What is an Offset Mortgage?
An Offset Mortgage is a facility that links your mortgage to your savings and everyday accounts. The balances in these accounts are used to offset the amount of interest you’ll pay on your offset mortgage. Interest is calculated daily, so the more funds you keep in your savings and everyday accounts, the more interest you’ll […]
What is a Revolving Credit mortgage?
A Revolving Credit is a type of home loan that works like a big overdraft. You can deposit money into this account type and take money back out as often as you like without incurring fees – so long as you stay within your approved limit. This facility is different from a regular mortgage, as […]
Things to consider when buying a home through private sale
Private sales offer a unique opportunity to buy directly from the property owner rather than going through a real estate agent. In these situations, because the seller is not paying commission, they may have more scope to negotiate the sale price with you. Understanding buying privately If you’re interested in a property that is being […]
What does it mean to go “Unconditional” on a property
If you’re purchasing a property, understanding what it means to go “Unconditional” on a property is a crucial part of the home-buying journey. What happens when you make an offer on a property When you make an offer on a property that you wish to purchase, it can be conditional or unconditional. A “Conditional Offer” […]
KiwiSaver First Home Withdrawal
As a first home buyer, you can use your KiwiSaver to help with your deposit. You may even qualify to access your KiwiSaver if you’ve previously owned a home before. You can withdraw your KiwiSaver if you’ve been contributing for at least 3 years, however, at least $1,000 must remain in your KiwiSaver account and […]
What you need to know as a self-employed borrower
If you’re self-employed or a small business owner, you’re probably already familiar with the ongoing challenges of keeping your accounts, finances, and income all in order. You’ll often be wearing a lot of different hats in your day-to-day operation and working longer hours than an employee. So, applying for a mortgage, may seem daunting. Unlike […]
Costs to be aware of as a First Home Buyer
Buying your first home is one of the biggest financial transactions you’ll probably ever make. So you need to make sure you’re aware of the costs involved in purchasing a house, so that you’re prepared and not stung by any unexpected costs along the way – as people often are! Apart from the obvious expense […]
New Year, New Goals, New Home!
If you’ve decided that 2025 is going to be your year to purchase your first home, now is the time to make it happen! Interest rates are falling, and further interest rate decreases are predicted for this year, which will make your mortgage more affordable. Preparing for a successful Mortgage Application So, what do you […]
Thinking of breaking your fixed term mortgage?
In Octobers review, the Reserve Bank dropped the Official Cash Rate by 50 basis points from 5.25% to 4.75%. As a result, banks have been lowering their interest rates. With interest rates falling, borrowers are now wondering if they should “break” their fixed term mortgages to “re-fix” on the new, lower interest rates. In a […]
What’s happening with Debt to Income (DTI) mortgage restrictions?
The Reserve Bank is proposing to introduce Debt to Income (DTI) restrictions from around the middle of 2024. These new DTI restrictions will set limits on the amount of debt borrowers can take on compared to their incomes. These new restrictions will in turn protect the stability of the financial system. Debt to Income Ratio […]