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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.

March's Property Gazette

Published by Scott Miller on Thursday, March 19, 2015 in

People – there is a war out there! A war on lending.  

You may have seen the headlines SBS bank have a ridiculously low fee of 4.99% fixed for five-years. The advertising was a bit ambiguous, stating that you had to be an existing customer of SBS however, this is not the case. At Advanced Mortgage Brokers we can access this deal for you but we have been told by SBS that this rate will be available for a very limited time. If you would like to take advantage of this rate you will be expected to have your transactional accounts with SBS and place your income into this account.

If you want to talk to us about your options, give us a call sooner rather than later. 0508 466 356. 

Floating Rates to remain static 

We are pleased to see that there is currently no movement towards increasing floating rates this year. BNZ Economist Tony Alexander states: 

“The cash rate is likely to remain at 3.5% all this year thus your floating rate borrowing costs won’t change. Next year is a bit different. We suspect that the Reserve Bank will move the cash rate up from 3.5% to 4.00%. But the risk well worth backing is that they do absolutely nothing so you might see no change in your short-term borrowing costs both this year and next.” 

This is good news but with floating rates the risk is always there that they will rise. If you haven’t looked at the structure of your home loans in a while, feel free to contact us we are always happy to have a look at your setup and advise accordingly. 

Tips on buying your first home 

Advanced Mortgage Solutions with the help of Sorted.org.nz will set out some tips to get you on track for buying your first home. 

There is no getting away from it, you will need to save a deposit to buy your first home. Depending on deposit total (by accessing your savings, KiwiSaver, and the First Home Buyers Subsidy), there are many different options available to first home buyers. 

Generally lenders do require 20% deposit, however there are exceptions to every rule such as the Welcome Home Loan. The Welcome Home Loan only requires 10% deposit and you can get help securing this deposit through KiwiSaver withdrawals or gifted by a relative. There are some rules applicants need to be aware of when trying to use the Welcome Home Loan product, so please don’t hesitate to pick the phone and have a chat with us about the process. 

There are also some positive changes to the Welcome Home Loan product that take effect after the 1st of April. We have a first home buyer’s guide that shows a step by step plan on buying your first home. This along with our experience will see you sail through the minefields of obstacles of buying your first home. 

Get into a habit of budgeting and not only will you get into your home much quicker, you’ll find repaying your home loan and covering all of your outgoings a lot less stressful. We also have a number of existing ways of structuring your home loan, enabling you to pay off your mortgage faster and save thousands of dollars in the process.


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