Of course everyone wants to know “how much can I borrow for a home loan?” but it’s not always easy to find out. You may have looked at the banks websites and tried one of the mortgage calculators so you have already worked out what you are comfortable with, and in your view you know …
Most people don’t know that when you use a Buy Now Pay Later payment arrangement you are given a credit limit, and that even after the debt is paid off your account remains active, and that credit limit is included in any future finance or home loan application. This is what we call a hidden …
When you look at the Kāinga Ora website you will find the basic rules for the First Home Loan Scheme, but there are some less well known one’s that are tripping up a lot of first home buyers. Some make no sense – but they are there anyway! Are You Eligible For The First Home …
The Less Known Rules For The First Home Loan Scheme Read More »
If you are a first home buyer you may have heard people mention the LMI fee and wonder what is lenders mortgage insurance, and ask yourself why it is being added to the loan. Obviously you don’t really want the extra cost of the LMI fee, but on the other hand you do really want …
What is Lenders’ Mortgage Insurance and Why Is It Used? Read More »
In response to feedback received on its proposed policy for debt serviceability restrictions (DSRs) on residential mortgage lending, the Reserve Bank of New Zealand said it will design a framework for debt-to-income (DTI) restrictions. The Reserve Bank sought feedback in November 2021 on the merits and the potential design on a Debt to Income system which if …
Reserve Bank May Introduce Debt To Income Ratios Read More »
As kids we loved to jump through hoops, but as new buyers it’s not much fun at all. New lending rules have created more hoops to jump through, cut off credit to borrowers who would have qualified only months ago, and generally shrunk the size of loans being approved. The key driving force that is …
Mortgage Advisers Are Helping New Buyers Jump Through The Hoops Read More »
It’s been a long time since we’ve had to be concerns about inflation. In the past it’s been caused by people spending too much, which typically means the economy is booming. Normally that means wages have increased and keep pace with the price increases so people are not normally too concerned. Back in the 1970’s …
Understanding What’s happening With Interest Rates & Inflation Read More »
Buy now pay later providers offer the ability to buy products or services now while paying for it with intertest free instalments over a period of usually four to six weeks. While they don’t charge interest to the buyer, they can have hefty penalty fees if a payment is missed. The providers charge the seller a …
As mortgage advisers we talk to first home buyers all the time about making a smarter start and with this we see the struggles that many people have too. Sometimes people are so close to being able to buy their first home, and it may be something small that means that they cannot make that …
It’s sometimes funny why people say use a mortgage adviser! So often in New Zealand people say “just go and see your own bank” and that makes you question where a mortgage adviser fits. Where or why does a mortgage broker add any value? If you are a first home buyer and your mother or …