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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.

October's Property Gazette

Published by Scott Miller on Friday, September 28, 2018 in

Get Ready for the Summer Rush!

As we welcome daylight saving and warmer days, we also begin to see an increase in the number of property listings within the Christchurch market. Vendors are wanting to move and buyers to settle in before Christmas, which results in plenty of fresh listings over the spring and summer months. If you’ve been waiting for the perfect home, chances are it’s recently been or is just about to be listed.

You can expect to be busy chatting with agents and visiting open homes shortly, and we are already receiving plenty of inquiries from both first home buyers and those looking to purchase an investment property, organising their financing. The advantage of having your finance sorted early is that the pressure is off you, and you’re ready to make that offer before someone else does! For a chat on how we can help, give us a call on 0508 466 356 today!

Is a Builder’s Report Necessary?

You’ve found your dream property; it couldn’t be more perfect! While the pressure is on to make an offer which is better than everyone else’s, in both price and conditions, there really is one thing you can’t skimp on. A builder’s report is an absolute necessity and should be listed in the conditions you make when presenting your offer.

As you will be aware, many properties were damaged during the earthquakes and their aftershocks. While major damage is easily spotted, dodgy repairs and structural issues are not so easy to see. Hiring a professional house inspector or registered builder ensures that you find out all the problems and potential problems before you sign on the dotted line. While it’s possible to purchase damaged properties, it’s better to go into the agreement with eyes wide open as to how much repairs will cost, plus identify any potential issues you may need to fix in the future.

Cashbacks – What you need to know.

In the competitive mortgage industry, banks often offer incentives to get your business. One of these incentives is a cashback. A cashback is when a lender gives you back a set amount of money upon your signing up with them. Traditionally this has been advertised as a contribution to your legal costs.

The benefits obviously include the cash you will receive upon completion of the deal. Some lenders also sweeten the deal by including additional bonuses by giving you discounts with their other products.

But don’t forget the Clawback period!!! – Most lenders have a provision that allows them to clawback the cashback given to you if you pay the loan off in full or leave the bank within a 3-year period. This is done on a pro rata basis, so the longer you are with the lender the less the clawback becomes. After 3 years there is no clawback.

If you are at all unsure about whether you should be accepting a cashback or not, give us a call! We’d be happy to help you find the right finance for your unique circumstances, whatever they may be!

Carry on moving, and you're out.

This heading appeared in a newspaper Column I read recently, the article spoke about standing still financially and how this is not usually an option when there are bills to pay.

The analogy comes from the children’s party game “Musical Statues”, in the game when the music stops everyone freezes, carry on moving and you’re out. In reality standing still doesn’t work, when the financial music stops the silence is deafening, you want move but find it difficult to do so.

So how do you stack up if for example if you had to stop work, you lose your job or a contract is not renewed?

Here are some suggestions to enable you to keep on dancing:

  • Keep the main costs the main costs .e.g. rent, food, rates, insurance are some examples.
  • Eliminate unnecessary ongoing costs .e.g. credit card repayments, hire purchase or habit cost tobacco, fast food etc
  • Have an emergency fund to cope with minor cash crunches
  • Have a safety net to spread the risk if you stop work (mortgage or income protection)

Before the music stops make sure your prepared, come and see us we loved to talk with you.


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