A few financial slip-ups in the past can have a surprisingly big impact on your credit rating. A bad credit rating indicates that you may be a risky borrower, which can make it difficult to get the bank’s approval when the time comes to apply for a home loan. Thankfully, there are other options available. […]
Category: Mortgages
Background In 2013 the Reserve Bank introduced LVR restrictions to curb a potential overheating of the property market. As a rule, owner occupiers needed a 20% deposit and investors 40%, later reduced to 30%. There was some leeway with banks able to lend a very small amount with lower deposits. What’s changed? Everything! All restrictions […]
It’s easy to feel discouraged when a bank rejects your home loan application, but it’s important that you do have other options when it comes to securing a mortgage. Non-bank lending can be an excellent option for home buyers who have had their mortgage applications turned down by a bank. Non-bank lenders (sometimes referred to […]
All Lenders use a credit search as part of their assessment of a Mortgage or Loan Application and there are some things that are important to know. Some Lenders use a credit scoring system, some don’t. Credit Scoring Mainstream lenders use a credit scoring system and basically the lower the score you achieve, the more […]
Upturn in House Prices… A couple of the major Banks are predicting house prices to increase by up to 7 per cent next year with the property market due to “spring back to life”. This is a welcomed announcement as it comes on the back of a fairly quiet winter – so signs are emerging […]
Getting a mortgage can be challenging if you have bad credit or no credit history. Banks tend to perceive you as more of a risk and are generally less inclined to approve your home loan application. But that doesn’t mean it’s impossible to get a mortgage. Here at iLender, we work closely with many lenders […]
‘House prices down’ ‘First home buyers finding it impossible’ ‘Investors exiting the market’ Such headlines are gross exaggerations and often blatant misrepresentations of the truth. The Housing Market This is flat, but stable. QV (NZ’s leading provider of rating and valuation services) predict that while sales volumes will be negatively affected by house prices, […]
Auckland mortgage brokers weigh in It’s no secret that the Auckland property market has slowed considerably in recent months. With sales volumes dropping, house prices showing little signs of growth and homes taking longer to sell, it’s little wonder that buyers are feeling hesitant about entering the market. But is a soft market really a […]
When it comes to choosing a mortgage, it’s important to remember that you have other options besides getting a traditional home loan from the bank. Non-bank mortgages have become increasingly popular in recent years as Kiwis look for alternative ways to get onto the property ladder. In fact, official figures from the Reserve Bank show […]
Current economic conditions are making mortgage refinancing an attractive option for many homeowners in New Zealand. As you may have heard, a number of the big banks recently slashed their fixed term interest rates. Depending on your situation, you could potentially save thousands over the course of your mortgage by switching to a new mortgage […]
