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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 Thursday, October 01, 2015 in

Why so much paperwork?

In June 2015 The Credit Contracts and Consumer Finance Amendment Act (commonly known as the Responsible Lending Act) and its code of practice came into force.

All lenders now have to meet the responsible lending obligations outlined in the Act and Responsible Lending Code. This puts New Zealand in line with international best practice but comes with a new set of challenges for lenders and ultimately some extra hoops to jump for borrowers.

So what are the key lender responsibilities?

- Lenders must make reasonable enquiries before entering into a loan or taking a guarantee to ensure that:

a) the credit provided meets the borrower’s needs

b) the borrower can make payments or comply with the guarantee

- Lenders must help borrowers and guarantors to make an informed decision 

- Lenders must treat borrower and guarantors reasonable and ethically, including when breaches occur, when unforeseen hardship is suffered and during a repossession process.

- Lenders must make sure that loans are not oppressive and that they don’t induce borrowers to enter into loans in an oppressive way

- Lenders must make reasonable inquiries to be satisfied the credit-related insurance will meet the borrower’s requirements and the borrower will be able to make payments without undue hardship. 

– Advanced Mortgage Solutions can explain all of these responsibilities and how they affect a borrower

Lenders must meet all other legal obligations – including under the Fair Trading Act and the Consumer Guarantees Act.

To ensure you put the best possible application forward when securing a home loan, always use a mortgage broker. This is what we are trained in, we know the pitfalls, what criteria the banks are using. We are in your corner and work hard to get your application approved.

Contact me today for a no obligation chat about your mortgage requirements.

If you think this article could be of interest to someone else, please feel free to forward it to them.

Property Gazette - October

Published by Scott Miller on Monday, October 07, 2013 in

This month we are starting to see the impact of the Reserve Banks implementation of the 20% minimum deposit rules. You will probably be aware of ASB's decision to cancel all of the preapproved loans where the deposit was less than 20%. Fortunately no other lender has followed.

We will start to see the 'taps' turned on again in the low-deposit space in about 4-5 months as the existing preapprovals work their way through the system. There are of course alternatives - Please contact me on 0508 466 356 to discuss these options.

As you will read below, it has never been a better time to fix your mortgage. Please contact me NOW to see what I can secure for you.


So on with what’s happened this month.  

 
                               
Current Interest Rates as at 03 October 2013  

                                   Variable                 5.59%  
                                    6 Month Fixed       4.99%
                                     1 Year Fixed         4.95%
                                     2 Year Fixed         5.45%
                                     3 Year Fixed         5.99%
                                     5 Year Fixed         6.55%

* Please note the rates published above are for new under 80% lending only. Please contact me if you are looking to fix or rollover your existing lending.

 
Interest Rate Outlook

We have a third of the customers in the nightclub over indulging….. so the bouncers cut all drinks to all patrons…. That doesn’t make sense does it? Certainly not, especially for a mild mannered drinker like myself! I apply this analogy to the recent Reserve Bank rules limiting the amount of loans the banks in NZ can provide to clients who want to borrow more than 80% of the purchase price of a property.   

While the Auckland property market continues to be extremely buoyant, the rest of the NZ property market was shuffling along, (accepting that Christchurch has some earthquake related price issues).

As such the recent above moves do not make any sense for two thirds of the country, that said Mr Wheeler (Governor of the Reserve Bank of NZ) has shot his cannon so to speak and we all have to deal with the fallout (interesting to note the government are distancing themselves from the decision, stating that it is a Reserve Bank decision they have no jurisdiction over!).

The fallout is hurting Kiwis across the country as first home buyers are coming to the realisation that they now need to save a heck of a lot money as a deposit to get into a property or rely on accommodating parents who will act as guarantors for them. Over the weekend I added the following page to the Advanced Mortgage Solutions Website to help those wanting to purchase a property with less than a 20% deposit saved.

