The Mortgage Man - A podcast for everyone with or wanting a mortgage

The home start grant is free money given by the government, this was in the past quite hard to meet the eligibility criteria as there were very low price caps you had to buy the property for, and you had to earn under a certain amount to be able to get the free money. (up to $20k per couple) Yes, free money!! But now those criteria have changed to be a bit more realistic. For example; Income requi...

A lot of people tell us that they think the bank should give them a mortgage because they figured out that the repayments are around the same as their current rent payments. However, it's not that simple. The bank is going to give you 100,000's of $$$ so want to be pretty certain that you can pay it back. This means that they test your mortgage at a higher interest rate (just in case), they add in...

Out of all the debt you could have; student loans are probably one of the best. However, this doesn't get ignored when applying for a mortgage. Just like with other expenses, this needs to be added into the expenses part of your home application. The good thing is that it's taken as a % of your income, so doesn't really matter how big or small the loan is. However, if you are wanting to maximize y...

Inflation is up, so as a bid to control this the OCR is creeping up too. What does this mean? Higher interest rates on loans. Mortgage costs are usually one of the biggest expenses in a household so by making a mortgage more expensive the theory is that people will have less spare money to spend on goods and services so the prices of those things don't go up as fast. So how high will rates go and...

If you are a first home buyer with less than a 20% deposit then this is something that you need to get during part of the due diligence process. Today- Ant & I discuss what these are; when you need them and how long they will take. Plus, what happens if the value comes back lower than the price of the house? Does that mean the purchase falls over? Or are there other options available? Got ques...

If you have extra money should you use it to pay down your short-term debt or save more to get a bigger deposit? The annoying and unhelpful answer that most people will tell you is "it depends" And it truly does depend - but we want to be a bit more helpful than just giving you a useless answer. First off, the three of us recorded a podcast around this topic so listen to that here when you have a...

For some of you, this will be the first (of many) podcasts episodes that you will listen to. You've probably downloaded our Free KiwiSaver Guide and instead of wanting to read it, you would rather listen to it on your way to work. So here you go; 13 minutes of gold to give you the basics of how KiwiSaver in NZ can help you buy your first home much sooner. Your next step, get free individual advice...

A lot has happened in the last 7 days. For most of us, the new war is so far away that we are not affected by it too much; apart from maybe the disbelief that war still can happen in 2022. Regardless, the one thing that does react to overseas invasions is our investments and KiwiSaver balances. You might have seen your balance drop; so what should you do? Change funds or ride the wave? That depend...

Two very different things. Although you might think you earn enough money to get a mortgage that doesn't mean the bank agrees. Bonuses, commissions, self-employed income, and rent are viewed differently at banks than in the real world. This is because a mortgage is for 30 years so they want to make sure your income source continues to be reliable, and if it's not or is new then it's unlikely this...

Everyone is already talking about it, so what exactly is a 'buyers market'? We haven't had one in a while.. In its simplest terms, a buyer's market is when the conditions of the market suit the buyer's rather than the seller's of properties. These conditions can be things like.. An oversupply of property listings for the number of buyers looking. eg, more houses on the market mean more choice for...

How to make money & save time with moving an existing house onto your land to make a home. Property prices are getting expensive, especially when buying new... Building costs are also at an all-time high. There must be a cost-effective way to get into the market without having to live in a shoebox-sized apartment or unit. If you have the know-how and persistence then a relocatable could be the...

You asked for it, so we created it. With the new CCCFA policy rules, we are seeing a whole new wave of media fearmongering headlines. No, you will not get a mortgage just because you have KFC- there is much more to it. But you will be declined if your bank statements show that you are living outside your means, or if there are some red flags on them. So how can you make sure your bank statements a...

2022! The best shot you have of buying a house...seriously! But then again, last year was even better... And before that the previous year too... The best time to buy in NZ was last year the next best time is now (ancient Chinese proverb modified for the NZ property market) Here is the thing, there are always new rules and other reasons why some people find a reason to "wait and see". Unfortunatel...

November has been a big month for changes in the mortgage world. We've had the fastest increase in interest rates ever which has resulted in higher test interest rates at the banks. We've also had CCCFA come into play resulting in banks being more strict with how they look at expenses. We've also had more Debt To Income ratios being used and some banks shutting shop to ALL buyers with less than 20...

Can you really trust a real estate agent when they are working for the seller? From me, that's a big NO. In fact, I really despise the games that some real estate agents play, especially with First Home Buyers. Some of these "games" are listing the property in a Trade Me price range well below what they think it will sell for or getting your hopes up for an auction so that you spend money on a bui...

This might just be the best episode of the podcast we have done so far. NZ is at a turning point in its property market (or so we are told) The supply vs demand calculation is slowly tipping - will this slow down house prices or is it not that simple? Chris and I discuss the massive 25%+ year-to-date increase in house prices, rising interest rates, immigration numbers, consents, and other things w...

Amidst another lockdown, Chris and I chat about how this time round (Aug 2021) will affect house prices and interest rates. Last time we saw rates drop and this was a massive factor in how quickly house prices and inflation increased. Will that happen this time around? And what about mortgage deferrals? What can you do if you can't pay your mortgage? Are settlements still happening? Listen in and...

Debt to Income Ratios..  The new tool that the Reverse Bank of NZ is going to use to slow down the housing prices. So how does it work and how will it affect you & house prices? Although the RBNZ is wanting the main banks to implement these measures going forward, most already are.  We have had a few applicants deferred just this week from ASB because the debt to income rat...

The last episode should have got your seriously considering a New-Build as your next property purchase, but how do you actually go about getting finance for such a thing? In this episode we cover: - Home and Land Packages - Turn-Key vs Staged Builds - Build it yourself vs don't - Registered Valuations - Sunset Clauses Most people like the idea of a new build, but have no idea how to actually go to...

With all the changes being put in place a New Build property as your next purchase is more and more beneficial. In this episode, Chris and I go over the massive advantages New builds have over existing properties in terms of deposit rules, interest rates, tax rules, and a few other bonuses. We also let you know the cons; the small things that you should be aware of before buying a new build. Our n...

Last week the government announced some big changes to how investors are taxed. Many fear that rents will increase as a result. But will they? We discuss - because at the end of the day, if you are renting and trying to save, then this new tax may have just made your life harder. Need pre-approval? hello@tanta.co.nz Talk soon!

Sounds nice right? A brand new home for your 1st home. But are there things you need to be wary of when getting a mortgage? Sure there is - but I think they're more pros than cons. Especially if you have a smaller than a 20% deposit. So listen up, and if you need a helping hand please feel free to email us at hello@tanta.co.nz

Just me this week - and straight to the point. Three ways that your family or friends can help you buy your first home. They are 1. Equity / Cash Gift 2. Using their property as added security  3. Becoming a co-borrower. Each one has it's pro's and cons so you better listen to this podcast! Email us at hello@tanta.co.nz with questions! Next week - How do you get finance if you want to build y...

#7 - Will House Prices Continue to Rise in 2021?? ...and if they do rise...   Should you wait until they "come down"?   5 years ago people were saying the same thing, some waited, not me through. I brought a house. It was $455k. Now it's worth $780k.    Can you save that amount of money in that time frame?    Most can't.    So learn how to be the right side...

Finding a home can be hard.    We've been there.   In this video we talk about tips and tricks to help you get laser-focused on your buying rules and how to get systems and other people to work for you, rather than scrolling for hours through trade me looking at houses you can't afford.  Enjoy!    And if you need pre-approval or advice please email hello@tanta.co.nz