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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.

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!

Christchurch Mortgage Broker - Property Gazette June

Published by Scott Miller on Sunday, June 17, 2012 in


Current Interest Rates as at 15 June 2012  

Variable                       5.50%  
6 Month Fixed             5.25%
1 Year Fixed                4.99%
2 Year Fixed                5.25%
3 Year Fixed                5.35%
4 Year Fixed                5.85%
5 Year Fixed                6.10%


Interest Rate Outlook


It’s a crazy world we live in. As the European economies continues to implode and the impact is being felt all the way down in little old New Zealand. Interest rates are now at a 50 year low in New Zealand and who knows where it will stop. We thought the best rates had landed some 6 months ago, only to see a further fixed interest rate cuts.

The world’s financial problems did not disappear in 2008 when the whole “junk mortgage bonds” episode was exposed. Despite governments printing more cash all this did was delay the ripple effect of this meltdown which is now coming home to roost across Europe.

Locally, we are seeing month on month increases in lending with some of the highest levels of borrowing for over 3 years. The property markets in Auckland and Christchurch are bubbling away with average time to sell in their low 30s (days), however outside of these areas it is still quite subdues as migration outflows continue to hinder growth across the country (less people = less houses required).

Most mortgage rates are lower this month than last, only the floating and 6 months fixed rates remain unchanged. We are now seeing sub 5% rates in the one year fixed space and sub 6% rates as far out as fixed for 4 years now.

So what is the best option?

It really is difficult to tell, we do not believe we will see any rate rises from the Reserve Bank this year but with the 1 & 2 year rates lower than the variable it is hard to see any value in remaining floating unless you believe that rates will fall further in NZ.

Currently we favour the 2 or 3 year rates in the early to mid-5% range, although we are seeing (particularly with investors) home loans being locking in for  4 years @ 5.95% giving them some long term security around their investment. Everyone’s circumstances are different and this dictates their borrowing strategy, talk to us so we can assess each individual on their own merits and advise accordingly.


What's Hot

Free Money! As the banks squabble over market share they are throwing cash at clients to win their business. Depending on the LVR and loan size we are seeing cash incentives to clients of anywhere between $1,000.00 - $2,000.000, crazy stuff, but great for the clients - Refer to us!


Deal of the Month


It happens, ugly matrimonial splits, last month we helped a client arrange funding for a new home while also arranging finance to pay out their partner until the matrimonial home sold, not easy but achieved, leaving both partners happy (well as happy as they can be) Call Advanced Mortgage Solutions - we deliver!

Property Gazette - March

Published by Scott Miller on Monday, March 12, 2012 in

 
Current Interest Rates as at 1 March 2012

Variable                   5.60%  

6 Month Fixed          5.40%
1 Year Fixed            5.45%
2 Year Fixed            5.49%
3 Year Fixed            5.85%
5 Year Fixed            6.65%
 
Interest Rate Outlook
 
As mortgage interest rates remain low they continue to provide fuel to the property
market. January house sales volumes lifted for the third successive month, with strong sale prices offset by an on-going lack of available houses on the market. This shortage is continuing to drive prices up.

Tempering the growth is the unstable employment market and continuing desire of households to pay down debt. These factors together with the uncertainty created by overseas economies will help damper a major boom in the property market, however overall it is predicted house price will continue to increase albeit at a slower steady rate. The possible exception to this is Christchurch where house and rent prices are rapidly increasing.


While the Reserve Bank do acknowledge that the property market is showing healthy signs of recovery they still have their focus centred on the European debt crisis, and all the noise coming from the Reserve Bank indicates that any interest rate movements to our OCR will not occur until the back half of this year. There are however some extremely low fixed interest rates available now that cannot be ignored. I believe for some people now is a great time to look at options – please read on for more information.


Mortgage rates eased further last month especially in the longer term 3 – 5 year fixed rates. Although this has made it cheaper to fix for 3, 4 and 5 year terms, these rates are still relatively slightly higher than the current shorter term rates. Similar to last month there is very little difference between floating rates and 1 – 2 year fixed rates - as such we still believe that the best options currently in the market are to either float, look to fix for 2 years or take a combination of both, splitting your debt.


Please contact me for a free assessment of weather these low interest rates are something that would help lower your mortgage costs in the short and long term – there are some real savings to be made at the moment.

 
What’s Hot

Free Money – get it now! The banks are currently running some crazy incentives with some giving away as much as $1,000.00 as an enticement for clients to take their mortgage with them. You will be surprised by the attractiveness of what we can get for you - Refer your clients now!

 

Deal of the Month

Last month’s client was a NZ citizen working as a “Miner” in Australia. He was trying to buy a home to live in and was using some equity in an existing block of land. After being frustrated through other sources he found his way to us and we got him sorted - call us we deliver!

Property Gazette - February

Published by Scott Miller on Monday, February 06, 2012 in

        

    Welcome to February's edition of AMS's Property Gazette.