The pain is somewhat offset by the government sponsored Welcome Home Loan, which allows a 10% deposit of a purchase price, however it does come with a number of “caveats” around who can qualify, as such never more has the services of a quality Adviser (like us) been required, to provide guidance to clients through the current mortgage landscape.

The above change should see interest rates steady for the balance of 2013, however as mentioned last month, longer term fixed rate money has already shot up considerably, jumping up circa 0.75% over the past two months. Please do talk to us now; our advice has never been more important!


What’s Hot

The ability to borrow 85% of the purchase price of the property! There are currently 2 banks in NZ providing this product, although the criteria are tight! There is also one non-bank lender currently providing finance to 90% of the purchase price, they are “red hot” right now!     

Deal of the Month

Ahhh, the 2pm call from a desperate Real Estate agent. Can you help my client, finance expires at 4pm today and they have been declined….. ! Last month we saved a deal on the death knell for an agent due to our access to the above products – don’t wait - have your clients call us now!

I look forward to hearing from you with any questions you may have.

Mortgage Brokers Christchurch - February's Property Gazette

Published by Scott Miller on Wednesday, February 06, 2013 in
        
                  Current Interest Rates as at 5 February 2013

Variable                 5.55%
6 Month Fixed        5.10%
1 Year Fixed          4.95%
2 Year Fixed          5.35%
3 Year Fixed          5.65%
4 Year Fixed          5.99%
5 Year Fixed          5.99%

Interest Rate Outlook

The summer heat has been wonderful, not only for holidays but to help keep the fire lit under the property market. We have seen house sale numbers and building consents at their highest since 2008. Despite taking a bit of a breather over December and January we have still seen both house sales and prices increase year on year from 2011 to 2012 at circa 8% & 6% respectively. By the way 2013 has started this does not look like easing up any time soon.

Building consents are really starting to make an impact as the Christchurch rebuild has well & truly kicked in. The Auckland Super City Council are trying to free up more land to address the housing shortage, although word from developers in the region note the bureaucracy within the Super City council is enough to dampen the desires of even the most passionate developer!

Despite the strength of our housing market our overall economic growth in 2013 will still be heavily dependent on international markets such as Europe & the US. The problem here is these countries continue to grapple with the fallout of the GFC (Global Financial Crisis of the last 4 years) leaving us particularly dependent on Asia’s demand for our primary produce. Essentially 2013 is shaping up as more of the same as 2012, best defined as “grumpy growth”, although, growth, nonetheless.

What about interest rates?


There continues to be speculation that interest rates will rise (purely because they have never been this low), however our outlook has them stable for the majority of 2013 (well at least at this stage). Having said that there still appears to be more value in the 1 or 2 year fixed rates than the variable interest rate. As such fixing for 1 or 2 years appears to offer the most value currently, although for those of you with sizable debt there is a lot of common sense in splitting your debt across 2 or 3 fixed periods to diversify your interest rate risk.

What's Hot

The “sweet spot” for banks in terms of interest rates seems to currently be around the 2 year fixed rate. For clients with Loan to Value ratios of less than 80% we are currently seeing rates as low as 4.99% for 2 years being offered.

Deal of the Month


Christmas clearly saw some generous family conversations take place as in January we had 2 lots of clients whereby Mum & Dad provided guarantees for first home buyers, the good news is that now days these guarantees are only limited to 15% of the value no of the loan not 100% - Call us we deliver!

Christchurch Mortgage Brokers - November's Property Gazette

Published by Scott Miller on Tuesday, November 06, 2012 in

 

Current Interest Rates as at 05 November 2012

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

Interest Rate Outlook

The growth we enjoyed in the first half of 2012 has slowed somewhat with most economists predicting a slower second half to the year. The positive spin off to this is that inflation is being held low which should result in a stable interest rate outlook for the next 12 months.
 
