Banks keen on 95% LVR on KiwiBuild

By WMB Admin In Uncategorized No comments

The banks are starting to fall over themselves trying to entice potential KiwiBuild customers. One of our major partners are announcing they would consider a 5% deposit on a KiwiBuild. Interestingly this is nothing new in terms of lending criteria as strong borrowers have in the past been able to get 95% loans on a […]

Read more

Parental help for first-home buyers

By WMB Admin In Uncategorized No comments

It’s pretty common these days for parents to help kids by way of guarantee, gift or interest-free loan (commonly known as an acknowledgement of debt), but it pays for parents to still seek legal advice around the implications of this help. Banks will want any ‘loan’ to be interest free and repayment free so as […]

Read more

How’re your business financials looking?

By WMB Admin In Uncategorized No comments

Coming into September and October banks start to be less reliant on business financials from 31 March 2017 as suitable proof of income. If your business is only a couple of years old, having up-to-date financials can be the difference between an approval or decline. If you are looking to potentially buy a home, investment […]

Read more

Official Cash Rate remains unchanged

By WMB Admin In Uncategorized No comments

The OCR (Official Cash Rate) remains unchanged and appears it could remain on hold for some time. This is good news for borrowers and probably indicative that 1, 2 and 3 year rates seem to be the most popular. Now is still a good time to be ensure that you have the best loan structures […]

Read more

Don’t rely on the bank valuing your loyalty

By WMB Admin In Uncategorized No comments

A common issue we often encounter is when clients buying a property have an offer accepted but have just hung their hat on their own bank approving the loan, only to find that after a lot of waiting the bank they have been dealing with has declined their application. Inevitably they have then run out […]

Read more

Tougher scrutiny of borrower’s spending on the horizon

By WMB Admin In Uncategorized No comments

Last week I attended an Australian industry broker conference in Sydney. It was interesting to see the level of change happening in the lending environment over there where approx 55-60% of the market use a broker. One thing to come out of the Royal Commission looking into banks’ lending practices was a closer scrutiny of […]

Read more

LVR restrictions may become permanent

By WMB Admin In Uncategorized No comments

New Reserve Bank governor Adrian Orr has indicated that the current LVR restrictions enforced on the banks as a lending ‘speed limit’ may be a permanent tool going forward. The recent uptake in first home buyers being a large part of the market (especially in Wellington) has lead to the Reserve Bank potentially looking at […]

Read more

Interest Rate Update

By WMB Admin In Uncategorized No comments

Major banks short-term rates have been quite low recently and it can be easy to get swayed by what appears to be cheap rates e.g. 4.35% 1-year specials. It’s not unusual for banks to be aggressive on rates at busy house buying seasons. Even HSBC specials well below market come with conditions hidden in the […]

Read more

Improve your home loan approval chances with these tips

By WMB Admin In Uncategorized No comments

1. Watch your bank statements! Close any accounts you hardly use and make sure you don’t go into unauthorised overdraft. Banks like to see a clean 3-6 month history of tidy accounts where there has been no unauthorised excesses (overdraft), bounced APs/DDs. 2. Speak to your mortgage broker about everything that is required and be […]

Read more

Changes in lending policy for 2018

By WMB Admin In Uncategorized No comments

As we lead into Xmas there are some changes in the lending world to be wary of for January 2018. The Reserve Bank recently relaxed the restrictions slightly, and the major banks have now started making changes to their policy. For stand alone residential investment properties you can now obtain finance with 65% LVR and […]

Read more