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Buying your first investment property

You’ve bought your first home and you’re absolutely stoked. A place to call your own, an excellent and well set up home loan and a financial plan for the future. With the Reserve Bank removing the LVR restrictions on main banks, now may be the best time possible to buy your first investment property. ...

June 8, 2020

Yay, you're pre approved! What's next?

The hard work for your home loan is now done – the bank wants to lend you money! Now there are only a few key things left to do; Find the right house and make an offer – talk to us about including a finance condition and a Registered Valuation if needed and check out this blog about conditions to put in a Sale & Purchase Agreement and what the terms meanMeet the conditions on your loan offer – we’re here to explain and tick these off for youFinalise your structure and how you’re going ...

May 13, 2020

Who are you going to buy with?

For most first home buyers, at least two people being involved will open up a heap of options for you, unless you have a very significantly high personal income or a very good deposit. So plenty of mix and match options here....

May 6, 2020

What type of "Advice" can you get from a mortgage broker?

You’re absolutely smashing it. You’ve got your pre-approval, have made an offer and met all the conditions on your agreement. Now it’s time to confirm your agreement unconditional, and BOOM - you just bought a house, and the fun starts!...

April 29, 2020

Where did all my money go??

About three weeks ago I got a call from a first home buyer I had pre-approved – and the first thing she asked me was “Do you know where all my KiwiSaver money has gone?”Unfortunately I didn’t have the answer she wanted to hear but I could explain what had happened – and run through how to be ready and ensure your house deposit isn’t eroded away by a sneaky virus called Covid-19!In recent months with the Covid-19 pandemic sweeping across the world, investments in general have taken a ...

April 16, 2020

What's a Priority Amount?

We sometimes get some concerned clients touch base with us when they receive their loan offer as it has two amounts on there. One is the amount they are borrowing and one is substantially higher. What's this all about! That higher amount on the loan offer is called a priority amount. It’s there for two reasons:To protect the bankTo save you money long term...

April 15, 2020

Budgeting is a great Lockdown activity!

I hope you're staying safe during lockdown and enjoying some time with those in your bubble.  I'm sure we're all doing a lot of reflecting on where we're at and what our lives are going to look like post lockdown.The good news is that we're all spending a lot less money as we're not out socializing or pursuing our normal recreational activities.  The downside is that for a lot of people their income is going to be impacted so there is a greater need to plan out what the future is going...

April 9, 2020

COVID-19 Options, Support & Feedback - Westpac

Deferred mortgage repayments are available for six months, as agreed by the Government and banks. This deferral includes principal and interest repayments and is sometimes known as a mortgage holiday. Any interest accrued during the deferral period will be added to your loanMortgage repayment reductions (similar to interest-only repayments) are available for six months....

April 7, 2020

COVID-19 Options, Support and Feedback for ANZ Clients

With ANZ being one of the biggest banks in New Zealand, they have been pretty front and centre for all of this COVID-19 response. ...

April 7, 2020

COVID-19 Options, Support and Feedback for ASB Clients

If your income has been impacted directly by COVID-19, ASB are offering the following options for you: Interest only repayments on home loans for up to 6 monthsMortgage repayment deferral for up to 6 months (interest will still be added to the loan, meaning your loan balance will increase)If you have been impacted by any other COVID-19 related reason: Interest only repayments on home loans for up to 3 monthsMortgage repayment deferral for up to 3 months (interest will still be added to the loan,...

April 6, 2020

COVID-19 Options, Support and Feedback for BNZ Clients

Changing your repayments If you’re currently paying more than the minimum repayment amount on your home loan, you might be able to reduce your current repayments.Interest only payments You may be eligible to apply for interest only payments on your home loan for up to 12 months. This means your repayments would reduce to cover just the interest incurred on your home loan during the interest only period. However, your repayments a...

April 6, 2020

COVID-19 Options, Support & Feedback - Sovereign

Mortgage repayment deferrals If a Sovereign Home Loans customer has been impacted by COVID-19 these are some of the financial support options immediately available to them on a case-by-case basis: The Mortgage Repayment Deferral (MRD)Interest Only (IO)  These options are available to all customers impacted by COVID-19. A 6 month period for either option is restricted to customers' whose income has been impacted by COVID-19. Customers can get 3 months of either option for other COVID-19...

April 3, 2020

COVID-19 Mortgage Repayment Holiday. Good, bad or otherwise?

With mortgages most often being people's largest household expense, a mortgage repayment holiday sounds great doesn't it? Not needing to pay your mortgage for an extended period of time. Dreams do come true, even during a pandemic. Or do they...? As with many things in life, when things sound too good to be true, most often they are. There are definitely pros and cons with mortgage repayment holidays so let's have a look at them and some other options you could consider if times are a bit tough ...

