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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.

Mortgage Brokers Christchurch - December's Property Gazette

Published by Scott Miller on Monday, December 03, 2012 in


Current Interest Rates as at 01 December 2012  

 Variable                     5.55%  
6 Month Fixed            4.95%
1 Year Fixed              4.95%
2 Year Fixed              5.15%
3 Year Fixed              5.60%
5 Year Fixed              5.99%

Interest Rate Outlook

Variable interest rates are at a record 48 year low while shorter term fixed rates such as 1 year are at an all-time low being the lowest they have ever been since fixed rates were introduced.
 
While house sales and building permit consents are at a 5 year high and the number of days for houses to sell at a record low of 31 days in some markets (namely Auckland and Christchurch).
 
On top of this the last 2 months have seen positive long term permanent immigration reversing the trend of the previous 12 months.
 
These positive trends are being supported by new government initiatives recently announced whereby government will be working closely with local councils to increase the amount of available land for residential use. Government has also committed to increased funding for roads, water & waste facilities to such development opportunities. This coupled with resource management reform will speed up the time it takes to obtain consents as well as provide more certainty for developers to act will certainly help increase the available stock and therefore affordability.
 
In terms of the most advisable interest rate option currently, there really aren’t any bad choices, although we seriously question the value of variable rates at present with all fixed rates out to 3 years the same or lower than the variable rate. Short term money of 6 or 12 months is as low as 4.95% which could be great for those trying to free up some extra cash for Christmas, although if possible the far smarter option is to take the opportunity of lower interest rates to make higher than required mortgage payments greatly reducing the term of your loan and thus the amount of interest you are charged – everyone’s circumstance are different so clients are best to talk to us.

What's Hot

The Christmas rush is on as many clients look to get themselves into a new property prior to Christmas. We’ve had a fantastic year in business and it is in no small way thanks to you & your support. Thanks again for your referrals they are greatly appreciated & not taken for granted.

Deal of the Month

We now have access to a genuine “Lo Doc” lender, whereby self-employed clients who are unable to provide up to date financials can still obtain a mortgage at competitive market rates, last month we helped 2 clients in this situation - Call us we deliver!


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