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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.

February's Property Gazette

Published by Scott Miller on Tuesday, February 11, 2014 in

February - Property Gazette 

It has been an exciting month for AMS as we see the company grow with the addition of a new Mortgage Specialist. Maria Thackwell who has 20+ years retail banking experience and successfully ran her own broking company has joined the team. Maria has a reputation for her knowledge and commitment to her clients along with her passion to see her clients meet both their immediate short and long financial goals. We welcome her arrival and know that AMS will continue to grow it’s already established reputation for outstanding services to our clients.

Lauren Timblick, Personal Assistant to Scott and Maria has recently increased her hours to keep up with the increased business in the New Year. Lauren provides the team with the back office services that are paramount in running a business and also provides our clients with a fantastic service when their fixed loans come up for renewal. Lauren is efficient and friendly and has a wonderful rapport with our clients. If advice is needed in regard to the structure of your lending facilities or interest rates Lauren will arrange for Scott or Maria to make contact.

Due to our team increasing we have recently moved to a larger office in the same building located on the corner or Bealey and Colombo Streets (entrance on Bealey Avenue) and would love to see you if you’re passing.

All in all it’s shaping up to be a fantastic 2014. We have noticed that many people are more positive about Christchurch as our city rebuilds. We also acknowledge that for some times are still tough as insurance issues and the personal effects of the earthquakes are still worked through.

As always, we are here to help with your lending needs and appreciate your referrals to others you may know who would benefit from our help.

Kind regards

Scott, Maria and Lauren


Current Interest Rates as at 3 February 2014

Variable               5.59%

 Month Fixed      5.20%

1 Year Fixed        5.29%

2 Year Fixed        5.80%

3 Year Fixed        6.05%

5 Year Fixed        6.79%


Interest Rate Outlook

Welcome to our first Interest Rate Outlook for 2014. The sun may not have been shining over the break but our economy continues to improve, growing from strength to strength.

Last week saw the Reserve Bank meet to review the official cash rate (the OCR, being the rate that drives variable interest rates in NZ). While no change was made the comments from Graeme Wheeler gave us a very clear indication that increases are on the way, most likely to begin in March.

Without doubt the media will make a lot of noise around the anticipated rate increase but the reality is that the first move is likely to be small at 0.25% to a worse case of 0.50%. All indications are that we should expect a total increase through 2014 of approximately 0.75%, how this is delivered remains to be seen, it may be 3 consecutive increases of 0.25% or he may choose to drop one larger increase of 0.50%, sit back and see the impact of this and if it is not strong enough then add an extra 0.25% 3 months later.

We all need to keep such increases in perspective, remembering that post the major Christchurch earthquake the Reserve Bank cut the cash rate by 0.50% to help keep our economy going….. This “stimulus” has not yet been returned, as such an increase of this level just returns us to a neutral position of ‘pre quake’….

We also need to remember that the OCR only impacts variable interest rates, not the fixed rates which have already been “sneaking” upward over the past 6 months, as such any increase as indicated above will only impact clients on a Variable interest rate.

LVR restrictions remain, keeping property prices in check and demand restricted and this initiative combined with the above increases are expected to keep inflation in check and avoid any need for substantial rises. If your clients are concerned about rising rates, now is the time to send them to us for a chat (not after the interest rate increases).

What’s Hot

If you have a home loan that is under 80% of the value of your property there are some extremely hot refinance packages available presently. The more banks lend in this space the more loans it allows them to do over 80%, as such they can be very aggressive in pricing.

Deal of the Month

Last month we had a client going through a matrimonial split, he hadn’t accessed his Kiwisaver funds to buy the home (as hadn’t meet the time criteria), however he now meets the criteria & we have helped him access this under “second chance” to make his pay out– Talk to us, we deliver! 


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