As a Mortgage Broker we constantly keep people up to date with whats happening that affects the ability to borrow and what can be done to assist.
The new restrictions announced last week are.
- Investors need a 30% deposit for property in Auckland
- The Banks can lend more at over 80% outside of Auckland
- Mortgages for building are not affected
- The current “80% rule” to remain in Auckland
These come into effect October 1st so expect the Banks to be busy in the coming months. The reality is that this will not dampen Auckland as there is simply too much demand for too few properties.
Are there ways around these?
Well yes there are and that’s one benefit of using a Mortgage Broker. The Reserve Bank governs Banks and mortgages do not have to come from a Bank. Think Sovereign, Resimac, Liberty plus other new players coming into the lending market and we have quite a few options. Also some Banks are more accepting of over 80% lending than others, we know who they are and what they offer.
We have competitive products to 90% for first home buyers and investors alike. Our aim is to make the property buying experience a easy as possible and offer experienced advice relating to all aspects of the process.