Latest News from My Mortgage

Back to Blog

Buying into someone else's property - you partner, family or friend.

This episode is all about buying into someone else’s property!We outline:The different situations where you might want to buy into someone else’s property - such as a partner's property and family property.How to establish the value of the property in question, which kind of valuers you need, and how we can make good educated guesses for an initial number.What do you need to do to use your KiwiSaver and First Home Grant to purchase the property, and what happens if the property needs renovat...

Townhouses and Turnkey builds as your first home

This episode we talk about townhouses and turnkey builds - what they are, how they’re different from other builds, and how to fund them! We discuss:The difference between townhouses, duplexes, and apartments, and what turnkey means. How turnkey properties are different from a house and land package or standard build.How you source your deposit, including specifics of the first home grant. How much you’re bringing to the purchase vs how much the bank is bringing, and new build exemptions.Time...

From unconditional day till settlement - What happens?

This episode if all about the process from unconditional day to settlement day, some of the terms we use and decisions you’ll have to make to ensure your home loan works for you. We discuss: The importance of getting the right loan structure - we explain table loans, interest-only loans, floating interest rates, and touch on revolving credits.Interest rates, and how you can plan for different rates based on your financial circumstances.Cash-backs - some warnings and advice, what most people d...

First Home Partner - get into your first home quicker!

First Home Partner is a shared ownership scheme to help aspiring first home buyers whose deposit and home loan aren’t quite enough to buy a home that meets their needs, purchase a home together with Kāinga Ora.The way this works is that Kāinga Ora bridge the gap up to 25% of the value of the property, or up to $200K, whichever is the lower amount. You will need to meet the lending requirements of a participating bank to receive a home loan (we can help with that!) and be able to co...

Once my loan is pre approved, what do I need to know?

In this episode, we talk about all the bits and pieces you need to know once you have a home loan approval. We get into:What a mortgage actually is - what a lawyer/solicitor does, security, the difference between a mortgage and a home loan, and what ‘freehold’ means.Title types - some of the most common legal descriptions for property (freehold, cross-lease, unit title & apartment), including examples of each and an explanation of body corporate fees.Some of the issues that might come up...

How to get a first home loan approval?

In this episode, we talk about how to get a home loan approval. We cover:ServicingTest Servicing RatesWhat the bank needs so much information!The difference between banksFind Podcast here...

First Home Buying team - Who do you need to help buy your first home?

In this episode, we outline the different people that make up your home-buying team! We break down who you need, and what they do:Mortgage AdvisorsA Solicitor or lawyerAn AccountantReal Estate AgentsA Registered ValuerA Building inspectorAn Insurance ExpertFind Podcast here...

The First Home Loan, LEM's and LEP's, Valuations, Servicing requirements & the factors that influence agreements

In this episode, we cover what you need to know if you’ve got less than a 20% deposit for your home loan. Including:The criteria for the First Home Loan.Some of the general principles and policies around ‘over 80% lending’.The meaning of low equity margins and premiums, the difference between them, and how much should you expect to pay.Registered valuations, how they work, and what it means for how much the bank will loan you.How servicing requirements change depending on your deposit amou...

Parental guarantees, The Springboard Loan, Joint ownership, gifting & loans for deposit

This episode is all about how family can help you with your first home purchase. We discuss:Parental guarantees - The likelihood of success with a parental guarantee, potential restrictions on the parents, and whether banks are keen to accept it.The Springboard loan - Which banks are involved, how it works, and who it’s for.The positives and negatives of joint ownership, including a quick chat about bright-line property rule.Getting a loan from parents to make up your deposit - some scenarios ...

First Home Loan, First Home Grants, & KiwiSaver for buying your first home

Welcome to the first episode of the My Mortgage Podcast! This episode is all about the government-backed first home-buying assistance schemes.We discuss:The first home loan - the banks that offer it, the deposit you need, the benefits and criteria, income caps, your debt, and the change in property caps.We also talk about low equity fees and lender's mortgage insurance, or LMI.The first home grant - how you can access it, the amount you can get, and the low down on price caps. We also talk about...

Home Loan Cash Backs - What are they and when can I get them?

Cash Contributions (or cash backs as most people call them) are essentially  money that the lender gives to the borrower as a way to say thanks for doing business with them. It is a little carrot at the end of the process  of getting a loan sorted. They can range anywhere from 0.5% to 1% of the value of your lending and sometimes as high as $20,000 depending on the loan , the loan product and the lender....

There's never been a better time to buy your First Home

While plenty of people are lamenting big changes to tax legislation, the rise of interest rates and the crunching of credit criteria, the current conditions have opened up opportunity - and for many first home buyers, it's their time to shine!Why is this? Let's have a look at some of the factors contributing to what we think is a great time for you to get on the property ladder in 2022....

