THE BANKS WANT YOUR BUSINESS!
Loan Market Agile
We help Kiwis into their first home, climb the investment ladder, grow their business, & purchase commercial property.
In an interesting turn of events this past week, two major banks have announced cuts to their short term fixed rates and have opened the door to low deposit lending!
One major bank has come out offering 4.99% fixed for 1 year for new lending with strict conditions to be able to qualify, while another major bank has followed suit and is offering 5.99% fixed for either 18 months or 2 years PLUS a 1% cash contribution!
Low deposit lending is now back on the table open to existing and new to bank customers.
?So are the stars now aligning for home buyers??
As you can see from the sharp interest rates on offer above, the banks are fighting for a share of the market. Their volumes are down and lending approvals are being provided more quickly and efficiently.
So take advantage of this little window of opportunity before it closes!
Here are 3 things you can do to take advantage of lower house prices and interest rates right now.
1. How much can you afford to borrow?
A Mortgage Adviser can help you determine the best strategy when it comes to working out how much you can actually borrow.
We can factor in things such as border or flat mate income and?reducing or consolidating credit cards, finance cards and Buy Now Pay Later accounts to make sure you are maximising your borrowing power.
2. How much deposit do you need?
At the time of writing, one major bank has just opened the doors to low deposit lending which means you can now purchase a property with as little as 10% deposit.?
There are many ways to make up a 10% deposit such as your own savings, Kiwi Saver, government grants, gifting or a guarantee from your family.
领英推荐
If you need to get creative with making up your deposit, then work it out with your Mortgage Adviser because chances are we have a blueprint for what you need so there’s no point in reinventing the wheel!
3. What is it “really” going to cost you?
This is a very important question.
Just because you are able to “afford” a million dollar loan on paper doesn't mean you necessarily want to.
You need to look at the current cost of that loan and factor in if interest rates increase by 3%+ (as they have done recently), that you’re still going to be comfortable affording that cost each month.
This is where your?loan structure?plays a super crucial role.
By working with your Trusted Mortgage Adviser, you can make sure that you’ve covered all bases to make an informed decision when planning out your loan structure and have it regularly reviewed to make sure it is still servicing your needs.?
Get in touch with us and we can run some figures to get you into a position to take advantage of the market now.
Cheers,
Rodney, Dallas, Nigel and the Agile Team!
?? 0800 1 AGILE (0800 124 453)