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Mortgage Advice Blog

Get the latest news and tips about mortgage finance and the property market. Scott Miller, mortgage broker from Advanced Mortgage Solutions comments on housing and lending.

August's Property Gazette

Published by Scott Miller on Wednesday, July 31, 2019 in

Be Prepared for an OCR Drop

Word on the street, or rather the predictions from several prominent economists, is that we are likely to see an upcoming OCR drop. The Official Cash Rate is forecasted to drop by .25% on the 7th of August. This means that another round of interest rate cuts is likely, along with the possibility of a further drop of the OCR to 1%.

The OCR drop makes it more appealing than ever to purchase or build your new home. Builds are our speciality and we’d be thrilled to help you obtain a turn-key or construction loan. With 14 years of experience and hundreds of building options, we’re Christchurch’s (and the rest of New Zealand’s) expert build financing team. Get in touch with us to learn more.

New Business on the Horizon Or Need Cash for an Existing Business?

If you’re considering starting up or purchasing a business, we can help with a business loan. While there are business grants available, the criteria are long and the competition plenty. Obtaining a business loan is often the easiest and fastest way to kickstart a new business.

We can help you obtain a business loan for the initial and ongoing costs of running a business, including:

Cashflow – income is often varied for most small businesses, and cash flow can be tight some months. A business loan will give you the cash on hand to pay your suppliers immediately and maintain good working relationships with them. It can also help you with hiring extra staff during busy periods or maintaining the day-to-day costs of running a business.

Stock purchasing – when you purchase stock in bulk, you are often able to obtain a better discount. This could be passed onto your customers or added to your profits. A business loan gives you the ability to purchase materials upfront for a big project, or to take advantage of seasonal deals.

Expansion costs – as technology changes, the machinery your business relies upon becomes outdated or not as cost-effective as in the past to operate. A business loan lets you purchase new or renovate existing machinery and technology to help your business grow. It could also be used to pay for an extensive marketing campaign, useful to get a new business off the ground.

 Best of all, we can offer a 24-hour turn around on new business loans too!

Insurance Matters……….

You have to take Risks to live but also you have to minimize risks to live.

Achieving the goal of home ownership requires some effort, for most ownership starts with a mortgage.

To achieve this there are a few boxes to tick, some of these are as follows:

  • passing a credit check,
  • have ongoing income to meet affordability,
  • have enough funds on hand for a deposit (this may be made up of a home start grant coupled with a Kiwi saver contribution)
  • Find a property that comes within your loan limit

Will job loss ruin house purchase?

So you tick all the boxes and you are now unconditional on a property with a settlement date looming when your employer announces a restructure and you could be out of work.

This is a curve ball no one wants when there is the possibility of losing the home, a contract deposit or both of these. If you have nice vendors that are willing to delay settlement without charging penalty interest then you are in luck! But usually if settlement is delayed without mutual agreement, then penalty interest would be charged at the rate agreed on the contract.

If you are unable to complete the purchase entirely, then you can be sued by the vendor for specific performance or lose your deposit (not more than 10%) and can be sued by the vendor for damages claimable at common law or in equity and shall also include any loss incurred by the vendor.

Is there anything you can do to protect yourself?

Yes, Redundancy options are available via mortgage repayment policy,  Mortgage Repayment Cover pays can pay up to forty five percentage of your salary or your full mortgage payments to ensure your loan repayments are covered in the event of being made redundant.

Getting finances sorted for a property purchase isn't easy but once you achieve this it pays to protect them so talk to us to understand what is achievable for you.

 

July's Property Gazette

Published by Scott Miller on Monday, July 15, 2019 in

Low-Interest Rates & Low Deposits: What Else Could You Ask For?

The weather is getting colder, but the interest rate wars are heating up! For the first time in many years, low-interest rates are tempting borrowers with a range of fixed-term options. We’ve got access to lenders who are offering interest rates of less than 4% for their 1, 2 and 3-year fixed term loans. It just doesn’t get any better than this, and we’d love you to take advantage of these rates.

