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Faq’s

Faq's

A.

HOW MUCH SHOULD I OFFER, WHEN NEGOTIATING TO PURCHASE A HOME?

This has to be the number one question we get asked by our clients.

First things first, the advertised price usually indicates the vendors expectations, whether or not these match the market.

HERE’S SOME TIPS TO HELP YOU WHEN MAKING AN OFFER;

  • Try talking to the agent they should be more than happy to discuss verbally the sale price.
  • Do your market research for example; drive around the local area in the day and at night. Check the local councils website to find out what the rate-able value is.
  • Request a transcript of local area sales from the agent, it may help to show why its valued at that amount.
  • Drive past the properties listed on the recent sales transcript, this can sometimes help to show differences between the houses as to location, street appeal, presentation and the type of building. The report also provides some basic information about the property including the floor area, age and number of bedrooms/bathrooms.
  • homes.co.nz often lists estimated values of properties in New Zealand.
  • There are other options for example; making your written offer subject to a registered valuation. (this will come at a cost generally around $600-$900 approx.) The valuation is done by a Qualified Registered Valuer whom walks right through the property in order to write a report which determines and explains their reasoning behind the property’s value.
  • Remember to take into account any outstanding maintenance or maintenance to be completed into your offer.
  • If you believe the house is worth 20k less, tell the agent and your reasons behind it.
  • Check out the real estate agent’s authority page for more helpful guides and information.
  • Most importantly remember to give The Mortgage Girls a FREE non-obligation call on 0800 864 864 or contact us through the following link in order to arrange a pre-approval first so you know and understand how much you have to spend,

FEELING NERVOUS ABOUT THE WHOLE PROCESS?

Think about working with a buyer’s agent to help you from the beginning that way they have your back and can help you with the negotiation process. The Mortgage Girls can recommend a couple of agents whom can help you with the process from start to help find your home.

Give us a FREE non-obligation call on 0800 864 864 or send a message through the following link.

A.

Here’s three Reason’s too choose a mortgage adviser to help you with your financial goals.

1:        We have your back

2:        We make the whole process simple and easy to understand

3:        We have access to over 25 lenders 

We have your back.

We fight to get the best bank package for you, so you don’t have too! We also know and understand the policies of multiple banks to know whom is going to be able to meet you goals and hep you achieve your home owning dreams!

We make the whole process and easy to understand.

Lending and Bank Terms can be daunting, we do our best to make the whole process simple and easy to understand! Check out our blog on glossary terms to find out more!

We have amazing tools, technology and resources in order to help make the whole process as smooth as possible.

We have access to over 25 lenders

Everyone's financials goals and requirements are different, with a huge list of lenders available for us to access we are able to consider more options to meet your lending requirements.

So Why Should you choose The Mortgage Girls?

We are fun, energetic, we make things easy to understand, we have combined over 17 years’ experience in the industry and most importantly it is our true passion and desire to help make your home owing dreams come true!

Give us a free non-obligation call on 0800 864 864 or contact us through the following link today.

Want to apply now? Click here to apply online today!

What can The Mortgage Girls can help you with?

The Mortgage Girls can also help with the following New Zealand wide!!

💰Savings Planning for a First Home Deposits
🏠Home Lending for First Home Buyers
🏡Home Lending for existing Home Buyers Rental Property Investment Lending
% Fixed Rate Reviews
💲Home Loan Top Ups / Refinancing
🏫 Business / Commercial Lending *
💸 Debt Consolidation
😇 Health / Life / Income Protection Insurance’s

Give us a free non-obligation call on 0800 864 864 or contact us through the following link today.

Want to apply now? Click here to apply online today!

We look forward to hearing from you!

A.

Here’s three Reason’s too choose a mortgage adviser to help you with your financial goals.

1:        We have your back

2:        We make the whole process simple and easy to understand

3:        We have access to over 25 lenders 

We have your back.