While it is stable we certainly do not expect any easing of rates although we did notice that across the ditch they felt compelled to drop their rates slightly. The predicated down-turn in Australian looks like it is finally landing.
The slow-down of the Australian economy, together with the unstable environment in Europe should see us return to positive migration numbers in 2013 which will help push the New Zealand economy in the right direction.
 
Additionally, the rural sector looks to be in for another strong year with many international growing markets facing difficult conditions which will see demand for our produce and dairy provide healthy returns to farmers which will flow through the entire NZ economy.
The housing market continues to suffer from contrasting forces, on-going low interest rates and a lack of quality stock sees prices continue to rise and days to sell shorten, however a genuine lack of stock in the hot Auckland and Christchurch markets is really holding the market back.
 
With the recent merge of NBNZ into the ANZ competition for your mortgage amongst the banks continues to heat up. There are all sorts of weird and wonderful deals being thrown at consumers from Galaxy tablets to cold hard cash and we are seeing interest rates at sub 5% levels for the right clients.
 
We still see the sweet spot in the interest rate cycle as the 2 year point, although for the more conservative clients they seem happy to pay mid 5% and lock it in for a bit longer. Our advice is to talk to us as everyone’s circumstances are different and you really need to make your decision based on your own situation.
 

What’s Hot

When a bank loses a client they call it “churn”, when they gain one from another bank they call it “refinance”, the gloves are off and we are seeing some amazing price deals both interest rate wise and in contribution to costs, call us with your client’s needs we are securing great deals!
 

Deal of the Month

In some instances registered valuations are required, in others they are not, this can actually be the difference between being able to do a deal and not, last month we saved a house purchase for all by financing it with no valuation - Call us we deliver!

Christchurch Mortgage Broker - Property Gazette October

Published by Scott Miller on Tuesday, October 02, 2012 in
                                  
Current Interest Rates as at 02 October 2012  

  Variable            5.60%  
6 Month Fixed   4.99%
1 Year Fixed     4.95%
2 Year Fixed     5.20%
3 Year Fixed     5.60%
5 Year Fixed     5.99%
 

Interest Rate Outlook

The term sailing into a head wind would presently typify New Zealand’s economy at the moment. While we have some strong internal momentum it is being constrained by variables largely outside of our control.
 
The housing market continues to perform strongly; prices are progressing upwards with Auckland leading the charge which is a great sign. The average number of days to sell a house last month was at a 4 year low at 36 days. This is primarily driven by a lack of stock in the market which is also pushing house prices up.
 
Trending against our domestic growth are international pressures with our nearest and largest trading partner. Australia is facing some challenges in their powerhouse sector of mining which is facing its first downturn in more than a decade as China (their major consumer of minerals) are slowing their consumption. Interestingly a positive spin off of this is the reversal of people leaving New Zealand to find jobs in Australia which slowed last month and saw NZ enjoy neutral immigration figures. If this trend continues we will see a return to positive migration which can only help our economy further.
 
Last month saw a further small easing in interest rates in the mid-term area of the rate cycle with 2 year fixed rates now being the lowest option in the market. As such we see the current 2 year fixed rate as offering very good value, it is around 0.40% under the carded current variable rate and strong deals are being priced at low 5%. Many people are enjoying a positive spin off of this as they are finding a little extra cash in their hands. The smart move of course is to keep your monthly payments the same which in turn reduces their term, saving you thousands of dollars in interest payments.

If in doubt as to the right move please call us to have a chat as the “right” decisions for each client is specific to your own set of circumstances.
 

What’s Hot

The worst kept secret in the banking sector is finally out with ANZ announcing that the NBNZ brand is to cease as they roll the two brands into one across the country – a positive spin off is they are being very generous in pricing to help keep clients. R.I.P the black horse – a kiwi icon!
 

Deal of the Month

Last month we helped a couple onto a house after they had relocated from one region to another, they were only now setting up their new business but thanks to some well-prepared cash flow figures and good security position we were able to help them out - Call us we deliver!

