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Making an offer - what do these terms mean?

Making an offer on a property is one of the most exciting parts of buying a home. You've found a place you love and you just want to move in - but first there might be a bit of negotiating and that huge long legal document we call a Sale and Purchase Agreement, which we'll talk about here today.  Let's break that down for you and explain what all these terms mean; Sale and Purchase Agreement - this is the contract between the seller (vendor) and buyer (likely you!) to transfer the ownership...

December 7, 2017

Creating an awesome "Team"

I often talk to First Home Buyers about the importance of having a great "Team" around them when they are buying their first home - and by that I mean a fantastic group of professionals and support people who are awesome at what they do and can help make the process incredibly simple. In this blog, I'd like to briefly talk about each of them and what their role is in the home buying process. Firstly, a Real Estate Agent - A good agent will know their local market, and can help negotiate a sale p...

December 5, 2017

Thinking about buying? We're here to help!

So you're keen to look into buying your first home? The good news is that we've done it all before and are here to help you through the process! One of the biggest things I find with First Home Buyers is that they are scared of not knowing how the process works - and I can't stress enough that that's what we're here for. I'll happily put my hand up and say I can't do an oil and filter change on my car, so I get someone else to help with that and explain the benefits of different types of service...

December 5, 2017

LVR rules easing for First Home Buyers and Investors

Good news this morning from the Reserve Bank as the LVR (Loan to Value Ratio) restrictions are going to be eased from 1st January 2018. At the moment the banks can only have 10% of their total lending to people with less than 20% deposit.  From January 1st they will be able to lend 15% of their total loans to people with lower deposits. This is great news for First Home Buyers as it means there will be 1.5x the amount of lending available to people with lower deposits.  This should mak...

November 29, 2017

What does that mean?

Like most people who live and breathe their professions we are prone to occasionally get carried away using acronyms and industry jargon to explain the details of the work we're doing.  It's something that I get really annoyed at so we're doing something about it! Below is a summary of a few of the common terms you'll hear thrown around and what they mean.  If you've heard any other terms that you want to know about or would like added to this then send us a message, we'd love to ...

November 1, 2017

First Home? We've got a specialist to help!

Buying your first home is about the biggest step you're going to make in your life. We know there is a bunch of flash ads out there on TV and lots of confusing information coming your way so we want to help by providing some independent advice on your Home Loan options and guiding you through the process. What have we got that the others don't? We've got a first home specialist Mortgage Broker - That's Claire Martin. At 27 Claire is not one of these old hands sitting behind her desk and talking ...

April 12, 2017

Tyre Kickers Welcome!

I had a great email the other day from a young chap who hadn't been managing his finances but had come to the conclusion that he wanted to do something about it and get himself a house. He was a bit sheepish to ask for advice at first but after spending some good time with him making a plan I think he'll be able to get in to his own home in around 12 months time. That got me thinking we've all got to start somewhere and if it's buying a house then I'd like talking to the team at My Mortgage ...

April 10, 2017

The "Robin Hood" theory...

I had a few laughs with a client this week when he remarked "so you're pretty much like Robin Hood" after we were able to negotiate a good deal with the bank - Well I wouldn't say what we do is that noble and aside from a dress up for the Wellington Sevens a few years ago I've never been Robin Hood but.... it did get me thinking about our examples of that theory and how it's a pretty simple way of explaining what we do. The rich We all know the banks are not short of money, a quick google searc...

March 24, 2017

New years Resolution - Get debt free!

Whether you've got some credit cards or a personal loan that you want to knock on the head or you're wanting to make some serious inroads on repaying your mortgage - We can help! I think this is one of the more important new years resolutions you can make and by starting with a plan and some good budgeting early in the year you can set yourself up well to be celebrating some success by Christmas. Where to start? A budget is the backbone of any financial plan. It may sound simple but it's st...

December 16, 2016

Is a credit score important?

As we lead up to Christmas the advertisements for cheap and easy credit are flowing quickly. One comment I get a lot from people is that they've "got a good credit rating" as they've had a number of loans in the past which have all be repaid. But how does this really effect your credit rating when it comes to applying for a mortgage? The reality is that banks assess any loan application on a multitude of different criteria from the obvious ones of equity and income through to more obscur...

December 15, 2016

Fix now and relax

At the risk of sounding like a Grinch this close to Christmas... Interest rates are on the rise and we'll likely see some more increases in interest rates in 2017. But like the jolly fat man this Christmas I come bearing gifts. That gift is this advice (and the helpful service) of suggesting you get in now and fix any loans that you currently have floating or are going to come off their fixed terms early in the new year. The two year fixed rate across most major banks has increased around .25...

December 7, 2016

What if you don't fit at the bank?

What if you've tried your bank but they won't give you a mortgage for whatever reason... What options do you have then? Although 95% of the loans we do are through the main banks we like to have an lending option up our sleeve to suit everyone. In this blog we detail some of the reasons why you might not fit a main bank and what the other options look like. Why can't I get finance at a main bank? Not enough deposit Bad credit history Not long enough in business Poor loan repayment or ...

November 1, 2016

Did you pay more because you had less deposit?

