Josh Martin - Taylored Mortgages Tauranga

06/05/2024

Red Light, Green Light – Let’s take a look at your bank statements

Bank Statements are an important piece of the puzzle when applying for your home loan, so what are the banks looking for exactly? Thankfully we’re no longer needing to know how many coffees you had in December, but account management is a big indicator on your money management. Let’s take a look at some do’s and don’ts with managing your bank accounts when applying for a home loan

Green Lights

- Save a little bit. We don’t need to see you saving within an inch of your life, but consistent savings, even $20 a week, is a great way to show the banks you are managing your income and outgoings and is a really good thing to show the banks when applying for a home loan.

- Payments are made on time, every time. Making sure all automatic payments are made, including rent, bills, loan payments etc. is a good way to show your account management skills, and is something the banks are looking for when assessing your home loan application. So make sure you know what’s coming out of your account and when, and the funds are available!

- Live your life. Thankfully, we’re no longer in the times when we needed to troll through every transaction in your bank statement and factor in every coffee you’ve had in the last year. Life is there to be lived and enjoyed, so don’t worry too much every time you swipe your card.

Red Lights

- Unarranged Overdrafts. One of the simplest things to manage, don’t go into unarranged overdraft. This is a sign of mismanagement and is one of the most common reasons for an application being deferred for up to 3 months to show better account conduct. Even with funds in other accounts, it’s important to show good account management when applying for a home loan

- Dishonored automatic payments. Make sure you keep an eye on all your automatic payments and they’re coming out on time. Dishonored payments can be a simple fix of making sure the funds are available, and again can have an impact on your home loan application.

- Skipped Payments. Missing a payment can happen, and it’s not the end of the world – but make sure if a payment is missed, that you make it up as soon as possible.

26/03/2024

Long overdue, but have some great news for First Home Buyers who are ANZ customers - Pre-approvals are back!

For the first time in several years, we're able to get pre-approvals in place for existing ANZ customers without a 20% deposit

A pre-approval makes life so much easier when buying your first home, giving you certainty in your next step

Really hope this opens some doors for those looking to buy their first home.

If you'd like some help, get in my DMs and would love to jump in on your journey

26/02/2024

Saving to buy your first home but don’t know exactly what the end goal is? There’s a lot of misinformation out there around what your deposit needs to look like to buy your first home, so let’s break that down and take a look at what deposit we need, and what it means with different levels to put towards your first home

5 – 9%

So the minimum deposit requirement across the board is 5%, so this is the first goal we need to hit. If we’re able to come up with 5%, the door is open, but still a few hurdles to jump

- Generally the pathway for borrowing with a 5% deposit is through the First Home Loan Scheme at present.

- The First Home Loan scheme can be a great option regardless if you have 5% deposit or more, but there are additional hoops to jump through such as Income caps, employment history to determine eligibility

- Check out my video explaining the First Home Loan in a bit more detail here: https://www.linkedin.com/feed/update/urn:li:activity:7166582978251354112/

- At the time of writing BNZ has the availability to help existing clients with 5% deposit

10 – 19%

A 10% deposit is generally the goal for most first-home buyers, & is generally the starting point for most banks outside of the First Home Loan. So if we can tick this box, it’s a great start to the journey of buying your first home. However, some things to consider

- You’ll need a registered valuation
- Pre-approvals can be tricky to obtain
- Your borrowing power won’t be quite as much compared to having a 20% deposit
- There’s going to be additional costs such as a margin or fee added to your lending

20% +

A 20% deposit is a significant amount of savings no matter which way you look at it, but there are some perks if we can get there

- Best interest rates
- Better borrowing capacity
- Generally, you won’t need a valuation
- Pre-approvals available across the board

Remember your KiwiSaver counts towards your deposit (T’s & C’s apply), so you might be well on your way to having the deposit needed, already sitting in your KiwiSaver account! Couple this with things like the First Home Grant, and buying your first home may not be as far away as you thought

As a mortgage adviser I can help make your plans a reality no matter what stage you are at, I can even help come up with a plan if you’ve just started your journey to buy your first home, and haven’t got a deposit as yet – it’s all about taking that first step, and I’m here to help you with it

To talk through this in a bit more detail, do reach out for a coffee or a chat over the phone on 027 820 6766 or email me [email protected]

Cheers, Josh

This is not is not intended or to be taken as Finance Advice and is provided as information only.

24/01/2024

The Reserve Bank have released their proposal for Debt to Income Ratios that they are looking to introduce in 2024.

Here’s a quick video with the run down.

Some key changes being proposed are

- Maximum borrowing of 6 times annual household income for an Owner Occupied Home
- Maximum borrowing of 7 times for an investment property
- Proposed relief for First Home Buyers/Those without 20% with the banks having more ability to lend in this space
- Reducing Deposit for an Investment to 30%

What is a DTI?

