Tanta - Your First Home Mortgage Experts

10/05/2024

Ever wondered if its better to buy at Auction or by Negotiation? These are 2 most common ways to buy when buying a first home in NZ. We run through the pros and cons of both and give you the information you need to be confident in either.

🔍 Auction vs Negotiation: Which Strategy Wins? 💼

Check it out on Youtube here:

Ever wondered if its better to buy at Auction or by Negotiation? These are 2 most common ways to buy when buying a first home in NZ. We run through the pros ...

07/10/2022

With the cost of living and inflation at all-time highs, it's a real possibility that you might miss a mortgage payment- especially if you have over-leveraged yourself with other debts or decided to have a child (down to one income).

If you already have a mortgage and your interest rate is going from 2.5% up to 5.35% then your monthly repayments could be going up by around $800. That's on a mortgage size of only $500,000. Up by around $1600 per month on a $1,000,000 mortgage.

If you don't have a mortgage yet and are looking to buy then you might be worried that interest rates are still going to go up and paying a mortgage will become impossible; resulting in you just waiting and waiting and waiting to buy. The good thing here is that banks test your mortgage at an 8% interest rate now, so if they approve you and your financial situation doesn't change then you should be ok.

So what actually happens if you can't actually afford your mortgage?

Fear not- Chris and I go into the many options that you have well before the dreaded mortgagee sale. In fact, a mortgagee sale is the absolute last thing the bank wants to do.

Before that, there are interest-only periods, mortgage holidays, and other ways to make things manageable. Your quality of life might take a hit but that's ok - you probably spend too much on stupid stuff anyway ;)

Have a listen to this week's podcast to give you some peace of mind and then book a free strategy call with one of us to talk about how we can help or start the process of getting you pre-approval for your first home.

Book call https://calendly.com/anthony-tanta/call-to-discuss-property-goals

Listen To Podcast https://spotifyanchor-web.app.link/e/iyZmpvUxVtb

04/08/2022

Revolving credits are complicated.

It's one of those things that you learn by doing; but in this episode, Chris & I try our very best to describe how these accounts can save years off your mortgage & save you $10,000's in interest.

We cover who these kinds of faculties are good for and who should stay well clear.

We also go over how to make the most of the accounts and what pitfalls to look out for.

They are not for everyone but used correctly they can be very effective.

Reply if you think our explanation was on point.

Revolving credits are complicated. It's one of those things that you learn by doing; but in this episode, Chris & I try our very best to describe how these accounts can save years off your mortgage & save you $10,000's in interest. We cover who these kinds of faculties are good for and who should st...

15/07/2022

It's a good time to get a mortgage..

We are now starting to see banks struggle for mortgage business so are starting to compete with one another for your attention.

Unfortunately, they can't compete too much on interest rates, although for the first time this year the 2-year rate has been lowered.

Instead, they are competing on other things.

1% cash back and 1% interest rates for mortgage top-ups are the latest things to try and lure you to take out a mortgage with them. Or to refinance your current mortgage to them. These offers are bank-specific and of course, have terms and conditions.

But if you are a first home buyer and have a 20% deposit then right now you are hot property and most banks will want you..

You are in the driving seat and are in a strong position to negotiate a few of the finer details for your mortgage. Better yet, let us do this for you as we know what banks the best suit your situation and then you only have to apply once with us rather than going to all the banks separately.

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Other news this week is that the OCR is up 50 points again. But surprisingly only the floating rates at the banks went up straight away not the fixed rates; all other OCR increases had seen the 1 year fixed rates go up by the same margin however not the case this time.

Does this mean we are near the peak?
.I don't know- I'm not a wizard, Harry. I can't tell the future.

Time will tell how high the OCR will go but I think maybe we are near the top. The issue with these measures is that it actually takes some time to see the effects; especially on inflation. Have we over-compensated again?

That's it for this week!

If you need a mortgage, then fill this is and we will call you if we think we can help >>> APPLY

06/07/2022

Talk about being in the 1%

Here are two very different 1% offers by ANZ and BNZ currently.

For ANZ Customers we welcome the "ANZ Good Energy Home Loan". ANZ is offering a 1% interest rate on mortgage top-ups of up to $80,000.