If you've bought a property in the last few years using less than 20% deposit then you've almost certainly been paying a much higher interest rate than you would have got with more equity... but even though your house has most likely shot up in value the bank will likely still be charging you this much higher rate. It's time to look at how you could save a lot on your mortgage, just by reducing your interest rate. Depending on the bank you're with this will either be a "margin" added to your...

October 31, 2016

What's up with interest rates?

"Up" seems to be the operative word this week unfortunately! We've seen most major lenders bump their medium term (2 and 3 year) fixed rates up by about .10%. Why this is and what you can do about it are explained below. This is entirely unexpected to most consumers as the media keeps reporting future OCR drops and the housing boom but in reality there are definitely some strong factors at play in pushing the cost of this pricing up. The three major reasons being quoted by the banks are belo...

October 21, 2016

Fair Go? You can count on us!

I caught an interesting article on Fair Go on monday night ( here is the link). In summary a young couple had received advice and a loan offer from a Mortgage Adviser and that Adviser subsequently charged them a fee....I'd like to clear up our position on providing a free service. When I set out to create My Mortgage in 2012 one of the cornerstones of our philosophy was providing a free service and we stick by that. In the first 3 years we did not charge a single client and in the past 12 mon...

October 18, 2016

We do more than you think

A few weeks ago I went to visit a very good friend who I hadn't seen in a while, and the talk came around to the fact they had just fixed a portion of their loan; and when I heard the rate I nearly fell over - a full 0.7% more than they should have been paying! All of this came to pass because my friend didn't know refixing was part of the service we provide our clients. And there's a few other less obvious parts of our service we think you should know about; Refixing - this is the big one....

October 5, 2016

Why 10% deposit is the new 20%

In an attempt to be the Mortgage "Knights in Shining Armour" we've written this article on how you can buy a house with less than 20% deposit. Since the Reserve Bank imposed the restriction on lending to people with less than 20% deposit in 2013 there has been a lot of changes in the options for first home buyers. As always, we are committed to finding the right solution so let's kick off with explaining the restrictions then we'll look at ways around them and how we can help. What exactly ...

September 21, 2016

Meet the My Mortgage team

There's more to My Mortgage than what you see on the surface... We've given our "Contact" page a bit of a revamp which even includes photos of the team! If you'd like to know more about the people you're dealing with and why they're great at doing their jobs have a read through the below. Click this link to see more 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 jus...

September 15, 2016

It's a fun step to take!

For many young Kiwi's, buying their first home is one of the top five on their guide to being a grown up, alongside getting their first job, travelling, getting married, and perhaps even having children. The timing is different for everybody, and we have helped first home buyers as young as 18 right up to 50 year olds to purchase their first home. Many people think that buying their first home is big and scary and will take a lot of time and effort. It doesn't have to be this way, it's meant to...

September 14, 2016

Welcome to your New Home

In addition to the great news regarding the relaxing of the deposit restrictions recently (check out Adam's blog on this), we have some more good news - If you thought there was no movement on the 20% deposit requirement which some lenders require, think again! Enter Welcome Home Loan - which has been helping out plenty of our clients who have a small deposit and meet certain criteria buy their first home. Essentially the way it works is that the Housing New Zealand agree to guarantee the loan,...

September 13, 2016

It's ok to ask!

I call it the teenager effect, we all know that mumbly "leave me alone I know what I'm doing" when in reality they lack the background understanding and knowledge to do it right.... A lot of people are the same with their mortgage. It may come as no surprise that I've managed to relate the arrival of our first baby a few weeks ago to getting a mortgage - Simply because you have one it doesn't make you an expert. It's definitely a good idea to ask more experienced people for help! We had the ante...

August 23, 2016

A hand up for First Home Buyers

While investors are grumbling about the changes to the deposit requirements for Rental Properties (me included) there was some good news this week for first home buyers as the availability of the Homestart Grant has been increased which we hope will open up opportunities for more first time buyers to get in to their first home! So what is the HomeStart Grant? Essentially this is free money from the Government! Homestart Grant is a grant given by Housing NZ to qualifying first home buyers in ...

August 5, 2016

What's up with deposits for Rental Properties?

I'm sure this question will be on the lips of current property investors and those looking to get in to owning rental properties, all over the country, following the recent announcement by the Reserve bank of a planned change in deposit requirements for investment properties. The proposed changes are to come in to effect on the 1st of September but it's important to note that all of the major banks have changed their internal policies to reflect the proposed changes to be enforced by the Reserv...

July 27, 2016

Bridging Finance... What is it? How does it work?

With the market as crazy as it is you need to be sure that you can secure your next property when you sell yours, for a lot of people this can lead to uncertainty around the buying power for the next property or around making the timeline work... with the worst case scenario seeing people having sold their houses and not being able to find something suitable to move to or making the wrong choice about their next house.. This is where Bridging Finance comes in. Bridging finance essentially l...

July 6, 2016

Meet the team Monday... Claire!

As much as we love the personal touch here at My Mortgage, with technology being the way it is these days we have a lot of our conversations with clients over the phone or email. Most of you will have met me (Adam) but we've got a small team here dedicated to making great things happen and often they're beavering away behind the scenes. Over the next month or so we're going to get some profiles up so you can learn some more about the amazing little team we have here.Claire Martin! (formally Clai...

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