Mortgage & Interest Rate Update
My latest video sharing some tips for first home buyers and investors.
I’d love to talk to you about your finance and mortgage needs!
Learn more here: https://www.michaelmortgageman.co.nz/blog/
More about the benefits of using a Mortgage Broker here: https://www.michaelmortgageman.co.nz/why-should-you-use-a-mortgage-broker/
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Michael Anastasiadis – Mortgage Broker Wellington | Mortgage Broker Michael Anastasiadis
Full Transcript of Video Here:
Good afternoon everybody. It is Michael Anastasiadis here, Mortgage Advisor, Mortgage Broker from Bozinoff Mortgages. Coming to you live here from a beautiful day in Wellington.
I just thought I would jump online and just shoot this quick update mortgage and interest rate update. Just really to help a lot of my first time buyers and investors that are out there.
A couple of things that I have been chatted to a lot this week with my first home buyers is look that to be fear, they are struggling to buy, find that decent property. In Wellington, at the moment, prices are so expensive.
They are struggling. I am just reminding everyone to do your core less; What is it that is important to you? How many bedrooms?, the garage, what are the non-negotiables?, and create that list. You can have a non-negotiable list.
The other thing is what are the things that you can live without. Because maybe you will not need a garage, or maybe you will not need three bedrooms because it is not going to be your forever home, right? It is just your first time.
Just get on the ladder. I suppose that is the biggest tip I can give everybody. For investors, and I have got to say, I am getting a lot more inquiries coming back from investors. I think spring is going to be an even more busy month than we are expecting just because of the amount of inquiries that we are getting from investors that are looking to come back.
Now, they have been quite quiet since the government announced the tax changes that they did, but just to give the levels of inquiry that shows you that they will be back.
Now, first home buyers have not gone away, throwing the investors into the mix. First home buyers, usually spring. A lot of people look to upsize their houses as the kids grow up and they try and get into other school zones. There is a lot of musical chairs during spring.
When I put all that into the mix and with the lack of listings, the bad news is prices are just going to keep going up.
Now, for investors. I have been working with a lot of investors. There is these two key things when I am working with investors at the moment that I am trying to work out is; Do they have enough equity in their existing property portfolio so we can buy the next property 100% finance. That is the first thing. Now, if we have got that, an area that I am really struggling with right now, is servicing. Is the income from all sources enough to pay for all lending?, and that is now where I am starting to struggle with clients as well.
Hi to everyone watching. Justin do me a favor, press that light button, press the share button. You will be doing me a favor. In terms of mortgage applications, the banks are back to taking about a week at the moment, just over a week.
The reserve bank is going to announce whether the OCR is going to remain on hold. All the economists are tipping, that is going to go up. No one knows. You are best to talk.
Look, there is plenty of good mortgage advisors on the sites. Have a chat with one of us. Have a chat with your banking expert. We can help you and put you on the right track in terms of your interest rate. Look, that is me.
I better get back to it here with my daughter, but I just thought I would just jump on, take this opportunity. It is not often that I am here in this beautiful city of ours and have a minute to shoot a live. Any questions, put them in the comments below. If you know anyone that needs to hear this content again, tag them in the comments below because the more confidence we can put out during these times of uncertainty, the best for everyone.
All right, guys. Thank you to the people. I ran into some people, as well, on the weekend that came up to me and said, hello. They are liking my videos and liking my content. I don’t have my selfie stick out here today. I have got to practice on some things, but that is me guys have a great afternoon. May God keep blessing us in our beautiful little city. I might just pan it around here so you guys can have a look.