By taking advantage of these super low fixed-term rates, you could find yourself:

  • Paying less interest overall, if you make more than minimum repayments
  • Quickly increasing the equity in your property
  • Keeping your repayments low, if you make minimum repayments
  • Being able to consolidate other debt into your home loan to save on interest costs

Whether you’re looking at a new loan or refinancing an existing loan, we can help. Get in touch and let’s make a time to chat over coffee.

Buying a Rental with 20% Deposit? Yes, It Is Possible!

Only have a 20% deposit, but want to purchase a rental property? If you visit a bank, they’ll most likely turn you down. That’s because they need you to have a 30% deposit. Often, that’s just not achievable for many borrowers, due to rising house prices and tied up equity. So, what can you do?

Simple: come see us. We have access to a new funding line only available to NZFSG mortgage brokers. We have access to a range of lenders who are happy to work with you and your 20% deposit. Whether it’s your first rental or your tenth, we promise to help you obtain the right loan and at the best rate possible. Give us a call today and find out just how easy and affordable it is to purchase your rental property!

Let’s Welcome Greg Miller: Our Newest Mortgage Adviser

We’re thrilled to announce the arrival of Greg Miller to the Advanced Mortgage & Insurance Solutions! Greg is joining our busy team as a mortgage adviser and can help you with obtaining new loans or refinancing existing loans for both residential and investment properties.

Greg spent 10 years living in the UK, he enjoyed the hustle and bustle of Europe and travel abroad however, it was the open uncrowded spaces of NZ that he missed and returned home and started a Family.

Having owned many businesses over the last 25 years, including in Property Management and Maintenance, where client satisfaction in paramount, Greg brings a wealth of experience which puts him well placed to move seamlessly into the Mortgage Advising role.

In 2016 Greg completed his New Zealand Certificate in Financial Services, achieved accreditation with all the major Banks and became a Registered Financial Adviser.

Helping people realise their goals and knowing you have made a difference is what Greg loves about becoming a Mortgage Adviser.

Greg has recently joined Advanced Mortgage Solutions as the second Mortgage Adviser alongside Scott, he finds it as a great opportunity to join a fantastic experienced team which just loves to help people who are seeking advice on Mortgages and Insurance.

Interests include, cycling, running, motorsport and spending time with family and friends.

Insurance Matters……..

Thrill seekers carry own risk

A high percentage of Kiwi’s are thrill seekers, we’ll give most things a go and not take into account the risk if it all goes wrong.

With my insurance hat on I like to quote Tim Grafton from the NZ insurance Council with some thoughtful insights on insurance.

"The challenge we face with insurance is that it is unique among consumer products. It's something you pay for but hope never to have to use, unlike a car or an internet connection. It works because the majority of people pay for the misfortunes of the few, and each of those misfortunes comes with highly personalised circumstances. That's the conundrum insurers face: most people seldom claim."

There has been a number of articles in the media this month on insurance, these have raised a number of points, here are some of the headlines:

“Is it worth it? Travel insurance claim ends in $33 payout”

Here the value of insurance is questioned when the benefit paid seems insignificant .i.e. is the cost of insurance worth what I get out?

“Insurers: Consumer NZ should give us a fair go”

Here NZ insurers pushed back at recent Consumer NZ report claiming 13 percent had confidence in the industry and only 8 per cent offered fair terms.

In response to the Consumer report Tim Grafton focused on the positive outcomes of claims stating “that more than 90 per cent of claims were paid and most that were not were withdrawn because they were for less than the policy excess or outside the scope of the policy, or because people did not want to lose a no-claims bonus.”

An Element of Risk

There is a risk in living and this usually has a financial impact if your ability to earn is affected. No matter what you do for a job, or where you are in life, there’s always a requirement to protect yourself and your loved ones. Did you realise this?

The ability to earn a living is far and away your largest asset to maintain your present lifestyle.  Life can change so unexpectedly – you have no idea when you’ll “need” insurance.

That’s why it’s important to plan in advance.

To find out more call us today on 03 6629058.


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