I would like to start by announcing the Advanced Mortgage Solutions has moved! We have now opened an office at 6 Burdale Street, Riccarton Christchurch.

Please click here to see our new address on Google Maps.

The process of finding an office has been a while in the making as the recent earthquakes in Christchurch made it harder to find suitable office space. Please feel free to drop by if you are in the area - I would love to show you around.

  What's happening in February?

Current interest Rates as at 1 February 2012

  Variable                 5.60%  
6 Month Fixed         5.45%
1 Year Fixed            5.55%
2 Year Fixed            5.65%
3 Year Fixed            6.10%
5 Year Fixed            6.90%

Interest Rate Outlook

It would appear that 2012 has kicked off with some continued momentum from late last year as have noticed a broadening trend of being a lot busier over the last 4-5 months.

December continued on the strong trend of November in house sales, with consecutive strong months seeing increases in sales of circa 5% each month. It would appear the extended period of historic low interest rates is finally starting to push some confidence across to property purchases. This, together with the nation waking from its rugby world cup hangover, is driving the strongest level of activity we have seen for a couple of years now.


The Real Estate market is still being held back though by a genuine lack of quality stock across the country (with a particular emphasis in Christchurch) and this is seeing the average days to sell a house drop (now down to 39 days). We believe this will continue to ease further over coming months, giving the market some momentum.

Approximately 60% of Kiwis are currently sitting on a variable rate mortgage, which gives the Reserve Bank great confidence that they can actually influence consumer behaviour with interest rate movements if and when they have to. That said, they have signalled that they do not expect to have to push interest rates up until the 2nd half of this year.

As the 1 & 2 year rates fell in the latter part of 2011, we now see this flattening from the variable rate through to the 2 year fixed rate. As such there is little to no difference between the current variable and 2 year fixed rates. Given that we anticipate small increase in variable money later this year, the current 2 year fixed rate holds appeal for us as a sound borrowing strategy - or for the slightly more adventurous splitting the funding into 2 accounts of part 2 year fixed and part variable will ensure not missing out on any variable rate discounts if they were to come on offer. All in all, quite an attractive time to borrow money!          

What's Hot

2012 has kicked off right where 2011 finished. Competition is hot among the banks for business and right now the rate they are all sharpening is the 2 year fixed. We are seeing cases of 2 year rates being offered as low as 5.49% - that is cheap money! Refer your clients now!


Deal of the Month

Last month we helped a more unusual client request, coming from a 70 year old gent buying a modern retirement unit. He was short of the full purchase price and we were able to fund him on an equity release loan for the shortfall, not requiring any monthly payments - call us we deliver!

 

Interviewed by 'The Mortgage Magazine'

Published by Scott Miller on Wednesday, April 27, 2011 in



How did you get started?


How did working in the industry come about?

 

I was a property investor freshly back from spending 12 years in the UK. I didn’t really want to go back to the type of employment I was doing when I left New Zealand so I started looking around at my options. I spent about a year looking around before settling on joining a relatively new mortgage broking company called Investor Finance. They were new to New Zealand after establishing themselves in Australia and promoted the idea of getting into the company at the grass root level. Well let’s say things turned out a little different to how I imagined things would go.


How long have you been a broker? What were you before?

 

I have been a broker since November 2006. Other employment include - Hospitality Management, Sales Representative, Head of Logistical services.


Has it always been a passion?

 

I have always had an understanding of figures and a passion for property, so when the opportunity to become a mortgage broker became available I jumped at the chance.

 

Why mortgage broking?


What is it about broking you love/are passionate about?

 

Finding the solutions to people’s needs and requirements, it’s fair to say that no two applications are ever the same. First home buyers are always a challenge, however at the same time are often the most rewarding. In one regard first home buyers require the most ‘hand holding’ through the buying process, but the smile on their faces once the finance has been approved and they have confirmed and then purchased their first home is priceless. Seasoned investors are great to deal with as well because the loans they require generally have a degree of depth and difficulty that is not as evident with first home buyers, however you rarely get the same excitement factor from experienced property investors as often it is simply part and parcel of what they do for a living.

 

How did you learn the business and educate yourself?

Do you have a mentor?

I follow a number of big names in the mortgage broking industry, both in New Zealand and overseas, however I don’t have a personal mentor as such.

Was it self-teaching, did you study?

I was lucky in the fact when I first started to learn my craft I was part of a team of experience mortgage brokers. I was able to ask for their assistance and benefit from their experience. This not only helped me get my early applications across the line but allowed me to pick up valuable experience in a very short period of time.  I passed the ‘Mortgage Essentials’ exams with 98.5% which was the highest grade achieved by anyone sitting the exam up to that time. The study and passing of the exams necessary to become a mortgage broker must have worked as in my first year at Investor Finance I was rewarded by winning three awards, namely - Mortgage strategist of the year, highest number of settlements for the year, and  highest lead generation of the year.

Best and worst times in the business?

