http://www.mymortgage.co.nz/blog/ The latest Blog feeds from www.mymortgage.co.nz en-us Wed, 20 Jan 2021 15:23:27 +1300 Rocketspark http://www.mymortgage.co.nz/blog/post/61233/getting-a-home-loan-when-youre-on-one-income/ Buying a new home on one income either as a single person or when you or your partner are not working can feel really difficult but there are ways to make things work and things to consider. ... Tue, 12 Jan 2021 14:42:08 +1300 http://www.mymortgage.co.nz/blog/#post61233 http://www.mymortgage.co.nz/blog/post/57608/why-we-dont-often-suggest-splitting-your-fixed-rates/ I'm going to throw a cat amongst the pigeons of conventional wisdom here but I'd like to put it out there that I'm not a fan of splitting your fixed rates by fixing over different terms.What is this that you're talking about, Adam?There is an long held belief in some parts that you should fix your lending for different terms.  Say if you had a $500K mortgage you might fix $100K for 12 months, $200K for 2 years and $200K for 3 years.The theory is that you are insulated from any rate inc... Tue, 20 Oct 2020 00:00:00 +1300 http://www.mymortgage.co.nz/blog/#post57608 http://www.mymortgage.co.nz/blog/post/57610/the-gap-between-fixed-and-floating-rates-is-increasing/ The gap between the fixed and floating rates are increasing and if you've got a floating rate this means you're paying considerably more in interest, which ultimately means you'll be paying off your mortgage for longer (and making the banks more money!) Who does this affect? If you've got a home loan floating then this is definitely having an effect on you.   If your lending is $250,000 and you're paying 2% higher (difference between floating and 1 year fixed) then that's costing you a... Wed, 30 Sep 2020 00:00:00 +1300 http://www.mymortgage.co.nz/blog/#post57610 http://www.mymortgage.co.nz/blog/post/57609/splitting-your-investment-and-personal-home-lending-across-different-banks/ If you're a property investor then this is a key financing strategy that you should be considering.  The right mix is different for everyone but we're here to help give an objective view of the bank's lending options that will suit your needs and goals. What are the benefits to splitting your lending across different banks? There are 3 key factors Insurance against policy changesLimiting your treatment as a commercial investorThe right bank product for the right scenario  Policy change... Fri, 18 Sep 2020 00:00:00 +1200 http://www.mymortgage.co.nz/blog/#post57609 http://www.mymortgage.co.nz/blog/post/56525/banishing-short-term-debt-forever/ Every single day, as a Mortgage Broker, I say to myself “I wish more people understood debt and how to beat it”. People contact me to buy their first home, and at least 50% of the time either their capacity to borrow is significantly lessened by their existing debt. Or, they are unable to borrow altogether because their total debt is actually more than their deposit overall and the banks are just unable to lend them money until they pay off what they already owe.... Wed, 19 Aug 2020 17:14:15 +1200 http://www.mymortgage.co.nz/blog/#post56525 http://www.mymortgage.co.nz/blog/post/55406/using-kiwisaver-for-your-unconditional-day-deposit/ For many first home buyers, their KiwiSaver forms a large part (some if not all) of their deposit for a home, and we are frequently asked the question as to how this can be used to pay their deposit on unconditional day. Firstly - for the difference between your overall deposit and the one you pay via your Sale & Purchase Agreement - check out our blog here  So let's debunk some myths - KiwiSaver can be used to pay your deposit and is regularly used as such. However it does mean you need to... Thu, 30 Jul 2020 00:00:00 +1200 http://www.mymortgage.co.nz/blog/#post55406 http://www.mymortgage.co.nz/blog/post/55293/building--renovation-mortgages--how-it-all-works--construction-lending-part-1/ This is the introduction video into a series all about construction lending and all the ins and outs of it. In this series Greg covers house and land package and turn key builds, fixed price contract finance, owner managed and kit set build home loans, transportable, relocatable and tiny home finance and finally we have a video about the most frequently asked questions we get asked about residential construction lending. Construction lending can be difficult to understand and breaking it do... Sun, 26 Jul 2020 00:00:00 +1200 http://www.mymortgage.co.nz/blog/#post55293 http://www.mymortgage.co.nz/blog/post/55675/house--land-packages--turn-key-homes--construction-lending-part-2/ Turn key build and house and land packages both very similar. So let’s start with house and land packages. ... Sat, 25 Jul 2020 00:00:00 +1200 http://www.mymortgage.co.nz/blog/#post55675 http://www.mymortgage.co.nz/blog/post/55296/fixed-price-builds--how-do-they-work--construction-lending-part-3/ Fixed Price Contracts are the most common way we see people building new homes. The way these types of builds work is that you’ve found a piece of land, maybe a smaller section, maybe you subdivided, maybe you found a lifestyle block and then you’re getting a house designed and built for you on that piece of land.  The design could be done by an architect, drafts person, or quite common now is a building company that have already got plans that can be modified it for you or they have pe... Fri, 24 Jul 2020 00:00:00 +1200 http://www.mymortgage.co.nz/blog/#post55296 http://www.mymortgage.co.nz/blog/post/55298/transportable-relocatable-and-tiny-homes--construction-lending-part-4/ These are three types of builds that are becoming really popular obviously as there’s a lot of efficiency (financial, time and environmental efficiencies) that can be made when things are built off site, in a specific location where they’re meant to be built. The builders and other tradies are all in one place together and they can do lots in a much quicker period of time. It is a way to get a really cost effective house on to site. The main consideration from a lending point of view is that... Fri, 24 Jul 2020 00:00:00 +1200 http://www.mymortgage.co.nz/blog/#post55298