We fight to get the best bank package for you, so you don’t have too! We also know and understand the policies of multiple banks to know whom is going to be able to meet you goals and hep you achieve your home owning dreams!

We make the whole process and easy to understand.

Lending and Bank Terms can be daunting, we do our best to make the whole process simple and easy to understand! Check out our blog on glossary terms to find out more!

We have amazing tools, technology and resources in order to help make the whole process as smooth as possible.

We have access to over 25 lenders

Everyone's financials goals and requirements are different, with a huge list of lenders available for us to access we are able to consider more options to meet your lending requirements.

So Why Should you choose The Mortgage Girls?

We are fun, energetic, we make things easy to understand, we have combined over 17 years’ experience in the industry and most importantly it is our true passion and desire to help make your home owing dreams come true!

Give us a free non-obligation call on 0800 864 864 or contact us through the following link today.

Want to apply now? Click here to apply online today!

What can The Mortgage Girls can help you with?

The Mortgage Girls can also help with the following New Zealand wide!!

💰Savings Planning for a First Home Deposits
🏠Home Lending for First Home Buyers
🏡Home Lending for existing Home Buyers Rental Property Investment Lending
% Fixed Rate Reviews
💲Home Loan Top Ups / Refinancing
🏫 Business / Commercial Lending *
💸 Debt Consolidation
😇 Health / Life / Income Protection Insurance’s

Give us a free non-obligation call on 0800 864 864 or contact us through the following link today.

Want to apply now? Click here to apply online today!

We look forward to hearing from you!

A.

Thinking about building?

Which ever way you plan to build whether it be;

  • A Turn Key Build
  • A House and Land package
  • A labour Only Build
  • Kit sets
  • Transportable homes
  • and Structural renovations

The Mortgage Girls can help guide you with the finance!

Give us a free non-obligation call today 0800 864 864 and ask for our FREE finance for builds guide.

Want us to call you? Send a message here.

A.

Important information about us & how our business works can be found here.

Our disclosures outline how we get paid for our services from the lenders. Our advisers also provide more in-depth details about this when you decide to move forward with an application.

On a general basis we will not charge you for the financial advice our advisers provide. There are exceptions to this rule where your lending is set to be short term, lending is repaid within 27 months or your lending is for a purpose that does not meet the criteria of mainstream lending, lending fees and charges will apply. Where fees are going to be involved this will be discussed at the time of application and outlined in a personalised disclosure for you to consider before proceeding.

The Mortgage Girls today regarding purchasing your first home anywhere in New Zealand !!

The Mortgage Girls have been helping to make dreams come true and have been helping their clients unlock the doors to their first home ? ?, dream home and investment properties for years.

How can The Mortgage Girls help you?

Savings Planning for a First Home Deposits
Home Lending for First Home Buyers
Home Lending for existing Home Buyers
Rental Property Investment Lending
% Fixed Rate Reviews
Home Loan Top Ups
Refinancing
 Business / Commercial Lending *
Debt Consolidation
 Health / Life / Income Protection Insurance’s

Give us a FREE non-obligation call on 0800 864 864 or email info@themortgagegirls.co.nz or through our website

Otherwise apply online today

The Mortgage Girls look forwards to helping you unlock your future today!

A.

Helpful Notes & Things to think about when determining your lending structure

Questions to ask yourself?

  • What are your goals?
  • Do you have flexibility in your budget?
  • What are your plans for the next five years?
  • What’s more important for your repayment’s stability or flexibility?
  • Are you expected any life events/ changes to your future budget? Will you need wiggle room to reduce your repayments in the future?

The following thoughts may help you with the above questions.

  • Want to pay more off your mortgage?

    It can be handy to have a portion of your lending on a floating or variable interest rate to have the option of increasing your repayments or making a lump sum without penalty. Read more about the different options and interest rate types available for your mortgage in section 2 and 3.

