Stricter lending conditions across New Zealand and Australia have led to a rise in the number of borrowers turning to second tier lenders for finance. Second tier lenders – or non-bank lenders - while tightly regulated, are privately owned and often have more flexibility in the rates and fees they can offer. As a borrower who doesn’t quite meet bank lending criteria, a second tier or non-bank lender may be the answer.
Topics: Lenders, nz mortgage, non-bank lender, lending options, NZ Mortgage Adviser, Home Loan Advice, Mortgage Advice
The Reserve Bank has cut the Official Cash Rate (OCR) for the first time in two years; down 25 basis points to 1.5 per cent, the lowest it’s ever been. Retail banks have been quick to pass on the rate cut: Good news for home owners and first home buyers.
Topics: Interest Rates, Lenders, nz mortgage, NZ Mortgage Adviser, Home Loan Advice, Mortgage Advice, Borrowing Advice, Borrowing Capacity, OCR
Before going house hunting, it makes good sense to know how much you can actually borrow from your lender. Your borrowing capacity is the amount that a lender will lend you to buy a property. Sounds simple but it’s not: there are all kinds of factors involved that determine the amount a lender comes up with, and your loan amount can vary from lender to lender. Read on to find out more about borrowing capacity.
Topics: Lenders, nz mortgage, NZ Mortgage Adviser, Home Loan Advice, Mortgage Advice, Borrowing Advice, Borrowing Capacity
When it comes to buying property, money is the number one thing on most people’s minds! And understandably so, as it’s likely the biggest purchase you’ll ever make. While a lot of the information you can find online is about preparing a mortgage application, it’s just as important you feel confident about what you’re signing up for once your mortgage is approved. Here are some of the practical things to think about.
Topics: Lenders, nz mortgage, First Home Buyer, NZ Mortgage Adviser, Home Loan Advice, Mortgage Advice, First time homeowner, Home Loan Application, Borrowing Advice
Many home buyers have discovered just how beneficial it is to enlist the services of a mortgage adviser when shopping around for a home loan. Working with an experienced mortgage adviser not only saves you time as they do the legwork for you, it can save you money too when it comes to finding a mortgage with the best terms and interest rates. So, what should you be looking out for when choosing a mortgage adviser to work with? Here is our list of top five traits.
Topics: Mortgage Advisers, Lenders, Home Loan
Before you start house hunting for your dream home, it’s a good idea to get pre-approval for your mortgage. A pre-approval gives you peace of mind knowing how much you can buy for, shows sellers you’re serious about buying, lets you bid at auctions, and puts you in a better negotiating position when it comes time to make an offer. Read on to find out more about getting pre-approval for your home loan.
Topics: Mortgage Advisers, Pre-approvals, Mortgages, Lenders
There’s nothing worse than saving your deposit, finding your dream home, and doing your due diligence, only to have your home loan application turned down. There are a number of reasons why lenders decline mortgage applications; we’ve listed some of these here and we’ve outlined some of the ways you can prepare yourself to ensure a successful home loan application.
