Navigating a home loan application as a self-employed individual has its own set of challenges – but is often very do-able! Banks typically need more documentation from self-employed individuals to verify income. The starting point is usually least two years of financial statements, including 1) a balance sheet which shows[...]
The law around who can buy property in NZ is somewhat complex. Figuring out whether you are eligible to buy a house may require some legal advice. To save you some time and possibly even money, here’s a quick, simplified process to work through to self-assess whether you are able[...]
By now most of us who are earning an income will have a Kiwisaver fund (if you don’t, I suggest you speak with an investments adviser to help decide whether this is a good idea for you). Using your Kiwisaver is a popular source of deposit to buy your first[...]
When making an offer on a property, there are a number of conditions that can be added to the Sale & Purchase agreement to protect you as the purchaser. One of the common conditions is being subject to a “LIM report” check. The purpose of this condition is to protect[...]
A question that often comes up from a potential home buyer is “do I need to get a building report done?” In most cases, it’s not a requirement of the Bank. However, if they have concerns about the property (from seeing the online listing photos or other disclosures provided) they[...]
Yesterday the Reserve Bank confirmed the anticipated Debt To Income (“DTI”) Ratio changes to commence from 01/07/2024. The banks have had 12 months to prepare for this and have already embedded this into their home loan application process, although have not needed to use this for decision making until now.[...]
The below content below is not advice from Grant Stephens or any adviser or staff members of Personalised Mortgages. This content is provided by a qualified accountant from an external accounting firm (Bring On Monday) which has no common ownership with Personalised Mortgages Limited. The purpose of this article is[...]
As your mortgage adviser, I consider myself as your first line of defence when it comes to getting things set up correctly. I’ve worked with hundreds of clients of whom each have different needs and so I can help get you get started and guide you through the entire home[...]
Building your own home is an ideal that many of us share. Finding that perfect block of land to build your dream house on and settle down in is an incredibly exciting experience. Keep reading to see how you can make this dream a reality by borrowing against bare land.[...]
20% is the magic number for banks when it comes to how much deposit or equity goes into the purchase of an existing owner-occupied property. You can still buy a property to live in with less than 20% deposit, but things do get a bit trickier. When your deposit is[...]
Does your credit score matter? Well, yes and no… There is some misconception about how New Zealand’s credit scores work compared to the rest of the world. A common misconception is that you have to get something on credit to get a credit score, like getting a credit card or[...]
Green loans are loans meant for sustainable, environmentally friendly purposes, such as electric vehicles, E-bikes, solar panels, and insulation for your home using the equity built up in your property. Green lending is the practice of providing loans to borrowers who want to pursue green projects or make their lives[...]
Scammers and fraudsters are taking advantage of our increasingly digital and online based world to steal funds from their victims. Banks are generally trusted by their customers and have direct access to people’s money and account details, making them a natural target for scammer impersonation. People need to be increasingly[...]
Are you looking for the best deal when it comes to buying a new property or refinancing an existing mortgage? If so, you may have heard about the mortgage war that was raging over the past few weeks. These bank offers have now largely ceased but do happen from time[...]
Many home owners will have enjoyed the historic low interest rates over 2021 and into 2022 where they got as low as 2.19% for a while there. Well that probably seems a distant memory now, as you face the prospect of rolling off those wonderful rates onto something more[...]
Buying a home is a significant life event that for most comes with the largest financial commitment you will face in your lifetime: A Mortgage. Over the 30 year life of a mortgage borrowers face significant changes to market conditions and movement through the peaks and troughs of the interest[...]
It’s interesting times alright, especially in the residential loan market. We have 4 (5 if we include our Government owned bank) main banks, plus a handful of smaller banks who lend the majority of residential borrowers in NZ. But what if you don’t qualify for a bank lend? Or what[...]
We are lucky here in NZ that with 4 main banks and quite a few smaller ones, there is an offering for meet most clients needs. With my clients I work with them initially to work out the best bank with the right structure that will help them hit their[...]
You may have heard the term “Usable Equity” before and wondered what it means. Let’s dive in… In simple terms, it is the amount much equity you have available to be “used” – easy right? But how do I calculate this? And what can I use it for? To[...]