    Apart from collecting a windfall, there really is no magic formula to paying your mortgage faster other than simply increasing your repayments where possible. Do you have wiggle room in your budget to increase your payments? Rounding your loan payments up to the closest $5 or $10 will then help decrease the amount of interest you will pay on the entirety of the loan by a lot more than you would think.

  • Looking for stability in your budget?

    Having some longer-term fixed options gives you stability for the future so you know what your payments will be. You can lock in an interest rate for up to 5 years!

    Having your loan split into a few loans with different interest rates, terms and types decreases the risk if rates were to rise you would only be hit by a portion when that one loan comes up for review.

  • Wanting to increase the equity in your home?

    You could look at increasing your repayments or making lump sums to reduce your lending.

    Alternatively, upkeep, maintenance and renovations could help your home to be valued more.

There are five Mortgage options that we use in New Zealand.

  1. Principal and Interest (also known as table loan) – most common
  2. Interest Only
  3. Revolving Credits (reducing/permanent)
  4. Off Set
  5. Straight-Line – less common

There are four different interest rate types

Interest Rate types

  1. Fixed
  2. Floating
  3. Variable
  4. Offset

How to find out more? 

The Mortgage Girls has a Helpful Mortgage Guide which provides more detailed information breaking down the different mortgage and interest rate options providing more details.

To receive a copy of our Helpful Mortgage Guide, please feel free to give a free non-obligation call to The Mortgage Girls today on 0800 864 864 or contact us through the following link.

A.

How will my budget look once I have purchased a home?

It's a pretty exciting and daunting process purchasing a home for the first time!

In saying this preparation is key to know and understand how your budget will look once you have purchase a home. Your budget will change once you have a new home, you will now have some new responsibilities including rates, home insurance and your new mortgage repayments. Knowing what these are in advance of purchasing a home will help you to feel more confident with your purchase.

The Mortgage Girls have some great resources in order to help you know and understand what this will look like check out our resources tab on our website. On here we have two budgeting templates for both a budget for your own home and a budget for purchasing a rental.

Use our calculator through the following link in order to calculate what your repayments would be. Then visit interest.co.nz to see the current interest rates across all major banks in New Zealand.

A few friendly reminders to help when you’re completing your budget

  • Remember to allow for rates and any new insurances (for example house, contents, mortgage & income protection) in your figures
  • It may pay to make an allowance for savings towards ongoing upkeep, maintenance and repairs or upgrades.
  • Unexpected and planned life events can have an impact on your budget it pays to consider future life events for example; pets, a baby, graduating, a new job, planning a wedding, needing to purchase a new car, medical or vet bills, wanting to complete maintenance or renovations or even plan a holiday.
    - Will you open up a savings account for these events?
    - Will you need to reduce your repayments in the future in order to help cover you whilst on reduced income? A reminder this may only be possible if you shortened your original term.
    - Will you have enough equity in order to be able to complete a top up if required?

We are also happy to chat or talk anytime in regards, give us a FREE non-obligation call today 0800 864 864 or email through the following link. 

A.

What should I do when my fixed interest rate comes up for review?

Good question, one that many ask.

To start off with it’s really important to think about how interest rates rising could affect your budget, are you guaranteed future pay increases or do you plan to go down to one income in the next few years in order to start a family? Many different life events can affect your current budget and it pays to future proof yourself as best as possible to prepare for these times.

In other words we believe it’s about making the best decision to match your current situation and future goals.

How Interest Rates are Determined;

The official cash rate set by the Reserve Bank of New Zealand is what is used to determine the rates that the banks and institutions provide.

What is going to happen with Interest Rates in the Future?

Unfortunately there is no crystal ball (as you say) to tell us what interest rates are going to do, there are however indicators and tools from top economists all over the country that keep up to date with how national and international events can affect our official cash rate (OCR) in New Zealand.

The ANZ brings out a fantastic monthly report that includes graphs at the end of it with indicators of what their team of economists see for the future of mortgage interest rates. Just remember there are many unforeseen events that can change this, so at the end of the day doing a budget and seeing how much room you have for movement is really important.

