Total Mortgages

Property And Mortgage Market

The property market in New Zealand is still growing at a reasonable if not high rate. Home values across New Zealand have generally recouped any losses they suffered between 2008 and 2010 in the last four years. The availability of housing across New Zealand has increased by 13,500 units per year and the sales of new and existing homes are up between 16 percent and 33 percent over 2014 rates depending on the part of New Zealand you live in or buy in.

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Total Mortgages

Property Price Rise Gains Momentum

The strong upswing in the property prices in New Zealand, seen last year has slowed drastically in the recent few months. The asking value for properties and real estate has inflated by a mere 3.9 percent this year in comparison to healthy 8.7 percent, which was recorded last year. Only 6,608 house sales was recorded in the month of October, which is clearly better than the September sales, but it is still way below the sales recorded the same month last year. Read more

Interest-only Loans – What are They and are They for You

A loan is said to be interest-only if the monthly instalment payment that has to be made by the borrower consists of only the interest. The luxury of paying the interest lasts only for a specific period of time though, which normally ranges from five to ten years. The borrowers though have the option of paying more than the interest if they want to. In an interest only loan the loan balance will remain as it is. For instance, for a loan of $100,000 over a 30-year period with an interest rate of 6.25 percent, the borrower will have to pay an amount of just $520.83, in case of an interest-only loan. However, for a loan without an IO option, the borrower would have to pay a total of $615.72. The difference here in the amount is the principal. Read more

Thinking About Refinancing? Your Timing could not have been Better

Homeowners, this is the perfect time for you to refinance in New Zealand. The mortgage rates are sliding down. The average mortgage rates in January this year was around 4.53 percent which has come down to 3.92 percent as recent as last week. The decline in interest rates has increased mortgage refinancing. Read more

‘Locking In’ Mortgage Rates: What Is the Catch?

A mortgage rate lock, also known as lock-in, is the lender’s approval to provide a home loan at a certain fixed interest rate for a certain amount of fee. This means that within the lock-in period, any fluctuations in the current market’s interest rate will not affect the rate at which you are getting your mortgage. Your home loan’s interest rate becomes locked or fixed for that particular time frame. A mortgage rate lock protects you from soaring mortgage rates while your home loan application gets processed. The lock-in period may range from 15 to 60 days. Read more

Repayment Structures: What Kind of Loan is Best for you?

Nowadays, mortgages come in all shapes and sizes in New Zealand. However, there are certain features of a mortgage that remain the same across all types of mortgage schemes. Every mortgage rate will be associated with a particular kind of interest rate, a fixed or variable fee to be paid off in monthly, or quarterly installments and a flexibility component. The flexibility component of a mortgage or home loan will depend on the kind of repayment structure that one chooses right at the outset. In this article, we take a closer look at the various repayment structures that lenders in New Zealand typically offer. Read more

Considering a Mortgage from a Non Bank Lender: Advantages

The revised mortgage rate in New Zealand has unexpectedly hit everyone. It is hard enough to find a home that you want to buy and sum up enough capital to make the down payment and this new hike has just made it worse! If you are looking to invest in a house, there is no time better than now. The market is at its benevolent best and any investment made will only guarantee favorable returns. Procuring a loan from a bank is a herculean task and very tiring. Banks can be uncooperative with their inflexible laws and rules. It would be a refreshing change to have a lender who could bend and make exceptions. There are other non bank options that you may consider. Read more

Emigrant Home Loan

Mortgage Information for Recent Emigrants to New Zealand

Owning a home is the most coveted of all dreams for any individual no matter what country a person is in. UK, India and China are some of the top countries whose residents migrate to New Zealand, making the nation’s population rise in the last few years. For an individual, if the requirements of the New Zealand government to work or live as a skilled migrant are met, then there are numerous government and private banks that are keen to grant a mortgage. Read more

small house

A Smaller Home can be Rewarding

Like so many other mortgage advisers, I can push larger houses for higher commissions but I feel I have to speak to you about the benefits of buying into a smaller house too. Downsizing into a smaller home was once associated with retirees and empty-nesters, but not anymore. An increasing number of money-smart and hard working people are buying smaller homes. Read more

Applying for a Home Loan

Are you the kind of person who breaks into a sweat each time you have to take up some paperwork? Well, buying a home is daunting and going through the procedures involved in applying for a home loan can be intimidating. But it need not be so, if you are prepared and have all the facts and figures on hand. You will be less stressed out if you know what documents are required. Planning is of the essence, so here’s a small guide to make life a wee bit easy for you. Read more