Older home buyers entering the market for the first time appear to be growing in numbers in Australia and New Zealand, as a combination of rising rents and low interest rates makes buying property a more attractive proposition. But, how big a factor is age when it comes to lenders determining your lending ability? Read on to find out.
Topics: Retirement, Mortgages, NZ Finance, Home Loan, reverse mortgage, Mortgage Debt
Timing is often a challenge when it comes to buying a new home and selling an existing one. In a perfect world, both transactions would happen simultaneously. In reality though, you could end up owning two properties while you sell your existing home. That’s where bridging finance comes in.
Topics: Retirement, Mortgages, NZ Finance, Bridging Finance, Home Loan, reverse mortgage, Mortgage Debt
An alarming number of New Zealanders will retire with mortgage debt, says credit rating business Credit Simple, indicating that a financially secure retirement is out of reach for many Kiwis. But it needn’t be. Planning ahead today goes a long way towards securing your retirement income stream tomorrow.
Topics: Retirement, Mortgages, NZ Finance, Home Loan, reverse mortgage, Mortgage Debt
Many retirees depend entirely on their NZ Superannuation for their income during retirement. As a result, money can be tight, and any unexpected expenses can leave a sizeable hole in the budget. That’s where a reverse mortgage may be an option. A reverse mortgage could free up some much-needed cash when times are tough, but it’s important you understand the pros and cons of this type of lending.
Topics: Mortgages, NZ Finance, Home Loan, reverse mortgage
As a first home buyer, you’ve no doubt got questions about the home buying process. How much deposit you need. What the lending criteria are. Using your KiwiSaver or the HomeStart Grant. There’s an awful lot of information to process and it’s understandable you might even feel a little overwhelmed. To help you navigate buying your first home, we’re outlining one of the costs you need to factor in when applying for a high LVR loan: Lenders’ Mortgage Insurance.
Topics: NZ Finance, nz mortgage
When it comes to home loans, there are plenty of options to choose from. Knowing which one suits your circumstances best is often the challenge. In a short-term situation, an interest only loan could be the financial boost you need to buy an investment property or to do those home renovations while keeping your repayments as low as possible. Is this type of lending viable? Let’s take a closer look at the pros and cons of an interest only mortgage.
Topics: NZ Finance, nz mortgage
Every five years since 1994, research group BRANZ has undertaken a “House Condition Survey” that includes an onsite assessment of the overall condition of around 550 owner-occupied and rental homes around New Zealand. Not surprisingly, the results revealed that the condition of owner occupied homes is still well above that of rental properties. Read on to find out what your obligations as a landlord are when it comes to maintaining a rental property.
Topics: Finance, NZ Finance, Financial Health
In 2016, Westpac undertook the “Money Week Survey” which highlighted a number of concerns around many New Zealander’s approach to finance. According to the survey results, only one in three Kiwis felt financially secure and five out of six were experiencing financial stress. To help get you onto the path to feeling financially secure, we’ve outlined some of the steps you could take right now.
Topics: Finance, NZ Finance, Financial Health
If you’re like most first home buyers, you already know that saving a deposit is probably the hardest part of buying your first home. Just when you think you’ve got enough of a deposit, house prices increase and you’re back to saving again. That’s why using your KiwiSaver to buy your first home may make good financial sense. To help you consider whether it might be right for you, let’s run some numbers.
Topics: Kiwisaver, First Home, NZ Finance
Houses prices across the country remained flat in February, with weaker prices in Auckland offsetting a rise in house prices across Otago and in Northland. We take a closer look at housing market data from February 2017, to determine whether this is the start of a much-needed correction in the housing market.
Topics: Mortgage Advisers, Buy a Home, NZ Finance
