Mortgage Holiday packages and updated Insurance information

Updates to House Insurance and Mortgage Holidays in the South Island and lower North Island

Updates to Mortgage Holidays

Lenders have now come forward with their assistant packages for those caught up in the recent earthquake events in and around the lower North Island and Upper South Island.

These assistance packages include mortgage holidays, which allows exiting clients to put a temporary hold on their mortgage repayments. Also available are temporary overdraft facilities to help individuals and business with cashflow. Although handy there are some things that people looking to complete this should be aware of.

Mortgage Holiday - The interest that would normally be charged is capitalised and added to your mortgage balance. This means at the end of the mortgage holiday period, the money you owe the bank has increased.

Overdraft facilities - These initially will have no to low interest components, however they will need to be paid back, so it pays to keep an eye on your spending if using one of these facilities.

NB: Please note these facilities are only available to those in the affected areas and is not available as a matter of course to those outside the affected areas.

Updates in Insurance

I just wanted to give you a quick update on the Domestic Insurance front, following this week’s events.

The Insurance situation today is best described as ‘Cautiously Optimistic’, as Insurance companies are now allowing existing policies on homes to be transferred to the new purchasers.

Although the embargo for new Insurance policies remains in force, this is an encouraging sign.  We are hopeful that the insurance market for greater Christchurch will be unlocked in the near future enabling new policies to be approved and issued.

If you would like to discuss anything about Mortgages or Insurance, contact one of our friendly Mortgage Brokers today. Remember, we work for you and our services are always free.

  • Great experience chatting with Sarah about our insurances. She’s very knowledgeable and explains everything clearly, always makes sure that we have all the information to make an informed decision about how and where is the best place to put our money. Also helps that she’s absolutely lovely and very easy to talk to
    Sarah Martin - 22 May 2024
  • Scott has been absolutely incredible. I was initially hesitant to use a broker but I am beyond glad I did. Prompt, insightful, and reliable - will be using his services into the future.
    Kaleb McCall - 17 May 2024
  • We have never used a Mortgage Broker in the past and Scott Miller was amazing and made our refinancing journey very simple and straightforward. He is very knowledgeable and professional; would highly recommend Advanced Mortgage Solutions to anyone.
    Many thanks Scott.
    Alison and Colin Philip - 10 May 2024
  • I chose to work with Greg to help me buy my first home and I'm so glad I did! I honestly can't recommend him enough, he made the whole process so easy and stress free, helped me every step of the way to understand what I needed to do next and a lot of the time was doing all the work for me. Such an absolute pleasure to deal with, I sincerely appreciate everything so much and will be referring everyone I know your way!
    Cara Eve - 02 May 2024
  • For anyone considering or even contemplating a broker + advisor combination, look no further! I consider myself loyal to those who are strong to their word, provide genuine help and are able to put it in plain English so I can make an informed decision based on my circumstances.
    Leith Skinner - 30 April 2024