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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.

May's Property Gazette

Published by Scott Miller on Tuesday, April 30, 2019 in

Will May Bring Us Any OCR Movement?

In March, Reserve Bank Governor Adrian Orr implied that any future movement in the OCR is likely to be downwards. With domestic growth slowing and a weaker global economic outlook, economists are therefore predicting:

  • There is a 50/50 chance of the OCR dropping .25% on May 8th 2019
  • A further drop to 1.25% is possible in August or November

Economists noted that the RNBZ Governor did not refer to his past statements of keeping the OCR stable until the end of the year and into 2020.

While in the past, many drops in the OCR have led to a reduction of interest rates; this may not be the case this time. The capital requirements held by the lenders are rising, making it highly unlikely that full savings will be passed onto mortgage holders.

It’s not all bad news though. Interest rates are still at record lows, and we can help you access them. Get in touch with our team today and let’s work together to get you the best rates.

Tips on Buying a Home During the Colder Months

Should you be looking for a home during Autumn or Winter? We say yes! While the warmer months have the advantage of longer days and balmy weather, now is an ideal time for house hunting.

Traditionally there are fewer homes on the market during the cooler months. On the plus side, there are usually fewer people searching for homes, which means less competition. Eager sellers are ready to sell now, and this puts you in a great place to negotiate the price.

There are some challenges though, and these are often weather-related. You may be reluctant to view the exterior of a home in poor weather. Crawling in the ceiling space or under the floor won’t be high on your priority list. You may also be unable to view a property during daylight hours, seeing it only after dusk. These challenges have the potential to cause trouble down the road for you if you purchase a home without seeing fully what you’re buying. As well as making time to visit the property during the day, we also recommend you contact a property inspection professional who can perform the necessary inspections on your behalf.

 For personal advice and support when purchasing a property, you can rely on us. Give us a call today.

MEET THE THREE TYPES OF INSURANCE BUYERS

In our digital world, people are increasingly comfortable purchasing almost everything online. However, before you press ‘buy’ on a complex product such as life insurance, we recommend you get advice from a registered financial advisor like us 😊. When it comes to how people approach buying life insurance, research conducted by Australian Securities and Investment Commission identified three types of insurance buyers:

Methodical Buyers

Methodical buyers research insurance on the internet to learn about different policy types and brands. They use comparison sites and sometimes insurance providers’ sites, make one or two phone calls to providers, focus on one brand and think about their needs before buying. They like being able to ask specific questions and appreciate a call back — but don’t like repeated calls,  they’re also conscious of the fact that policies are different, and they fear that there is going to be some little trap that they miss.

Pragmatic Buyers

Pragmatic buyers want to ‘get it over with’. They take a brief ‘look and see’, sometimes using the internet, decide how much they can afford to spend and then approach a provider. They are more likely to change their mind about their policy choice during the sale process. 

A typical comment came from a buyer who chose the cheapest policy: ‘It’s better than nothing. It will be enough.’ 

Emotional Buyers

Emotional buyers are often influenced by emotional appeals during the sales process. They are often anxious that they are not doing enough for their family. They want to ‘leave something for the kids’, enjoy interacting with a salesperson and feel an obligation to them — they ‘can’t say no’. They often spend a long time in the sales call and buy in a single call. 

What Type Of Buyer Are You?

Whether your are methodical, pragmatic or emotional it doesn’t really matter as long as you’ve taken steps to protect your financial future.

Talk to us today we’d value giving you face to face advice.


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