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

Getting Onto The Property Ladder a Little Easier

Jun 7, 2022 3:06:23 PM

For some first home buyers, getting onto the property ladder could be a little easier, after Government announced in Budget 2022 changes to the First Home Loan and First Home Grant. Along with updates to house price caps, other changes included support for solo first home buyers as well as a 6-monthly review of house price and income caps, ensuring these remain up to date and reflective of market changes. Here’s an overview of the changes along with helpful information for eligible first home buyers.

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Topics: Mortgage Advisers, First Home Buyer, Buying a home in NZ

What to Look Out For When Buying a New Build

May 27, 2022 10:38:05 AM

The ongoing lack of housing supply in New Zealand has tempted many prospective homeowners into buying off the plan as a means of accessing the property market. But with higher inflation, a sharp rise in building costs, and unscrupulous developers delaying – or even cancelling – construction contracts, home buyers are being warned to proceed with caution. In this article, we’ll highlight what to look out for when buying a new build.

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Topics: Mortgage Advisers, First Home Buyer, Construction Loan

Big Changes and More Opportunities for First Home Buyers

May 27, 2022 10:20:05 AM

In its latest budget (May 2022), the New Zealand Government announced a raft of changes that would help more first home buyers get into their own homes. In addition to house price caps being removed from the Government's First Home Loan scheme, and the introduction of a single earner with dependent category, the First Home Grant house price caps are also increasing to be more aligned with lower quartile market values for new and existing properties. Here’s more on what first home buyers can expect.

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Topics: Mortgage Advisers, First Home Buyer, Home Loan Rates

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