How The Mortgage Girls Can Help;

How we see it at The Mortgage Girls is we like to give you all the tools and options to make the best decision to suit your current / future situation as best as possible.

  • We have a Helpful Mortgage Guide we can provide you with some questions to think about with your upcoming review.
  • We will negotiate with your current bank and/or multiple banks in order to give you options to make a decision.

Please feel free to give a free non-obligation call to The Mortgage Girls today on 0800 864 864 or contact us through the following link

A.

Why you need to get a relationship agreement?

So… your about to buy your first home, or your partner is just about to move into your home, or you have been in a relationship for under 3 years (current legislation)…. You need a relationship agreement (also known as: contracting out agreement).

Now I know you’re thinking right now… why? … we’re in love…. Its too early or we will never break up…wake up.

The below response is written from a Mortgage Gir's personal experience.

Speaking from experience the money you spend getting this sorted is not just protecting you financially, but emotionally also.

My relationship ended, after nearly 6 years. I had purchased two properties myself, one an investment which I had never lived in, the other was to be what I considered my first home. We had also started two businesses in this time also. I was smart in some ways, I got a contracting out agreement on my investment property, as to me it was an investment and one I needed protecting but for my own home/owner occupied I thought, I don’t need one. There were a few reasons for this;

  1. It was deemed a family home and therefore I understood my partner at the time as we were moving in would have a right to it as relationship property – Turns out in a way this wasn’t the case.
  2. I had no problem giving him half the equity in the home as we lived in it together therefore he was helping pay for the mortgage.
  3. I didn’t think we would ever break up.

What I didn’t consider was that when emotions get involved, not only is it emotionally draining it can have a huge financial impact with lawyers costs stacking up very fast.

In my head it was going to be easy, the investment was protected by the contracting out agreement, we keep our respective businesses so all we would just get a valuation done, take off the money which was owing on it and split the equity down the middle… sounds simple doesn’t it??? It was not at all,  after 9 months of fighting between lawyers, heart break, homelessness, the drain emotionally it takes on you, not to mention the $25,000 between us spent at solicitors it was settled. It wasn’t that I went in there wanting more then I was entitled to, I just wanted to keep my half of the equity I felt I was entitled to… I had in fact brought the home. Now, trying not to get too caught up in the details, the problem we had was the process. This is what the relationship agreement/contracting out agreement would have created. Writing down the PROCESS which is to be followed in case of the unfortunate situation of a split so it was black and white. Then it is the process which just needs to be followed. There needs to be independent advice given to both parties when signed, by two separate lawyers/firms.

All I need to say is don’t make my mistake, get an agreement written up. Hopefully it will never be used, I still believe in love and although it didn’t work this time around, I don’t regret our relationship as there was always good times and gems to be taken from it. The only thing I did regret was not create a process so that it could have ended on much more amicable terms.

The above response is written based on a personal experience from one of the team at The Mortgage Girls.

The Mortgage Girls can also help with the following New Zealand wide!!

💰Savings Planning for a First Home Deposits
🏠Home Lending for First Home Buyers
🏡Home Lending for existing Home Buyers Rental Property Investment Lending
% Fixed Rate Reviews
💲Home Loan Top Ups / Refinancing
🏫 Business / Commercial Lending *
💸 Debt Consolidation
😇 Health / Life / Income Protection Insurance’s

Give us a free non-obligation call on 0800 864 864 or contact us through the following link today.

A.

How much do I need for a deposit? 

You can get into your first home with a deposit below 20%.

Upon writing this answer the minimum deposit requirement for those who meet the criteria for First Home Loans is currently 5%. First Home Loans details can be found here.

This means if you would like to purchase a $500,000 house the minimum deposit you would need to save is $25,000. Other points to note.

  • The purchase price would need to meet the regional house price caps for the location being purchased in more details can be found here.
  • You would need to meet the terms, conditions and criteria for the First Home Loans scheme.

