NZ Autumn (March to 1 June to the rest of the world) means 3 items - beautiful picturesque colours in the trees particularly in the South Island, Easter break, and Anzac memorial. From a Financial / Property point of view to me it means the real estate and finance market is extremely busy in NZ from owners' and purchasers' point of view before Winter arrives and there have been property prices increasing.
Property demand is very high, particularly in Auckland and Christchurch and this will spread throughout the country. This is due to shortage of accommodation, immigration/intercity shift to Auckland, employment oppportunities and lifestyle. There are also many Christchurch "earthquake" jobs, locals being given earthquake payout, but a shortage of accommodation. A huge factor in property demand is great low interest rates bringing to the market first home buyers, investors and overseas Ex Pats plus Investors. Because great competitive low interest rates (particularly fixed.rate), there is competition among the banks. The variable is at a 48 year low and there have only been 2 small interest rate increases by the Reserve Bank (Variable) in the past 5 years 8 months. The fixed rates are the lowest on New Zealand records.
If you require a mortgage preapproval (valid 4 to 6 months) and seriously looking at properties in New Zealand then contact me. The banks have had the highest influx of mortgage approvals in 5 years. Rents have now stabilised. Auckland median house price has increased 10.2% in the past 12 months to NZ$618,000 (QV reports) and the NZ average property has risen in the past year 6.3% to $423,500 (QV). With very little set up costs and usually 15% to 20% deposit for nonresidents and 5% to 10% deposit for people resident in NZ, then I can apply for you finance of 85% for nonresidents and up to 95% for New Zealand residents in NZ of purchase price from a reputable NZ bank.
Remember with very little set up costs (only solicitor/registration fees), NZ continues to be very popular destination for many UK people.
Mary O’Brien sets out to help British people achieve a life’s ambition of owning property or investing in a great property asset ‘Downunder’.
Mary O’Brien is uniquely positioned to help the British obtain finance. Accredited with 13 New Zealand and 35 Australian banks/lenders, Mary specialises in assisting the British with New Zealand and Australian finance. A move to another country is never easy, especially when selling and buying a home. Before leaving UK, or if you live in UK (as an investor), Mary can obtain a bank letterhead pre-approval for a NZ or Australian property. It gives you, the buyer, the confidence and comfort in knowing just how much you can borrow and is usually valid for 90 days.
Mary herself, moved from New Zealand to Australia 10 years ago. Being a frequent visitor to UK and married to a Brit, Mary understands the ups-and-downs, the twists-and-twirls of establishing ones-self in a new country. Mary has that special understanding of what it is like to be British living abroad. She is delighted to be in a position in being able to assist British people in their antipodean adventure downunder.
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This calculator allows investors to view various repayment schedules and interest rates, as well as the impact of extra repayments beyond the minimum amount. Click here to learn more about our mortgage calculators and currency converters.
We have compiled a handy checklist for you which is helpful in understanding the means of attaining a mortgage/home loan in New Zealand.
We also recommend that interested investors read the section about New Zealand home loans, as well as taking a look at our various case studies to get an idea of the wide range of people we have helped and if New Zealand mortgage is the right option for you.
New Zealand Mortgage Solutions has been in the news recently. Please click on one of the articles below to learn more about us.
Mary O’Brien was also on Sky Business Channel 6.30pm Prime “Your Money On Demand” 1 August 2011 for a 5 minute interview re Australians Investing In New Zealand - small deposit and no stamp duty. Viewers found it great.
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