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How do I make an offer? Top tips for being successful

Property markets can ebb and flow and there are plenty of moving parts.Competition, price, conditions - what do these all mean and how can you be successful?We break down some of our advice and practical tips for securing your dream home....

We're having a baby - what does it mean for our mortgage?

Congratulations!The arrival of a baby is a joyous occasion, filled with excitement, anticipation, and a whirlwind of preparations.Amidst the baby showers, nursery decorations, and prenatal classes, there's another important aspect to consider: your finances.Specifically, how does having a baby impact your mortgage?Let's dive in!...

Tips for managing your home loan when times are tough

Life has a way of throwing curveballs at us, and sometimes, these challenges can make it difficult to manage our financial obligations. If you have a mortgage and are facing tough times, don't panic. Here are some practical steps to help you navigate through these challenges and manage your home loan effectively....

Revolving Credit vs. Offset - which is best for me?

When it comes to managing your mortgage, you've likely heard of revolving credits and offset loans. Maybe your sister, colleague or parent has recommended it as a great mortgage structure.But do you truly grasp the differences between these options and which one aligns best with your financial goals?Let's delve into the world of mortgage finance and explore how these two approaches can help you save on interest in different ways, and make the most of positive money habits....

Kainga Ora First Home Loan - am I eligible?

The First Home Loan scheme has been around for a while, but until mid-2022, plenty of people didn't know about it because it had some tricky price caps which were difficult for first home buyers to meet in a market where prices continued to increase.But fortunately that's all changed, so it's time we heard more about this nifty little support scheme which is now helping more first home buyers than ever into their first homes....

Buying with my parents - intergenerational living & home lending

Intergenerational living refers to multiple generations of a family choosing to live under the same roof. This could be parents and their adult children, or even extended family members like aunts, uncles, and grandparents. The lending aspect comes into play when these family members pool their resources to purchase a property together....

ANZ Blueprint to Build Version 2.0 2023

ANZ originally announced its Blueprint to Build in 2021 as a way to support the construction industry and help people to build new homes. You can read about the specifics of it here. Right from the start it was pitched as a short-term lending product that was going to have an end date. That time has come. All good things come to an end but to ANZ's credit, they have announced a new, more long-term version of their Blueprint to Build product. There are a few benefits to the new Blueprin...

What are break fees and will I get charged?

Break fees, or "Early Repayment Adjustments", are costs to the borrower often charged if a loan is repaid or adjusted before the end of an agreed fixed term.This fee is designed to compensate the lender for the potential loss of interest they would have earned had the mortgage continued as originally agreed.They commonly come up if you're considering refinancing, selling your home, or paying off your mortgage early, so understanding break fees can save you from unexpected costs....

Westpac 0% 'Greater Choices' Home Loan - Everything you need to know!

Exciting news is here as Westpac launches and expands their 'Greater Choices' home loan product. Formerly known as the Westpac 'Warm Up' loan...With a new maximum loan amount of $50,000, this offering aims to assist customers in creating a more comfortable, sustainable, and energy-efficient home life. By providing interest-free financing for five years, Westpac is committed to helping individuals transform their living spaces into warmer, drier, healthier, and more eco-friendly environments.Wha...

Buying with Less than a 20% Deposit - What are the options in 2023?!

Purchasing a home is a significant milestone in many people's lives. However, securing the right financing option can often be challenging, especially for first-time homebuyers or those with limited savings. In New Zealand, two popular choices for aspiring homeowners are the First Home Loan Scheme and applying to a bank for a high-LVR (Loan-to-Value Ratio) home loan. But what other options are there? In this article, we will delve into the key differences between these two options, shedding ligh...

RBNZ changes - 1 June 2023

After a bit of a rocky year for policy, with the CCCFA and lending restrictions providing challenges to banks and alternative lenders alike, we've finally had some reprieve with the RBNZ making some small changes to LVR (Loan to Value Ratio) limits on the 1st of June.These changes were welcomed by the banks and customers alike, so let's break that down and what it means for you;...

Co-Ownership - Buy with a friend or family member!

Over the last year as interest rates have risen along with the 'test rate' which banks use to assess your ability to service a mortgage we're finding we are having more conversations with clients about the levers we can pull to increase the amount they can borrow.One of those levers is 'co-ownership'...Or put simply buying with a friend or family member. You may have seen ads on TV about this recently and it's something we are doing more and more of - people are partnering up with friends, sibli...

Should I use cash first or get a home loan lending to buy a section?

So you're buying a section and then looking to do a house build, build a shed to live in or move a dwelling onto the property. You may be wondering whether it's better to use your cash or take out a home loan. While using the cash for the initial purchase may seem like the easiest and most straightforward option, there are a few reasons why getting a home loan may be the better choice....

