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Understanding Your Spending Habits and Home Loan Approval
When it comes to buying your first home, understanding your spending habits is crucial. Banks are increasingly focusing on your overall financial health, not just your occasional indulgences.
Insurance Requirements for Home Loan Approval in New Zealand
Securing your dream home involves not just finding the right property but also navigating the financial steps to make it yours. A pivotal part of this process is understanding the role of insurance in obtaining home loan approval. Here’s what first home buyers need to know. Why Insurance Matters for Finance Approval Banks and lending institutions need assurance that their investment is protected. Ensuring your future home is insured before the loan is finalised provides this peace of mind....
Unlocking The Door To Your Dream Home: How Mortgage Advisers Can Help
Buying a home is a huge decision, and it can certainly be overwhelming - especially for first-time buyers. You might be wondering where to start, how large your home loan should be, which lenders you should go to and so on. All of these decisions are very difficult to make on your own, but fortunately, you’ll have all the help you need if you speak with a knowledgeable Canterbury mortgage adviser. Navigating the world of home loans isn’t easy, but you don’t have to do it alone. A mortgage...
Everything You Need To Know About Home Loans: A Comprehensive Guide
Homeownership is a dream for many people in Aotearoa, and Christchurch is a great city to make that dream a reality. The city has a strong economy, a vibrant culture and is undeniably beautiful. But buying a home can be daunting, especially if you’re a first-time home buyer. Being unfamiliar with home loans in Christchurch can make buying a home more frustrating and stressful than it needs to be. So, this article is here to help. We’ll discuss everything you need to know about home loans so...
Is it worth using a Broker?
When you're looking to buy a home, you might be wondering whether it's better to go directly to a bank or to use a mortgage broker. While both have their advantages, there are several reasons to consider using a mortgage broker. Brokers save you time and provide access to a wider range of lenders A mortgage broker does the research and legwork for you, saving you time and effort. They also have access to a wider range of lenders and mortgage products than you would have on your own. This...
Buying a Home With a Low Deposit
An important decision for many first home buyers is choosing between buying a home with a low deposit or waiting a few years to save up a bigger deposit. While low deposit lending means you could be charged extra fees or incur higher interest rates, waiting to save up a bigger deposit could mean you miss out on your preferred property or that property prices increase to a level that you can no longer afford. If you have to choose between low deposit lending or saving a bigger deposit, here...
Lending Rules To Change
The changes to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) announced by the Government earlier in June 2022, are due to come into force from July 7, 2022, with amendments to how lenders are required to assess affordability and more clarity around investments and savings as outgoings. Since its introduction in December 2021, the rules have been blamed for making it harder for eligible borrowers to get home loan approval, with greater scrutiny and emphasis on expenditure...
Is It Worth Applying For a Mortgage?
In a recent survey of 1,000 Kiwis, 73 per cent of respondents say it’s simply too hard right now to apply and be approved for a home loan. What’s more, an even greater number believe it’s not worth the effort, as their mortgage application is likely to be declined. Surprising results when you consider that many of these would-be borrowers could probably have qualified for lending just seven months ago. But tougher lending rules and tighter loan-to-value ratios (LVRs) - coming off the back...
Tips for Dealing With Rising Mortgage Rates
Rising interest rates are bad news for first home buyers and borrowers alike, with new homeowners (those who bought homes in the last 18 months) facing much higher mortgage repayments for the first time. With the Reserve Bank of New Zealand signalling further interest rate hikes are on the horizon, how can homeowners avoid placing strain on already tight budgets and stay on top of bigger mortgage repayments? Here are some options. Check what mortgage you are currently on The first step...
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