This is the proposed cap that banks will need to adhere to, limiting lending to no more than 6 times (or 7 times for investors) of household gross income for people buying their own home

Will it impact me? Maybe. It won’t impact everyone, but will impact some. If you’re looking to buy in the near future, it’s time to reach out and see what this means for you, let’s come up with a plan, together

If it's on your mind, get in touch for a chat over the phone or coffee, and let's chat through your goals for the new year

[email protected]. 027 820 6766

This is not is not intended or to be taken as Finance Advice and is provided as information only.

More information:

https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/consultations/banks/dti-and-lvr-settings/enhancing-the-efficiency-of-macroprudential-policy-consultation-paper.pdf

13/12/2023

Thinking about buying your first home in the new year? I believe making an informed decision is the best step to making the best decision!

So let's take a look at 3 key factors playing out that will impact the property market in 2024 that are:

- Change in government
- Migration
- Interest Rates

If it's on your mind, get in touch for a chat over the phone or coffee, and let's chat through your goals for the new year

[email protected]. 027 820 6766

This is not is not intended or to be taken as Finance Advice and is provided as information only.

05/12/2023

The Playbook - I'm at a Non-Bank with my Investment property

The scenario: I went to a Non-Bank to buy an investment property with a 20% deposit, am I stuck here until I meet the 35% equity criteria?

The play: We’ve got some great options for clients in this position to get back to bank. If we can refinance without any additional lending, this criteria falls under ‘dollar for dollar’ LVR exemptions, and have some great options with main banks to refinance this lending, improve the interest rate in most circumstances, and there may even be a cash back! So no, you’re not stuck, you just haven’t reached out yet!

Sound like you? Send me an email at [email protected] and we can talk through what this means for you to get you in a better position moving forwards

This is not is not intended or to be taken as Finance Advice and is provided as information only. In short, look at this as a ‘Could I’, not a ‘Should I’

29/11/2023

The Playbook - Buying into a partners home using KiwiSaver

The Secenario: I’ve not owned a home before, and my partner owns their own home, can I use my KiwiSaver to buy into their home?

The play: Yes! You can use your KiwiSaver as long as you meet the normal KiwiSaver withdrawal criteria, and is really like buying any other home on the market regarding withdrawing your KiwiSaver. It’s important that both parties seek independent legal advice to protect each of you against future events, and each having independent advice means you will each get relevant advice for your individual benefit.

Sound like you? Send me an email [email protected] and we can talk through what this means for you

This is not is not intended as, or should be considered as Financial Advice and is provided as information only. In short, look at this as a ‘Could I’, not a ‘Should I’

21/11/2023

We've gone through 2023 with a whole lot of political promises about housing and who will do what, but with a government yet to be formed, and 3 parties sitting at the negotiation table it's pretty quickly becoming pretty foggy as to what it all means. Here's a great post from BNZ that covers 3 key election promises around property: Brightline tax, interest deductibility, and foreign buyers. It's a great quick read if you have any property decisions on the horizon, and talks about the likelihood of each being implemented, and what impacts it may have on the market.

The negotiations continue, and while we might not have a confirmed coalition government at the time of writing this, we have an idea of a few policies this new government will be wanting to bring to the table. National, ACT and NZ First campaigned heavily on the changes they’d make to the New Zeal...

20/11/2023

Surprise!

After taking some time with the birth of our second child Carter, I'm super excited to be joining the Taylored Mortgages team, and be back in the advice space and helping clients achieve their dreams!

Being a Mortgage Adviser is something that I've had so many joys over the years helping people from all walks of life achieve something so significant, and really am proud to be back and continue to help make those dreams a reality

I'm here to help, so if there's anything you want to talk through, please feel free to reach out at any time, always here for a good yarn and chew the fat, or deep dive into crunching some numbers

Cheers,

Josh

✨✨New Location ✨✨

You didn’t think we would just stop with Levin, did you? 😊

We are very excited to announce that Josh Martin is joining the Taylored Mortgages Team servicing the beautiful Bay of Plenty and also New Zealand wide.

With over a decade of experience in Residential Mortgages, Josh joins the Taylored Mortgages Team with a wealth of experience & expertise to offer his clients, no matter the stage in their journey.

Josh believes in simplifying the lending process and providing clients with the advice and support they need to reach their unique goals. Be it a first home, first investment, or a fresh start after one of those curve balls that life can throw at us, Josh is here to help his clients every step of the way.

Outside of the office Josh has two young kids so spends his time exploring what the Bay of Plenty has to offer, and is also an avid renovator, so switches from the calculator at work for a hammer at home.

Welcome aboard Josh, we couldn’t be more excited to have you join the team 💚

Make sure you pop on over and like Josh’s page.
Josh Martin - Taylored Mortgages Tauranga