Property Gazette - April

Published by Scott Miller on Thursday, April 12, 2012 in

           Client News - April 2012

 Welcome to April’s Property Gazette.

This month has seen the completion of Advanced Mortgage Solutions Facebook page. Feel free to have a look around our page by clicking here – please remember to push the “like” button as this helps us get found!


Interest Rate Outlook

We could be excused from feeling like it is a case of “last one out turn out the lights” with the outflow of migration being the highest it has been in NZ since 2001. Yes, there is an outpouring to the perceived ‘lucky country’ in Australia, with some 38,000 leaving our shores last year, however this is offset somewhat by the inflow of 35,000 from other parts of the world, creating only a slight migration deficit - which is nowhere as bad as it may appear.

The outflow of Kiwis to Australia is certainly contributing to the stalling of our economy but the reality is nowhere near as bad as the perception. Of course, one of the things that our Kiwi cousins need to consider is the higher cost of property and living on the other side of the ditch, and while employment opportunities may be more plentiful the cost of getting into property can offset this benefit.

So we have immigration working against us and there is still a focus from Kiwis on deleveraging their balance sheet (or in layman’s terms repaying debt before entering into new purchases) which together with a continued lack of housing stock attributes to holding our growth back.

However, the stock that is hitting the Real Estate market is certainly moving quickly, particularly in Auckland and Christchurch, where average days to sell in both areas is now under 30, which is the lowest in over 2 years.

In relation to interest rates, we continue to enjoy historic lows which are helping with mortgage affordability. There is currently little to no difference between floating and 2 year fixed money and it is only if clients look to fix for longer than 2 years that there is an increase in interest rates carrying a small cost for the extra certainty of a long term fixed rate.

So what to do? It really depends on your personal circumstances, however we do see great value in being able to lock in low-to-mid 5% rates for 2 to 3 years. The only caveat is that you need to be 100% certain that you are not looking to sell your house or make large lump sum principal reductions during the fixed period.

Please contact me to go over your personal circumstances as interest rates have never been lower and are not likely to become lower than they are today.


Authorised v Registered

You may be aware that the financial services industry is now regulated - which is a great thing for you the consumer as it is all about protecting your rights.

There are two categories of Advisers, Authorised & Registered. Essentially, the main difference between the two is that only Authorised Advisers can give you advice in relation to Investment products while both Authorised & Registered Advisers can provide advice in the areas of Mortgages, debt and Insurance.

The most important thing to know is I am fully registered with the Government, (it is illegal to operate and not be registered). To check this out just go to www.fspr.org.nz  and type in Scott Miller. This will quickly confirm that I am able to approach New Zealand lenders on your behalf.


Reduce Payments or Keep Them the Same?

This message is definitely getting through, and more and more of our clients now enlist us to negotiate with their bank on expiry of their fixed interest rate. It is part of our on-going service and costs you absolutely nothing - in fact, the opposite applies in that we are able to negotiate the very best rate for you from your bank.

A question asked of us regularly when a client’s interest rate reduces is “should I reduce my payments or keep them the same?” If you can afford to keep them the same this is definitely a wise thing to do. Let’s look at a simple example to illustrate this.

We have a client with a $200,000.00 mortgage over a 30 year term currently on an interest rate of 6.50%, paying $1264.00 per month. If this rate expires today it is safe to assume we could re-fix in for at least 5.50%. This could drop the payments to $1135.00 per month -or if we kept the payments the same at $1264.00 this would reduce the term from 30 years to just over 24 years and save $51,921.00 in interest – not a bad option for most of us!

As mentioned above please contact me while interest rates are low.


Does a Line of Credit Work?

We are often asked by our clients whether a line of credit loan is a good option for them with their mortgage. Of course the answer is that it does depend on your own set of circumstances.

The main benefit of using a line of credit is that it allows you to run your income through your mortgage (while not losing access to the funds) and because banks calculate interest on a daily balance, any time funds offset your mortgage balance (as an example in the form of your wages) it will save you interest.

