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Lower Mortgage Rates

Lower Mortgage Rates? On Monday 12th August 2019 the OCR was reduced to only 1% which dictates what our retail mortgage rates are.  With the latest reduction in the  OCR will we see much lower mortgage rates and more flexible lending criteria?. Firstly, let's take a look at what OCR means, and for those of you who are maybe more technically savvy than financially savvy, OCR in this case does not mean Optical Character Recognition, but rather the Offical Cash Rate! Here is a quick video from the Reserve Bank of New Zealand that will explain what the OCR does. [...]

2019-08-21T20:14:28+12:0021/08/2019|Categories: Blog|Tags: , , , , |

Find a Mortgage Broker

If you want to find a mortgage broker when you're looking for a home loan, then here are some tips to choosing a broker, especially if you do not have an existing working relationship with a mortgage broker already. 1. Establish Trust Firstly, you need to find a mortgage broker you can trust. If you don't already use a broker, ask around, ask people you know who have used a broker before, and get a recommendation. Getting a recommendation from someone you know is one of the best "trust" measurement tools you can use, after all, you wouldn't recommend anyone [...]

2019-01-21T15:28:03+13:0021/01/2019|Categories: Blog, Home Loans|Tags: , , |

Best bank mortgage

Who has the best bank mortgage? Who has the best bank mortgage is an important question when you are looking to buy a home or refinance a current home, but it may not be a bank at all, but rather a Non-Bank lender who are who are not banks, more defined, not a registered trading bank. The leading trading banks have the majority of mortgage lending in New Zealand, and also they give us a sense of security when it comes to lending.  We can walk into their offices, talk face to face with staff, see their fleet vehicles driving around [...]

Best mortgage repayment insurance

BEST MORTGAGE REPAYMENT INSURANCE The best mortgage repayment insurance depends on what your needs are. Mortgage repayment insurance is one of the more popular insurance products purchased (aside from home, contents and car insurance) because it provides security in meeting your mortgage repayments in the event of sickness or accident. There are three sources of mortgage repayment insurance. You can buy it over the counter from a bank, sometimes directly with an insurer or use an adviser who usually can provide more than one option. HOW DO BENEFITS VARY? The difference between mortgage repayment insurance products can differ substantially, but [...]

2018-04-22T23:41:45+12:0022/04/2018|Categories: Blog, Home Loans, Mortgage Finance, Mortgage Repayment|Tags: |

Sweetening the home loan deal

Banks have been throwing everything they can to keep lending and it has been harder for them in recent times with the changed and property lending restrictions. SWEETENING THE HOME LOAN DEAL If you have been a buyer in the property market over recent years, you may have been offered some additional incentive that we (or your mortgage broker) would have talked to you about when your home loan was approved. The bank would offer some form of enticement to accept the loan offer from them, even as far as to offer cash towards legal costs or other costs.  It’s [...]

2017-03-11T11:08:09+13:0011/03/2017|Categories: Home Loans, Mortgage Finance|Tags: , , |

Will our lowest home loan rates continue?

  Will our lowest home loan rates continue? In my opinion, yes, but for how long is the million dollar question. Right now, we have the lowest home loan rates for decades and there are no signs of home loan rates rising in the next 6 months, possibly even 12 months.  If you are one to watch mortgage rates and what they are going to do over the next few years then here are some resources to help you keep an eye on mortgage rates, and maybe you can come up with your own answer on will our lowers home loan [...]

Lowest mortgage rates

  We have seen the lowest mortgage rates for decades, and I do not recall the Official Cash Rate ever being this low.  They will most likely reduce again in the next 90 days but this is not guaranteed, but you can read more about further cuts here. So how can you take advantage of the lowest mortgage rates in years? Here are my top 3 tips which will help you position yourself to take advantage of these and to improve your long terms financial position. If your bank has reduced your payment to reflect a lower interest rate, then [...]

How do I qualify for a mortgage?

  To get a mortgage from a bank or lender requires you to get a number of things right.  Here are the key criteria banks look at when assessing your eligibility for a mortgage.  We call it the 3 C's which are Character, Capacity and Collateral. Preparing to get a mortgage If you are paying rent, and have been paying your rent on time with no problems, and have a good repayment history with your landlord, this does not mean the bank will lend you money.  Although this will help persuade the bank to lend to you, it does not [...]

How do interest rates work?

If you are a homeowner, or prospective homeowner, then understanding how interest rates work is going to be valuable to you when making financial decisions.  You should have some understanding about them, as they impact you, your family, your job and pretty much most things you do. Who sets the interest rates? It is the banks who set the interest rates and they determine what rate they lend money out to borrowers.  There are a number of factors which banks consider when they are setting current rates, and this list is in no means exhaustive, but some of them are; [...]

How a Welcome Home Loan works

  Quite often I will come across clients who qualify for a Welcome Home Loan, so I thought I would write about how the Welcome Home Loan works. Welcome Home Loan explained This is a home deposit program from Housing New Zealand and it is designed to help new homeowners buy their first home.  It does have some rules around who will qualify and it is not for everyone.  In in today's housing market, the cost of delay is expensive (especially if you live in Auckland!) so my advice is, if you can afford it, and you qualify, buy it [...]

2015-06-13T22:33:08+12:0013/06/2015|Categories: Blog, Home Loans, Mortgage Finance, New Finance|Tags: , , |
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