:59 AM

Investing in property is a smart financial decision that can help you grow wealth and generate a passive income. But just like all investments, property investment can be risky too, which is why it’s so important to do detailed research before diving in. Whether you're just starting out investing in property or adding to an already significant property portfolio, here are some things to look for when buying an investment property.

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Topics: Property Investment, Financial Health

Dividing the Family Home in a Divorce

Feb 28, 2022 12:22:01 PM

Whether you’re married, in a civil union partnership, or a de facto relationship, when your relationship ends by divorce, separation, or death you are affected by the Property (Relationships) Act 1976 (the PRA). This act aims to provide a just division of the relationship property, including the family home and other jointly-owned property. Find out how the property of married couples, civil union couples and couples who have lived in a de-facto relationship is divided up in the case of divorce, separation or death.

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Topics: Mortgage Advisers, Financial Health, Home Loans

What to do if the bank says no…

Feb 28, 2022 10:06:55 AM

Stricter lending conditions have put the brakes on mortgage applications, with many more first home buyers struggling to meet the latest lender requirements. Along with tightened bank lending caps to low deposit borrowers, and a far greater scrutiny on expenditure, some lenders have introduced a minimum committed income for approvals over 80 per cent loan to value ratio (LVR), making it even harder to get home loan approval. Find out what it means for you if the bank declines your home loan application, and what the next steps are in this situation.

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Topics: Mortgage Advisers, First Home Buyer, Home Loans

The Benefits of Property Investment

Feb 17, 2022 10:44:49 AM

Property investment in New Zealand continues to be a hot topic, despite tighter loan to value restrictions aimed at investors, and stricter lending conditions that have been put in place to ease demand and slow house price rises. Savvy investors with a growing property portfolio stand to benefit from excellent capital gains and a sound investment for future wealth. However, there are some risks and it’s important to balance these with the benefits of property investment. Here’s a brief look at some of the benefits of property investment, as well as the risks.

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Topics: Mortgage Advisers, Property Investment, Home Loans