Often, the better option is to have only a portion of your mortgage on line of credit, with the balance on a standard principal & interest loan. This provides the flexibility many clients want, the benefit of being able to run your income through your loan, and the ability to enjoy the very sharp fixed rates that are currently available for principal & interest loans.

You are best to talk to me to understand the benefits of a line of credit and whether or not this option is best for your own circumstances.  
   

AMS Property Gazette - February

Published by Scott Miller on Thursday, February 10, 2011 in


 

Please find my new look Property Gazette below. As always I have tried to deliver only the relevant market and policy information to help you keep up to date. I appreciate the monthly feed back and questions that arise from each newsletter and I'm sure this will be no different.

 

Interest Rate Outlook

Current Interest Rates

Rates offered are the best of standard, carded interest rates available and do not reflect any discounts your Advisor may be able to obtain for your client. Rates correct as at 01/2/11.

Variable            6.10%

6 Month Fixed   6.10%

1 Year Fixed      6.19%

2 Year Fixed      6.45%

3 Year Fixed      6.85%

5 Year Fixed      7.50%

 

Captain, we need more power! The New Zealand economy is currently like an overloaded Jet Plane trying to take off, we have a full load and our momentum is pushing us down the runway slowly gathering speed but we just need to lighten the load slightly by releasing some of the burdening economic constraints holding us down or consumers need to start spending more to give us the extra power to take off!

 

You can feel that it will not take much of a push to get us off the ground but where exactly will this push come from? While housing still remains subdued it is showing signs of recovering with activity continuing right up to Christmas in 2010 and we get the feel the traditional slow Kiwi start to the year has not been as sluggish as historically, the question is how long will the momentum take and will it be strong enough to lift us off the ground (where we have been for some time now)....

 

From Advanced Mortgage Solutions view point, the reality is that New Zealand & globally we have had to go through a sustained period of balance sheet recovery as consumers 'pull their heads in' and readjust to actually living within their means as opposed to the debt fuelled, false economic growth through the first 8 years of this century. This readjustment has been good for us and New Zealand has stood up to the readjustment better than most. The basket case economies of the US & Europe with particular disasters in Ireland, Spain & Portugal have not eventuated here & as subdued as we have been we are very lucky to have actually not sunken to the terrible lows felt across the aforementioned countries.

 

The back half of 2011 will be strong for us as the influx of money spent through the economy from RWC & Earthquake recovery starts to lubricate the pistons of our plane faster, perhaps lifting us off the runway! In terms of a borrowing strategy in these sluggish times we still suggest that with an expected increase in interest rates in the back half of 2011 we favour looking at the well priced 1-2 year fixed option as giving better value than a floating rate (which is sure to rise by 0.50-1% through this year).

 

The difference between floating and 1 year fixed is only 0.25% and to 2 years fixed 0.45%, as such the basic maths suggests that either of these rates offers better value than the floating rate which we believe will be sitting at around 6.95% by the year's end. However fixing past 2 years doesn't make a lot of sense as the 3 year plus rates start @ 7.10% & increase out to 7.70% long term with the price difference making them too expensive, unless of course you want to guarantee certainty for the a sustained period in which case you have to be prepared to pay a premium.

 

What's Hot

Some of the banks! The Christmas break has been kind to some of the grumpy old men who sit in senior credit positions within our banks and we are seeing a continuing trend of slowly but surely banks starting to release the shackles credit wise. This is the lubrication our economy needs and we are now getting clients set that we couldn't 12 months ago. Help your clients, refer them to us for advice.

 

Deal of the Month

With January traditionally being our slowest month of the year we didn't have anything spectacularly unusual jump out of the box but we do continue to help numerous clients finance themselves into properties with as little as 5% deposit from genuine savings. - Call us we deliver!

