Buying a home is one of the largest and most complex purchases you’re ever likely to make. And getting it wrong can have a significant impact on both your financial and emotional health. That’s why it’s important to take time to fully research and understand the process and the complexities that go along with home buying. Here is my home buyer traps to avoid. Not getting pre-approved In this highly competitive property market, getting Read more…
The latest figures are out and they’re daunting to say the least! According to real estate statistics website One Roof, first home buyers in Auckland need to earn at least three times the median income in order to buy property. That’s a whopping $241,200 annually per household! So, how do you get a foot on that elusive property ladder? Here are a few options. KiwiSaver HomeStart Grant Saving a deposit is probably the biggest hurdle Read more…
When selling a property, one of the most important steps is generating interest, and the best way to do this is through a focused marketing campaign. A strong marketing campaign will help you sell your property in the shortest amount of time, for the best price, with the least amount of aggravation. Here are our tips to help get you started. Hire an agent While many homeowners choose to sell privately, there’s no better tool Read more…
If you haven’t already worked with a mortgage broker (mortgage adviser), you may be wondering why you should consider doing so. Why not go directly to the lender instead? Aside from the obvious – having someone else do the legwork for you – there are several other benefits to working with a mortgage adviser. Take a look at what these are. What does a mortgage adviser do? Firstly, it’s worthwhile understanding what it is a Read more…
In my previous blog, I have covered off some of the reasons banks decline home loans. But how do you get your loan approved? There are a couple of things that will help when it comes to getting a home loan approved. 1. Account Conduct Avoid “over the limit” or “unarranged overdraft” fees on your account. This proves to the lender that you are managing your finances currently and are likely to in the future. Read more…
Having your mortgage application declined isn’t necessarily the end of the road when it comes to your home buying journey. There are a few reasons why your lender may turn you down and understanding what these are is the key to your success. Here are 4 of the most common reasons why lenders may decline a mortgage application. 1. Not enough deposit Probably the biggest deterrent for new home buyers is having to save a Read more…
When it comes to choosing a home loan, interest rate is not the only thing to consider. Loan features – like the ability to make extra repayments, a line of credit, an off-set account, or repayment holidays – are just as important. To help you understand what features you could be offered by your lender, we’ve outlined some of the more popular options. Making extra repayments Being able to make extra repayments at any Read more…
A combination of rising property prices and stricter lending criteria has made it harder than ever to buy a home or an investment property. As a result, many buyers are pooling their resources and buying property with family. As with any contract however, it’s important you go in with your eyes wide open. Here’s what you need to know. Teaming up with family With property prices the highest they’ve ever been in most major cities Read more…
Earlier this year (2018), the Reserve Bank of New Zealand increased the cap from 10 to 15 per cent for banks’ lending to home buyers with a deposit of less than 20 per cent. How has this change impacted first home buyers? And what should you be doing to improve your chances of a low deposit home loan? Read on to find out. Banks are lending more Data from CoreLogic New Zealand shows a rising Read more…
In the search for your dream home, you may have noticed the various ways property values are advertised. Two of the most common values advertised are the rateable value and the market value. It’s often assumed that these two values are equivalent, but that’s not always the case. Take a look at how they differ. What is rateable value? A rating valuation (RV) is sometimes called the government value or the capital value. It’s the Read more…