 

Both Answers to this question revolve around the GFC. The best times were within the first couple of years of becoming a broker. Times back then were good, property investment was the ‘thing’ to do, and there was plenty of business and most of it came to you – great times. Then when things began to turn, nobody really expected the downturn to be so dramatic. At the same time the first company I worked at and cut my teeth at left New Zealand shores to concentrate on their Australian arm. This meant starting my own business from scratch – new logos, stationery, website, office’s and all the other requirements for starting and running your own business. Work was harder to find and I found myself speaking at all sorts of seminars and meetings. I would sometimes find myself talking to a group of investors at a seminar in Auckland one day and doing the same in Queenstown later the same week. Times have changed again and being at the coal face of property finance I can confidently say we are now through the worst. Bigger deals are coming through on a regular basis, lenders policies have relaxed, and interest rates have remained low for an extended period of time.

 

 

Best and worst business moves you’ve made?

 


The best business move I made was going out on my own and starting Advanced Mortgage Solutions at a time when the mortgage broking market was being battered by the GFC. I learned a lot about myself, not the least of which was that I had the skills to survive during a time of turmoil. It was important to me that I could prove I did not need the assistance from an established company to operate in hard times.

 


The worst moves?

I haven’t really made any yet.


Best and worst advice you’ve received?

Best advice

Keep an up-to-date CRM and regularly contact your clients.

Worst advice  

When learning I was told to follow a script when talking to the clients in meetings and over the phone – this was the worst piece of advice I was given as the resulting conversation did not sound like me and it most certainly did not sound natural – Find your owe spiel and sound natural.

Biggest challenge now?

Regulation is bringing a lot of changes to the industry. Up skilling, particularly in the time frames allowed has been challenging. However there has been a positive side effect to regulation as it has been good in weeding out the part-time brokers, or people within related industries ‘having a go’ at completing a mortgage application as they now have to prove their competency within the new regulatory framework set out by the Commerce Commission.

 

Would you do it all again?

 

Absolutely, despite the hard times I still loving mortgage broking.

 

Best business book?

It’s not really a business book, but more relates to money and how money works. ‘ The richest man in Babylon’ by George Samuel Clason is entertaining and the principles are sound.

Is there a typical working day?

 

I spend most of my days completing tasks in the following order - Answering emails, submitting applications, and meeting existing and new clients wishing to apply for finance. I find the hours in a day can whip past if don’t have some structure.

Top tip?

 

Keep your CRM up to date and work the hell out of it. Join social networking groups like Linked In, Facebook, Twitter, and YouTube.

Who is the individual that has most inspired you in business?

Richard Branson – his life, books, and achievements are inspiring.

What is your biggest long-term business goal?

 

To grow AMS into a bigger brand that operates throughout of the main centers in New Zealand. I am pleased to say that this plan is already gathering momentum with a new mortgage broker about to start at the Christchurch office and I have had an expression of interest from a broker in Auckland who is looking at operating under the AMS business model.

How are you preparing for regulation of financial advisers this year and how will this affect your business?

As I mentioned above regulation has brought its own challenges. I have my final exams to sit in March which will bring me up to the standard required by the new regulations. I think that one of the biggest challenges moving forward will be finding and recruiting brokers who have met and attained the required regulatory standard. Of course people looking to becoming a mortgage broker will find it a lot tougher because of regulation than it was even a year ago.

 

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.

Where is the OCR and Business lending heading?

Published by Scott Miller on Friday, September 24, 2010 in

 


   Dr Bollards announcement of the official cash rate (OCR) on 16th September came as no surprise. It had been well mooted coming up to the announcement that the OCR would remain unchanged at 3%. What did come as more of a surprise was the tone of his message around where he saw the OCR’s movements in the near future. Some could argue that he had made a complete U-turn on earlier comments he had made. It was only at the July (29th) OCR announcement that it was indicated for the foreseeable future the OCR would rise .25% every 3 out of 4 announcements until the OCR reached a level of around 5.75% - 6.25% where it would stop for a period of time before slowly dropping away again. Now it appears the OCR will not rise again this year (with two announcements left this year: 28th October & 9 December), and will only slowly rise throughout next year stopping at a high point of around 4.5% - 4.75% in the middle of 2012. The reasons given for this change in forecasting was mainly put down to two things 1) A slower than expected improvement in the world’s economy. 2) A slower underlying improvement of the New Zealand export lead recovery.

 

Business finance has been on the improve for almost a year now. By the end of 2009 we started to see the taps slowly turned on after 18 months of them being firmly shut off. The momentum started with increases in overdrafts and acceptances of top-ups, and then gained further ground with residential purchases off full financials, and has now come almost full circle with finance being found to purchase of existing businesses or to start capital up new ventures. Levels of ‘easy’ money are some way off the crazy days of 2007 and early 2008, but in the same breath are far removed from the dark days of late 2008 and 2009. Now if a deal stacks up it has a good chance of being approved whereas 18 months ago it could have been the deal of the century and declined before it was even looked at.

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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