March 26, 2020

Mortgage Repayment Holidays & Interest Only periods due to Covid-19

So we find ourselves in an interesting time where businesses are shut, most of us are trying to work from home, and we're uniting together as a community to stop the spread of Covid-19 and protect those most vulnerable throughout New Zealand. This Level 4 situation where only essential services can be operating means a lot of financial pressure on businesses, individuals and the economy in general. Thankfully we have a government in New Zealand who are aware of this and are doing everything...

March 25, 2020

We have 10% deposit. Should we wait till we get 20%?

We talk to people all the time who have done a great job of keeping their student loans low, their existing debt minimal and have a good steady income who are looking o buy a house. They’ve also been contributing to their KiwiSaver and saving often as well for their deposit. They come to us and they have somewhere from 10 - 15% deposit needed to buy a house they are looking at. Great. Banks are able to lend for the purchase of a house when you have a 10% deposit so we can do something for you....

March 19, 2020

Aren't brokers just.....? Myths about Mortgage Brokers

There are a lot of myths out there about what Mortgage Brokers do and don't do, how we make our money and how relevant we are.While we're on lockdown I thought it would be a great time to dispel a few of these myths, explain a bit more about what we do and how our business operates....

March 18, 2020

Saving & Planning for your first home

We all know that your home is one of the biggest purchases you'll make in your life. We want to make the path to you owning your own home as easy as possible, so we've put together some handy tips which we know work, to get you into a position to make it happen faster!...

March 11, 2020

Is now a good time to upsize your family property?

Here at My Mortgage we are often asked for our opinion about a certain property purchase and the pros and cons of it. We like to stay objective on these sort of things but we do have opinions and if pushed, we'll happily share them in terms of what we would do if we were in the same situation.  Upsizing your family home may need to be done for a variety of reasons. Things like growing kids take up more space, growing families may require more bedrooms, or just the need for a second bathroom...

February 12, 2020

Getting bank statements for a home loan application

In this digital age we are trying to make things as simple as possible for you to get us all your application information electronically (a key reason we launched Online Mortgage!). The banks require quite a lot of documentation nowadays and one of the main things we find complex for clients is getting their bank statements from their online banking. Most of us don't get paper statements anymore (#savethetrees) and so we rely on being able to log into our internet banking and get these stat...

January 22, 2020

Types of loans

We get asked a lot about the different types of loans you can take, and there is often a lot of confusion about how these can and should be set up. The golden rule is that it's important to get the structure that's right for you - your family situation, income, and future plans. There is no one-size-fits-all approach here but it's useful to understand what different types of loans there are and how they work....

January 9, 2020

Buying your first rental - An Accountant's Take

A "non-boring" Accountants view (maybe I have stretched the truth a little there) from Ivan Martinovich of Our Accountants So you are thinking that life is going good and the only thing that make it complete is buying a rental property or two that someone else can help pay off the debt (plus the added bonus of being able to spend some quality time with your favourite Mortgage Broker and Accountant) – sounds like you are on the road to living the dream!! Before you go ahead and sign up for the ...

December 11, 2019

Interest Only Pressure

I was bopping along to some Flight of the Conchords whilst emailing some clients the other day and a very appropriate song came on.  "Inner city pressure" (here is the link if you want to reminisce some great kiwi music of a decade ago)  It got me thinking about the "Interest Only Pressure" that a lot of people are facing from the banks at the moment and what we can do to put more options in the hands of those borrowing and not just being dictated what can be done by the current c...

November 26, 2019

Meet the My Mortgage team

There's more to My Mortgage than what you see on the surface... For us to continue to deliver great service to our clients it's important that we've got an awesome support team doing the work behind the scenes. In the early days it was just Adam with a computer and cellphone looking after all clients and working the banks to get the best deals.Now you'll find Amber, Renee, Flo and Steph in the office ensuring that your best foot is being put forward with the bank and that we're making the loan a...

November 18, 2019

Afterpay etc & how it may affect your ability to get a mortgage

Buy now, pay later schemes have been around for a long time and were generally termed as Hire Purchases. Traditional credit cards are also essentially a Buy Now, Pay Later type thing as well. However, in recent years a new bit of financial technology has emerged that is taking the world of retail, especially online shopping, by storm. Systems that allow you to pay off your purchase with staged payments over a specific number of weeks, with no added interest to the purchaser, have started to...

October 9, 2019

Your Home Loan Elevator Pitch - Telling your story

Are you not having any love with your bank?  Or you feel like you're just not getting what you want? We don't consider ourselves to be greasy salespeople by any stretch but most people can appreciate the importance of getting your home loan "pitch" right.  It's a bit like a job interview. To start off with you've got to understand what the other side wants. This is a hard one with the banks as their policy is changing all the time and often their policies are not published anywhere so ...

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