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! As a mortgage broker, I can tell you that this is great news for first home buyers and those looking to refinance their mortgages. And as the owner of Best Mortgages, I’m excited to help my clients take advantage of these new opportunities.
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?
If you’ve been waiting in the wings to buy, or you’re dipping your toes into the property market for the first time, it looks like now could be an opportune time to get in while there is plenty of housing stock and less buyers competing for properties. As a mortgage broker in Tauranga, I can help you navigate the complex world of mortgage lending, and make sure you get the best possible deal.
The banks are competing for a piece of the market, as evidenced by the high interest rates being offered above. Their volumes are down and lending approvals are being provided more quickly and efficiently. As a result, mortgage brokers are seeing increased demand for their services.
Use this brief window of opportunity, then, before it closes. Here are 3 things you can do to take advantage of lower house prices and interest rates right now.
- How much can you afford to borrow?
As a mortgage broker, I 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. Whether you’re a first-time homebuyer or looking to refinance your existing mortgage, I can help you find the best mortgage products to meet your needs.
- 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, KiwiSaver, government grants, gifting, or a guarantee from your family. As a mortgage broker in Tauranga, I can help you explore all of your options and find the best possible solution for your unique needs.
- 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. As a mortgage, I can help you understand the true cost of your mortgage and create a loan structure that meets your long-term financial goals.
By working with your trusted mortgage broker, 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. If you’re looking for the best
- Find the best mortgage broker for your needs
Working with a trusted and experienced mortgage broker is an essential step when it comes to finding the best mortgage deals in Tauranga. As a mortgage broker, my job is to shop around and find the right mortgage for you based on your financial situation and goals. I can help you understand the different types of mortgages available, such as fixed and variable rates, and help you choose the one that best suits your needs.
At Best Mortgages, I work with a wide range of lenders, including major banks, non-bank lenders, and specialist lenders. This gives you more options and can help you get a better deal. I also have access to exclusive mortgage rates and deals that are not available to the general public.
- Refinance your mortgage
If you already own a home, now might be the perfect time to consider refinancing your mortgage. Refinancing can help you lower your interest rate, reduce your monthly payments, or switch to a different type of mortgage that better suits your needs.
At Best Mortgages, I can help you compare your current mortgage with other options available in the market to determine if refinancing makes sense for you. I can also negotiate with your current lender to see if they can offer you a better deal or explore the option of switching to a new lender.
In conclusion, the current low-interest rates and increased availability of low deposit lending have created a great opportunity for first home buyers and property investors. As a mortgage broker, I can help you take advantage of this opportunity by finding the best mortgage deal for your needs and guiding you through the entire process.
At Best Mortgages, I am committed to providing personalized service and taking the time to understand your unique situation and goals. Whether you are a first home buyer or looking to refinance your mortgage, I can help you make an informed decision and secure the best deal possible. Get in touch with me today to see how I can help you achieve your property goals.
About Best Mortgages:
Tauranga’s Best Mortgages has been a trusted mortgage broker for 15 years and have helped hundreds of families reach their property goals. Our name says it all—we find the greatest mortgage solutions for our clients. We offer refinance, first home buyer, refinance, and investment property loans. We proudly serve clients across New Zealand.
Best Mortgages understands that buying a home is a major financial decision that demands careful consideration. We listen to our clients and comprehend their financial situations. We can then provide them the best financial solutions to help them become homeowners.
Our skilled mortgage brokers shop around for the best lending product for our clients. We strive to make lending easy. To ensure a stress-free experience, we guide our clients throughout.
Best Mortgages can assist first-time homebuyers and seasoned investors accomplish their property ambitions. Discuss your home lending needs with us today to find the best mortgage for your situation. As a Best Mortgage broker, we assist you locate the right mortgage for your needs.
Give the Best Mortgage brokers a call today on 021 449 177.