 

 

The AMS Property Gazette - November

Published by Scott Miller on Sunday, November 14, 2010 in


       Another busy month has gone by and we are only a month and a half away from entering a new year. October saw interest rates remain unchanged by the Reserve Bank Official Cash rate announcement in the last week of the month. This was widely tipped to happen so no real surprises there. We did however get a bit of a surprise in the unemployment figures which dropped by .5%. This is a good result and has been accompanied by many of green arrow stories, with the one acceptation being the Kiwi fruit PSA canker disease.

New Zealand lenders have continued to relax their lending criteria’s around owner occupied purchases. This is great news for first home buyers or people looking to upgrade or down size their existing homes. What is a little disappointing is these improvements have not flowed through to their rental and property investment policies yet, with most lenders still wanting a 20% deposit for standalone rental property purchasers. This of course can be circumvented by using your own home as security bringing the required deposit down to 10%.

Interest Rate Outlook

I believe there is now a light at the end of the tunnel and I’m pretty sure it is not an oncoming train. While economic conditions currently remain subdued, there is a lot that points toward a strong recovery in 2011.

While we are in a period of reasonably flat growth at the moment, many of the important variables required to stimulate market activity are lining up. Firstly, interest rate have stabilised and is giving the market some confidence, for the first time in over two years we are now seeing banks loosen their lending criteria and return with an appetite to lend new money.

With money well priced and the banks keen to again lend I can see that 2011 will provide the right environment for further recovery as the property market looks to rebound from the depressed period of the past two years. Overall households h
ave focussed on clearing debt during this period and many will see the above conditions as ideal to release some of their frustration and take advantage of their improved overall position to move back into property investment, particularly as lenders relax their lending criteria around investment property.

The Reserve Bank has given every indication that interest rates will be held at their current low levels for the immediate future and I do not expect to see any increases in the OCR until March or April 2011. Given current rates have stabilised, it makes choosing the best interest rate option a little more tricky, variable rates are stable and the difference between variable and mid -term fixed rates such as 2 years are around 0.45% with variable rates the cheaper. This makes it a 50/50 call on what decisions is best to take, with people often finding the answer by aligning their personal circumstances with the best interest rate structure available.

The AMS Property Gazette - October

Published by Scott Miller on Tuesday, October 12, 2010 in

 

 September was quite a month.

Christchurch was hit by a magnitude 7.1earthquake, Southland had the worst snow storms for decades, Wellington witnessed a head-on train crash, and the scariest thing of all.... I had my 42nd birthday. But despite these life changing events there was not a single loss of life, and in fact, it appears something good will come out of all of these events. Along with an already busy month there have been significant changes to New Zealand's lending landscape.

After a long absence it looks as though the old 'bank wars' are back. Over the last month we have seen a number of 'spring' promotions which have resulted in seeing lenders relaxing their existing lending policies and we now have the real possibility of receiving huge contributions to legals when purchasing a property.

Owner Occupied Property

New Zealand lenders are now looking at property  being purchase for home ownership (owner occupied property) to need as little as a 10% deposit (up to 90% loan to value ratio), allowing first time buyers and people looking to upgrade their existing homes an opportunity to place as little as 10% of the purchase price as a deposit. Lenders policy at this level of LVR is still a little more stringent, but when you think that as little as 10 months ago there was only 2 lenders seriously looking at 90% deals (and on a case by case basis) you can see how much change their has been in lenders thinking.

Rental Property

There has also been some relaxing around purchasing rental property. With one lender in New Zealand they will now look at lending up to 90% on standalone rental purchases - Please contact Advanced Mortgage Solutions here to find out more. This is just one example of improved lending criteria. Almost all lenders have shown improvements in their appetite for rental purchases with many now looking at 80%+ LVR's on a case by case basis.


Contributions to legals

To add more good news to the story all the mainstream lenders are now offering contributions to legal costs for people looking to purchase property up to $1,000.00, and in Christchurch as a sign of good faith this is increased to $1,500.00, to help cover structural engineering costs. In all my time as a Mortgage Broker I have never seen so many incentives given in order to attract customers.

