The banks want your business!

The banks want your business! It’s been a compelling couple of weeks in the finance world. OCR has increased by 0.50% on […]

Hannah Williams

March 2, 2023

News

2 min read

The banks want your business!

It’s been a compelling couple of weeks in the finance world. OCR has increased by 0.50% on the 22nd of February to 4.75% and the Reserve Bank of New Zealand is indicating two more hikes between now and May 2023. These hikes will take the OCR to 5.50%.

Surprisingly, the banks have not increased their short-term fixed interest rate yet as they are competing with each other to increase their market share. However, the one-year fixed rate, and the floating interest rate, will increase over the coming months to match the OCR hikes.

Roughly 50% of all mortgage accounts are due for renewal within the next six months, and most borrowers will notice a spike in their mortgage repayments as their interest rate will roll over. Many rates will likely jump from 3% or 4% up to 6.50 or 7% – leaving a noticeable dent in cash flow.

We are currently receiving a high volume of home loan refinance applications as one of the major banks is offering a 4.99% p.a. fixed rate for one year with some strict lending criteria.

Another major bank is offering clients a 5.99% fixed-rate for fixed-terms between 1-2 years, plus up to 1% cash contributions.

A refinance on negotiated rates can save you heaps in interest costs! Plus, the cash contributions can reduce your home loan balance or upgrade your vehicle or renovations.

However, you also need to weigh out some of the expenses related to refinancing.

For example: Break costs, solicitor fees, and you might have to pay back cash contributions to your current lender if you have signed a clawback agreement.

We can help you to determine whether refinancing is the right move for you and also help you to restructure your home loan for a better cash flow.

Listen up First Home Buyers!

This a great opportunity for the first home buyers to step on the property ladder as more properties are available on the market with far less competition.

Westpac is now accepting over 80% of lending applications on existing properties for their clients.
ANZ has recently reduced the servicing requirements for over 80% of lending.
Some non-bank lenders are also opening up for up to 90% lending.

The deposit can be a combination of personal savings, kiwi saver or a gift from family.

We’ve also been busy with a lot of First Home Loan (via Kainga Ora) applications and assisting our clients to purchase their first home with as low as a 5% deposit. The deposit can be a combination of personal savings, kiwi saver, a gift from family or parental guarantee if they own a property.

Whatever you are trying to achieve – it pays to have a chat with us to find out your options.

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