Five things to think about when your home loan is coming up to its fixed rate rollover

For a long time now, it seems as if the Kiwi approach to refixing mortgages has been to simply refix at the lowest rate available at the time of rollover - Normally the 12 month rate! At a time when interest rates were going down, this may have worked pretty well for most people...But as we all know, that's not the case  so it's absolutely worth thinking a bit more about how you're going to refix and getting some advice from your mortgage adviser!Here's five things we, as mortgage advisers,...

Why can't I borrow as much as I want from the banks?

If you're in the market for a home loan, you might be surprised to find out that currently, the amount you can borrow from the banks is less than what you had in mind. There are several factors that contribute to this, but one of the main ones is the test servicing rate.The test servicing rate is the interest rate that banks use to assess whether you can afford to repay a mortgage, based on your income, expenses, and other debts. The Reserve Bank of New Zealand requires banks to use a higher tes...

Can an Uber driver get a home loan in New Zealand?

If you're an Uber driver in New Zealand and you're looking to obtain a home loan, you may be wondering how banks will treat your Uber income. The good news is that many banks in New Zealand are open to considering Uber (and other ridesharing income for that matter!) as a source of income when it comes to home loan applications. However, there are certain criteria you need to meet in order to be considered for a home loan based on your Uber income.First and foremost, it's important to understand ...

Stop stressing about your 'credit score'!

It's so common for us to hear people talking about their 'credit score'...So, does a credit score really matter and what's it all about?!In New Zealand, credit scores are not as important as they are in the United States when it comes to obtaining a home loan.Unlike in the US, where credit scores are a major factor in determining whether or not a borrower is approved for a loan and what interest rate they receive, in New Zealand, banks and other lenders take a more holistic approach to assessing...

Top 10 Home Loans Myths - Debunked!

As mortgage advisers, we often hear and see information out there that is just not true! There's so much information available these days and it seems that what might be true in other parts of the world, aren't necessarily true in New Zealand. So...a quick list of myths we commonly hear and the truth behind them below!Myth: You need a 20% deposit to get a mortgage.Reality: While a 20% deposit is ideal, you can still obtain a mortgage with a smaller deposit, such as 10% or even 5%. There are...

Home loans for energy efficient upgrades and electric vehicles

Since 2021, all 5 of the main New Zealand banks have brought out home loan products specifically for energy efficiency and helping make New Zealand homes warmer, dryer, and heathier. Some banks have also extended these to be for energy efficiency in other ways too including solar panels, home batteries, and even electric vehicles.Let's go through them at a high level  and see what might be right for what you are wanting to do:...

Making an offer - what do these terms mean?

Making an offer on a property is one of the most exciting parts of buying a home. You've found a place you love and you just want to move in - but first there might be a bit of negotiating and that huge long legal document we call a Sale and Purchase Agreement, which we'll talk about here today.  Let's break that down for you and explain what all these terms mean;...

The Saturday Adviser - What's that all about?!

Introducing "The Saturday Adviser" by My Mortgage: Your Weekend Mortgage Adviser with AdamAt My Mortgage, we're dedicated to making the mortgage process as simple and stress-free as possible. That's why we're excited to introduce "The Saturday Adviser" by My Mortgage. We understand that it's not always easy to take time off work during the week to meet with a mortgage adviser. That's why we're offering appointments with Adam, our expert weekend mortgage adviser, via zoom on Saturdays.During...

Compounding Interest - How to make it work for you?

The cool thing about the concept of compounding interest is that it’s pretty simple and it’s an easy thing to take advantage of if you’ve got the capacity and desire to do so.Brief explanation below…The bank charges interest on your loan balance daily, then bills you for that on a weekly/fortnightly/monthly basis.So if you have a $100,000 loan and get charged 5.2% interest that’s $5200/yr, or $100/wk.At the end of week one you’re then getting charged interest on $100,100, so at the e...

How to Help Ease Mortgage Repayment Pressure

When it comes to reducing the cost of your mortgage, there are several factors that you need to consider. The following points will help you identify where you can save money on your mortgage. Check your loan term - with interest rates having been at historic lows over the past few years following Covid-19 and a hot property market, many of our clients increased repayments (or the portion of their repayment allocated to paying back principal) and hence have been paying more than the mi...

Cash Contributions/Cashbacks - What are they?

When you apply for a new home loan with a bank, they may offer you a cash contribution as an incentive to choose their loan product. A cash contribution is a sum of money that the bank will give you if you take out a loan with them, and this amount can vary depending on the bank and the loan type you choose.The cash contribution is usually a lump sum payment that is paid directly to you, and it can be used for a variety of purposes. You may choose to use the money to pay for expenses associated ...

Making offers on a new property - How, when and how much?

This episode is all about making offers on a property! What’s actually involved when making an offer on a property and creating a sale & purchase agreement.Conditions - what they are, and some of the most common types; including finance, LIM reports & building reports. We also touch on some less common clauses like meth tests and solicitors' approval.How deposits work with sales and purchase agreements.The timeframes you need to consider for all conditions and clauses.What you need to ...