                                                   =====================================================================

As always I am here to workshop deals with you. If you are looking to purchase a house for yourself or looking to purchase a rental property I firmly believe now is a very good time to buy. House prices are low and it appears we are at the bottom of another property cycle, this coupled with low interest rates and a bank war provides the perfect time to purchase property. Please also let me know if you have a home loan coming up for renewal so I can contact the bank and organise a range of discounted rates for you to choose from.



Kind regards

Scott Miller

P.s Find a number of short video's to help with better understanding bank policies, what interest rates are doing and a brief look into some of the different strategies available when looking to invest. Please click on the link below to have a look.

The AMS Property Gazette - September

Published by Scott Miller on Tuesday, September 14, 2010 in


  In this month's edition of the AMS Gazette I would like to begin by saying thank you to all the support and well wishes I have received since the earthquake on 4th September. It was a shock to we woken up at 4.30 in the morning to what sounded like a Boeing 747 landing in my driveway while being shaken so hard I thought my fillings would fall out. Thankfully my wife Barbora who is employed by Air New Zealand was working out of Rotorua and missed the original earthquake. Maddison however, our four year old Fox Terrier has not stopped shaking and is ready pack her bags and move to another city.
As the earthquake has mainly affected the Canterbury region I am going to cover some of the things Cantabrians should consider doing in regards to their mortgages and home loans.

So what to do next if you live in Canterbury.

Many of you will have already done the right thing and contacted the EQC to lodge a claim. Don't worry if you have not already done this as the EQC have come out and said you have 3 months from the 4th September to contact them. Just remember that once you have made your claim you cannot add further damage at a later date. So make sure you have a good look around your properties, so when the assessor arrives to look around your properties you can show him/her all the earthquake damage.

Mortgage Holidays - If you feel you need a mortgage holiday contact me and I will help with organising it. I have heard directly from all the major lenders and am fully briefed on how to make an application.

NB - You do not have to have lost your job or have extensive damage to your family home to get a Mortgage Repayment Holiday, if you want one you can have one. Each lender has slight differences in the processes of applying for a repayment holiday. There are also slight differences in the available structures you can use depending on which lender you have your mortgage with. Some for example will allow your mortgages maturity date to be moved out so when you return to paying your mortgage there is no change to amount you pay, other lenders unfortunately do not have this option. Please contact Advanced Mortgage Solutions here to get assistance with your application. Alternatively feel free to call me on 980 4541.

Please be aware these facilities are only available for people who live or have property in Canterbury - outside of this region it is (as far as the banks concerned) business as usual.

News Outside of Canterbury

Interest Rates - This Thursday's Official Cash Rate announcement is expected to see interest rates remain unchanged. With recent world events, namely the speed, or the lack of speed in which the world is recovering from the recession, it is believed interest rates will not go up again this year. There is in fact a good chance of medium to long term interest rates to fall slightly - Watch this space.

House Prices - House prices around New Zealand appear to have come down a little over the last month or so. The number of houses for sale are lower than anticipated for this time of year, with commentators arguing that many people are now holding off to take advantage of the 2011 Rugby World Cup. This is a hard one to call - personally I think if we have a long warm summer we could see house prices recover and feed nicely into the World Cup frenzy. Like with interest rates above time will tell.

As I sign off I would like to wish all of those affected by last week’s earthquake the best of health and wellbeing - if I can be of any assistance please feel free to contact me.


Kind regards

Scott Miller

P.s Find a number of short video's to help with better understanding bank policies, what interest rates are doing and a brief look into some of the different strategies available when looking to invest. Please click on the link below to have a look.



* Please note that at this time this service is only available from landlines.

This publication has been provided for general information only. Although every effort has been made to ensure this publication is accurate the contents should not be relied upon or used as a basis for entering into any products described in this publication.

Contact us to get free personal mortgage and home loan advice








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