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Free design advice for your new build or renovation!

Here at My Mortgage we love working with our clients and those in our networks to create more value for you in your experience with us. Deanna from The Designery Room thinks along the same lines, and as the designer mastermind behind both Adam and Claire's recent new builds, we thought bringing her into the fold was an absolute no-brainer! So we've teamed up with Deanna to provide free consultations to any clients who are renovating or building a new home and obtain finance with My Mortgage.&nbs...

January 7, 2019

Good news for Investors and First Home Buyers

Big news from the Reserve Bank today... There is some easing around deposit restrictions for new lending from 1st January.Investors - Will now have to have a minimum 30% deposit instead of 35% deposit.  (There is an allowance of 5% of loans to be over this threshold)First Home Buyers  - The banks can now have up to 20% of their overall lending to people who have less than 20% deposit.  What does this mean for you?For investors or people wanting to get in to investin...

November 28, 2018

Why should you refinance?

With interest rates at historic lows and banks undercutting each other left, right, and centre, we've had a lot of enquiries about refinancing, and it's super important to understand exactly what this involves. There can be some confusion about this term, lots of people see it the same as re-fixing a loan or topping up a loan to realise more "equity", but in our terms it means transferring your existing loan from one bank to another. While refinancing might allow you to pay off your loan faster ...

August 28, 2018

The Hunger Project - A My Mortgage Community Project

In 2018, Claire is embarking on a quest with The Hunger Project NZ's Awaken programme, a fundraising leadership development opportunity with the goal to ending world hunger by 2030.Around the world, millions of people eat two or three times a day, but a significant percentage of women eat only once. Many women deny themselves even that one meal to ensure that their children are fed. These women are already suffering the effects of severe malnutrition, which inevitably will be their children’s ...

August 21, 2018

A new home for 5% Deposit? Really?!

Really!A new product has just come out today offering 95% lending for people wanting to purchase outside of the main centres.So what's the catch?As with any lending over 80% of the value of the property there will be a few extra hoops to jump through.  I've outlined these belowDeposit will need to be Kiwisaver or savings - Not a giftNo adverse credit history - No defaults in the last five yearsRegistered Valuation will be required Interest rate will be higher than if you had 20% deposi...

August 9, 2018

Why your borrowing power is less when you have less than 20%

We love working with first home buyers. The excitement of walking through your own front door for the first time is something that never gets old.  After more than 15 years combined experience between us, there is one thing that keeps coming up over and over - why can’t I borrow as much if I have less than 20% deposit? While there are much publicised rules around how much banks can lend to people with less than 20% deposit, there are also lesser known requirements around income, current d...

August 3, 2018

The financial life cycle

As you can imagine, we get the pleasure of helping people all across the financial spectrum... From people with no deposit and a dream of owning a home, right through to those with 20 or 30 rental properties and untold millions in wealth. The thing that always gets me is that every one of these people have a story and in most cases they've either been through the below process or they're starting out on their journey from one to the next. I think this is best explained by these five simple stage...

August 3, 2018

Pros and cons to splitting lending across banks

At My Mortgage we’re all about providing great options for our clients, and using those options to get the best result. One of the ways we do this is by splitting your lending across two or even three banks, which can be beneficial for the right borrower. We’d like to clear up a few pros and cons to splitting your loans across different banks, and identity some situations where this can work really well. To split lending across several banks, firstly you need to have at least two properties,...

August 3, 2018

How to be the best guy jumping out of a plane

If you’re going to do a skydive, you want the gear getting you from the plane to the ground to be 100% perfect, right? We’d call that managing your risk, and it’s what the banks do when they assess your home loan application. You want to be down on the ground, unhurt with a success rate of 100%, the same as the bank wants you to pay back the money they’ve leant you to purchase your home. Understanding risk is a good way to think about the differences between a 10% and a 20% deposit. If y...

August 3, 2018

I've got a bank, I'm sorted

This would be one of the most common reasons given for not seeking independent advice on your home loan.  For a lot of people they simply look in their wallet, see a bank logo on one of their cards and assume that that bank is the one that's the best for them. They might be doing just fine with your day to day banking and have some clever TV marketing which keeps you engaged but there is a lot more to consider when it comes time to borrow a few hundred thousand dollars. The reality is, it's...

August 3, 2018

Your Airbnb Mortgage

The rental market has changed dramatically over the 12 years that I've been a Mortgage Broker and as ever, there are a bunch of resourceful people out there finding the best ways to provide a good home and get a good return for their property investment. When I started out, renting weekly was the only way that you'd generally receive income from your rental property.  But now we're seeing lots of changes and the main ones are people moving to Airbnb or Renting by the room to maximize their ...

August 3, 2018

Renting by the room - What are the ins and outs?

The rental market has changed dramatically over the 12 years that I've been a Mortgage Broker and as ever, there are a bunch of resourceful people out there finding the best ways to provide a good home and get a good return for their property investment. When I started out, renting weekly was the only way that you'd generally receive income from your rental property.  But now we're seeing lots of changes and the main ones are people moving to Airbnb or Renting by the room to maximize their ...

August 3, 2018

Rental scaling - how it works

Buying another property is often on the cards for a lot of our clients, particularly those who are looking to build a long term rental portfolio, but there are some very good reasons to get your ducks in a row and your finance sorted for a new purchase early on. As you buy more properties (and likely your rental income also increases), we gradually need more income to be able to prove you can continue to afford to borrow the new funds to purchase the new property. Investors who are perhaps balan...

August 3, 2018

Don't set and forget!

I feel like I've been on a personal crusade lately to tidy up bad loan structures.  It's so common and yet so easy to make a difference and save someone hundreds of dollars a year, if not more.So how does this happen?Us Kiwis are a laid back bunch.  Stats show that the most common thing to do when taking out a new home loan is to simply fix it for 2 years and forget about it.  That might be ok at the start as it gets you in to a house and gets you settled.But what about after thos...

August 3, 2018

How do I buy a house with my mates?

With house prices a little bit higher than they were five years ago and the tightening of bank criteria for single home buyers, we are getting a lot of enquiries about whether it’s possible to buy with friends - and how to go about this. Just like any partner, choose wisely. You’re entering into a financial commitment with this person, so they need to be someone you know and trust. They also should be good with their money, and ideally you are both transparent about anything in your past whi...

August 3, 2018

Check your LVR before you sell

There has been an unintended consequence with the 2016 introduction of LVR restrictions on investment properties and we had a case recently that I definitely think needs talking about.   It raises the point "Check your LVR before you sell" Because a bank cannot exceed 70% LVR for lending on a rental property, it means that if you've got a number of properties and sell one, they may in fact need to take all of the proceeds from that sale to ensure that they are still compliant...

August 2, 2018

Splitting lending across different banks

This is a practice that we're starting to see recommended much more now by experienced investors, accountants and the like.  But what benefits does it have and how does it work in practice? I had a prime example recently where a client benefited from lending at two different banks.  They wanted to top up their mortgage to buy a new car.  A simple $20K transaction, or so you would think. They owned their own home worth $500K.  With a mortgage of $350K.  They also owned a ...

August 2, 2018

Can your Mortgage be better?

It's going to come as no surprise that a blog on a Mortgage Broker's website is going to say... OF COURSE YOU CAN! The question is, how?   We've got some simple tips below to make your Mortgage better.  These are common mistakes or oversights that a lot of people make and we can fix very easily. How do you know what a good rate is? If this isn't something you do every day then it's hard to know exactly what a good rate is.  Just because it was the cheapest advertised on ...

August 2, 2018

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 ...

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