Only available to use on energy-efficient products. This means if you want insulation, hybrid vehicles, solar panels, heat pumps, home ventilation systems, home batteries or charging stations or even your dream Tesla then you will be able to get those at a 1% interest rate.

This will be a fixed 1% rate for 3 years. (moving to standard rates after the 3 years)

A great idea if you were planning to make some of those purchases anyway - and a much better choice than buying those with traditional finance methods.

If you are not with ANZ but want to make the most of this limited-time opportunity then we can help you refinance to them.


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Secondly BNZ is offering 1% cash back on all new loan products. (Most banks only offer 0.5- 0.7%). So if you are getting a new mortgage of $1,000,000 they will give you $10,000. This is also applicable if you refinance your loan to them too.

This is a good incentive for existing mortgage holders to see if a refinance BNZ can help you with some cash in the hand to help offset the inevitable increase in interest rates. No doubt you must be near the end of your 2-3% interest rate period and dreading the fact that the next best rate is double that. So why not take this chance to get paid big to move banks?

That the cashback could drastically help offset the significant increase in interest repayments for 12 months.

That's a great way to soften the blow if you are seriously concerned about what the next few years hold for you.

Either way; these are two great opportunities for you to consider & ask us to help you make the most of.

01/07/2022

Did you know that the average first home buyer in 2021 will put 49% of their household income towards their mortgage repayments?

Back in 1949, the average house cost was only 2x the average household income.

Now it's up to 10x.

So is now the worse time to be a first home buyer and should that stop you from buying?

We can't change the past; only learn from it.

And although that might speak true for the last 65 years, what about the next 65?

Could right now be the best time in the next 65 years to buy?

We don't know.

So if you want a home and can afford it because the bank has said so.

Then you can either get your home now or "wait and see".

There are still people from 5 years ago "waiting and seeing" that would be a lot better off if they were brought back then.

Maybe you are thinking "You guys just want us to buy a home so you get paid"

Listen to the podcast to see if that is the case (it's not)

Did you know that the average first home buyer in 2021 put 49% of their household income towards their mortgage? Back in 1949, the average house cost was only 2x the average household income. Now it's up to 10x. So is now the worse time to be a first home buyer and should that stop you from buying?....

17/06/2022

Is A Recession Coming?

Does it actually matter to your personal situation?

There has been a lot of talk about the big R-word but will this actually happen and if so should you care?

Technically a recession is identified by a fall in GDP in two successive quarters.

GDP is obviously are very big "average" calculation and can contain multiple industries that are doing very badly which might be balanced out by other industries doing very well.

For example, the tourism industry would have been in a recession during covid, while the property market was booming.

Now tourism is picking back up, and property not so much.

This is why, even if there is a big recession, it might not affect you at all. Because certain industries will be fine, others not so much.

Think about this;

If you have a stable job, in an industry that is always in demand like a nurse, teacher, police officer, tech, etc then as long as you keep your job or can easily find a new one then how does a recession affect you?

Probably not much different than if we weren't in a recession.

However there are other pieces of the puzzle; the cost of living crisis and being overleveraged with loans, mortgages, etc.

Obviously, if you earn the same and everything else costs more then things can get tough - but this isn't really the effects of a recession this is more to do with inflation caused by supply issues, the printing of free money, and bad government decisions.

Overleveraging is different and we are seeing great examples of this in the property market. Developers are paying too much for land, and then have to pay more than expected for materials. And then after all of that, they can't sell the properties for as much as they originally planned so they can't pay back their loans and the finance companies that they got the money from and so on..

For most of you; that probably isn't going to make too much of a difference to your life. But if you already have a mortgage and lots of other debts & then interest rates go up then you might be in trouble.

Or if you are in an industry that is at risk. (property is a big one).

So how can you prepare?

This is literally what rainy day funds are for.

So hopefully you have one.

And if you don't; start pulling in your spending and putting some money aside.

Don't take out any debt

And pay down the debt you do have.

If a recession is coming and you have already overleveraged yourself then something like this could make or break you.

07/06/2022

Just incase you forgot what your favourite mortgage advisers look like..

Here for you.
- First Homes
- Refixes
- Refinances