Did your bank say "No"? We can help

In recent times we're hearing more and more stories about banks turning borrowers down and in many cases, there are things we can do to improve your situation.I'd like to shed some light on recent changes in the mortgage landscape and share how we've been helping clients navigate these challenges successfully....

Going your separate ways? Let us make it easy

It's something we're seeing more and more.People who have jointly purchased properties over the past few years are now seeking to part ways.Sometimes this is friends, siblings or family members. Other times it's relationship break ups and can be a bit more complex.In all situations, this can be managed really positively and efficiently with the right appraoch....

How to make the most of your income when applying for a Mortgage

Banks are tightening their belts. We're witnessing increased interest rates, stricter serviceability rates, and in some cases, banks are less accepting of certain income components than they used to be. For instance, if a significant part of your earnings comes from bonuses, dividends, or profit shares, you might find it challenging to get the nod from your bank.So today I thought it would be worth exploring how to optimize your income to enhance your mortgage application, especially in the curr...

Having options - what does it mean?

Options.Something we've harped on about for years, and is a base for what we've built our business on. Having multiple mortgage options coupled with advice is an unbeatable combination in long term success in paying off your lending, as well as setting you up for success.So why is it so important?...

Making a move before Christmas? All you need to know

We're a few days away from Spring and that means most people are looking forward to warmer days, sunshine and an upcoming Summer!What does that mean for homeowners? Often it's a move to a new home for Christmas, and to avoid getting caught out later in the year, we're recommending you get pre-approved early.Whether you're buying your first home, upgrading or considering a build, we're here to help, and we always recommend good planning for great results!...

Why is my loan approval a bit different if I'm building?

We often have clients come to us with a range of options. They might be looking to buy their first home, second home or forever home, but in many situations, there are a couple of choices to make, and a big one is "should I buy existing or should I build"?Market conditions aside, there are plenty of considerations on both sides of the coin, so firstly let's look at these in a bit more detail.Building a new homeBuilds take time - from purchasing a section to choosing a builder, deciding on your n...

A House & Land Package or Turnkey - What's the difference?

Building a new home is a pretty exciting process, and it's no surprise that so many of our clients are now turning to builds to get the type of house they want!There are plenty of different options when it comes to building, but two of the most common ones are "House & Land Packages" and "Turnkey" properties.Let's have a look at what they are, and how they're different......

Can I have less than 20% deposit for my build?

With house prices rising above what they were a few years ago, and construction costs impacted by a shortage of materials and labour, more and more clients are asking us whether they can have less than a 20% deposit for their new build property.The answer is - yes, it's easier to get a build loan approved with less than 20% deposit, but there are a couple of things to bear in mind... let's work through these.Reserve Bank Guidelines:In 2020 and 2021, the Reserve Bank of New Zealand (RBNZ) reinsta...

Buying a Townhouse? What you need to know

In recent times, we've seen an increase in the prevalence of "Townhouses" for sale, particularly as new builds and for first home buyers and investors. Put simply, a townhouse is kind of a cross between an apartment and a house - it usually shares its walls with its neighbours, but doesn't have other properties below or above them like apartments do.  Many townhouses in the Waikato are built with 2-3 levels to make the most of land space.This gives the occupiers of a townhouse a little...

Changes to First Home Loan and First Home Grant

Some great news today for people looking to buy their first home. In the 2022 budget, the government announced some large changes to their First Home Loan and First Home Grant programme. The main aspect is the removal of the property price caps for the First Home Loan and a large increase in price caps for the First Home Grant. See the First Home Grant price caps on the Kāinga Ora website here....

The Bank of Mum & Dad!

News broke earlier in the week that revealed New Zealand has a new a bank on the scene! A bank you may not have heard of before and one bigger than Kiwibank and TSB combined – Yep, it’s ‘The Bank of Mum & Dad’, or ‘BoMD’ as it’s being referred to. Good old Kiwi parents across the nation have dished out funds in excess of $22 billion dollars to their kids to help them into buying homes. Of this, three out of five parents didn’t even want their money back! It’s no surprise really...

Should I accept new home loan interest rates through my online banking?

If you have a fixed rate expiring in the next 6 to 8 weeks, your bank should have provided you with rates in your internet banking. These are the best rates that are available and we’re happy to give you some advice around your situation before you decide which rate is best for you. The actual interest rate itself is sometimes a lot less important than the advice around what to do with the length of time to fix for, repayments and how to structure your loans....

Why does the bank want me to lower my Credit Card limit & close my buy now pay later?

Ever wondered why the bank is asking you to lower your credit card limit and close your buy now, pay later schemes (BNPL), such as Afterpay and Laybuy? Check out Greg’s video below, or read on for more info…...