There are often alternative market options for low deposit lending, however the usual minimum is 10%, for a $500,000 house the minimum deposit you would need to save would be $50,000. 

Your deposit could be made up of the following,

  • Personal savings
  • Kiwi Saver
  • Kiwi Saver First Home Start Grant
  • Sale of assets
  • Family Gifting
  • Deed of Debt (needs to meet lender expectations)

    *Over and above your house deposit you would also need some money in the bank to cover associated home buying costs such as but not limited to: legal, valuation, building report and moving costs $3-$6,000 approx.

We are helping first home buyers into the market all the time with less the advertised 20% deposit.

Struggling to save?

Saving for a deposit can seem never ending, not knowing, or understanding how much you require for a first home deposit can also put a damper on your plans.

Having a target savings amount in place can help you get into your first home sooner. If purchasing a first home is a dream of yours, keep reading to find out more!

Get in contact with us here to discuss a personalized savings plan today! Alternatively give us a free non-obligation call today we are happy to chat anytime 0800 864 864

How long will it take me to save my deposit? 

This can depend on many factors, how dedicated you are to your savings plan, how much you are willing to put into your savings weekly and if you’re willing and/or need to change your current lifestyle to achieve your goal.

An example.

  • Savings Goal:             $45,000
  • Current Savings:        $1,000
  • Current KiwiSaver:    $12,000
  • Current First Home Grant eligibility:   $3,000

    Total Savings:             $16,000
    Savings Required:  ($45,000 - $16,000 = $29,000
    Target Timeframe 2 years: ($29,000 / 2 years) / 52 weeks = $279 per week to savings

Use an online savings calculator to calculate your savings plan, alternatively in our resources tab we have a savings plan template.

Who can I contact for more information?

Give us a free non-obligation call on 0800 864 864 or contact us through the following link today.

Want to apply now? Click here to apply online today!

The Mortgage Girls can also help with the following New Zealand wide!!

💰Savings Planning for a First Home Deposits
🏠Home Lending for First Home Buyers
🏡Home Lending for existing Home Buyers Rental Property Investment Lending
% Fixed Rate Reviews
💲Home Loan Top Ups / Refinancing
🏫 Business / Commercial Lending *
💸 Debt Consolidation
😇 Health / Life / Income Protection Insurance’s

Give us a free non-obligation call on 0800 864 864 or contact us through the following link today.

The Mortgage Girls look forward to helping you unlock your future today!

A.

How can I pay off my home loan faster? 

Put simply in The Mortgage Girls Terms if you increase your current repayments, you will reduce your debt faster. The more you pay and lump sum off your mortgage the faster you will decrease it. 

We truly believe it's important to structure your mortgage to suit your income and ensure you can maintain the repayments.

There are many ideas out there however we believe many of them are not aimed at the average income earner. The ideas definitely can work for everyday income earners saving you interest costs over the period of the loan; however, you have to have the ability and time to be very strict and manage your budget on a weekly basis.

There are many ways to structure your lending to put yourself in the best position to repay promptly, again it’s always important to ensure the affordability is going to be able to be met.

Check out our resources  for budget sheets to use as a guide to help you out!

Who can I contact for more information?

Click on the following link to contact us today to find out more or give us a free non-obligation call on 0800 864 864.

The Mortgage Girls can also help with the following New Zealand wide!!

💰Savings Planning for a First Home Deposits
🏠Home Lending for First Home Buyers
🏡Home Lending for existing Home Buyers Rental Property Investment Lending
% Fixed Rate Reviews
💲Home Loan Top Ups / Refinancing
🏫 Business / Commercial Lending *
💸 Debt Consolidation
😇 Health / Life / Income Protection Insurance’s

Give us a free non-obligation call on 0800 864 864 or contact us through the following link today.

Apply online today through the following link

The Mortgage Girls look forward to helping you unlock your future today!