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Getting ready to renovate?

Spring is here! Some extra space, a long-awaited interior update, indoor-outdoor flow, a pre-sale spruce-up – whatever your renovation plans, we wish you an on-time and on-budget project and a great result.  Without detracting from the benefits of renovating your home or property, you’ll no doubt be aware of the potential pitfalls – budget blowouts, missed deadlines and the general sense of ‘arrghhh’ that these exciting projects can bring with them.  While we’re not expert ...

The Juggling Act: Buying and Selling Property

Is it time for the next move? More space for the kids, relocating to another part of NZ, or perhaps you’ve built up equity and that upgrade you’ve dreamed of is now in sight? Buying a new home is an exciting time, but managing your mortgage needs from one property to another can be a bit of a juggling act. And as with all juggling acts, you’ll give yourself a much greater chance of finishing the show without dropping any balls, by doing some sound planning first.  Here’s a few thing...

Why can’t I go to the bank myself?

We work for you, not the banks, and we are committed to providing you with the right home loan to meet your needs. You can go and talk to your bank, but we have access to a large number of lenders, to be able to get you the most favourable terms. Going to your bank restricts your options and you may not meet their lending criteria. We are familiar with the different policies at a range of lenders so that we can find the right fit for you, we can save you the time and hassle of dealing with ...

Mortgage Jargon - what does it all mean!

Let's face it, there are some tricky 'Mortgage' speak out there. We answer some common questions with these Mortgage FAQ's. Do contact us if you need any clairification....

Refixing or Refinancing?

Did you know that getting a better deal on your existing home loan doesn't always mean switching lenders. Refixing:Most homeowners set their mortgage rate for a fixed term on a rolling basis and do not challenge the lender rates or adapt their mortgage to their changing needs. When you refix your mortgage, you can, and should, take advantage of the market movements and reduce your offered rates. Just like banks change interest rates, your financial situation will change too. At Murtaghs we look ...

What is a reverse mortgage?

A reverse mortgage is like a normal home loan that has been designed for the needs of people over 60. It allows you to release equity from your home to live a more comfortable retirement. Importantly, with a reverse mortgage you continue to own and live in your home and community for as long as you choose. A reverse mortgage can be used for a number of purposes including: Paying off debtMake home improvementsSupporting familyCovering day to day expenses or unexpected costsVisiting family and fri...

What does Government reversal on CCCFA mean for buyers?

First home buyers can breathe a sigh of relief. The Act, which came into effect on December 1, 2021, required lenders to follow a more robust process ensuring that lending was affordable and suitable for borrowers of all kinds of assets. It was meant to protect borrowers of all credit from predatory and irresponsible lending. The unintended consequences of the law were that many quality borrowers found themselves turned down on loans to buy homes and other assets that they would normally have ex...

Why tighter LVR restrictions aren't the end of the world for first home buyers

It’s pretty tough going out there in the home loan market right now. Higher interest rates and new, hyper-prescriptive responsible lending laws have seen affordability and borrowing power take some big hits in recent months. That’s biting hard across the board – and will continue to as long as interest rates are up, and until there’s a review of the new CCCFA laws to make them a lot more fit for purpose. (I’m pushing hard on that second point, but there’s sti...

What does the future hold?

According to CoreLogic chief property economist, Kelvin Davidson, politics and regulation have had a big effect on the housing market in 2021 from extending the brightline test for existing properties, giving the RBNZ powers to use lending restrictions such as caps on debt to income ratio, (currently under consultation), meanwhile loan to value ratio rules (LVR) meant investors were required to have 40% deposits.  At the same time, from 1 November, owner-occupiers have had it tougher too, w...

'New builds' to be exempt for 20 years

Interest deductibility rules for property investors detailed; 'New builds' to be exempt for 20 years The Government has defined what it proposes will constitute a “new build” to be exempt from a major law change that prevents residential property investors from deducting interest as an expense when paying tax. The Government proposes a property be considered “new” for 20 years from the time its code of compliance certificate is issued. It proposes the exemption applies to properties that...

Time to review your mortgage

Tweaking your mortgage could save you thousands in interest, allowing you to have some extra cash when you really need it. And it's not only about getting a better interest rate, it's about structuring the mortgage in the right way too. Some reasons to review your mortgage Whilst interest rates are currently low, they're forecast to increase.Lending criteria is becoming stricter so make sure your current mortgage structure is future-proofed.Changing how your mortgage is set up could free up much...

Conditional vs Unconditional House Offers

Knowing the difference between an unconditional offer and a conditional offer for a property is important. Both have different legal obligations and expectations, and you're going to want to be clued up on those before you enter the market. Here's a rundown of the basics around offers, and how to make them safely. WHAT DOES UNCONDITIONAL MEAN WHEN BUYING A HOMEBroadly, the term "unconditional" when applied to the purchase of buying a house can appear twice in the process.  Firstly, the term...

How to survive a hike in interest rates

The mortgage interest-rate good times had to stop eventually and ASB signalled this might be happening by raising their home loan rates by 0.3% to 0.36% across the board this week. The cheapest rate at ASB is now 2.55% - up from a low of 2.19%. A hike of this level means an additional annual cost of around $360 per $100,000 of mortgage. It would therefore not be a stretch to imagine a lot of homeowners will need to find at least $3000 more per year. At the point of writing, no other bank ha...

What you need to know about a new build

With a fixed price contract before construction starts, lower loan-to-value ratios and deposit conditions, and a home built to high standards, it’s not surprising that buying off the plan is attractive, especially for first home buyers. If you’re considering building your own home or buying into a brand-new development, here are some things to consider when financing the construction of your new build. Buying off the plan means agreeing to buy a property from a developer before it has been b...