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Michael Anastasiadis – Mortgage Broker Wellington
– call me on 021 757 269


Good afternoon, everybody. It’s Michael Anastasiadis here, mortgage adviser from Bozinoff Mortgages, coming to you live here from a beautiful afternoon here in Wellington.

Just thought I’d jump online and just share the news that interest rates have gone up again today, and I was having a look at my notes over the last few months. Over the last two months interest rates have gone up six times from the main banks and today they went up pretty significantly. The one year rate now is over 3%. It’s actually 1% higher than what it was earlier this year with the record low 2.19%.

So now it’s just above that with, I think it’s 3.24 now, and they’re going to keep going up again. Next month the Reserve Bank will put the official cash rate up again, so those floating rates are going up. Fixed interest rates are going up. The 1, 2, 3, 4, 5 year rates are all going up and it’s just going to keep going up from here guys.

So if you’ve got a mortgage that’s coming up with the in 60 days, I’d be speaking to your mortgage adviser now or your bank now, and I’d be trying to get a rate locked in as soon as you can, because this time in a month or two months, that rate’s going to be, I don’t know, higher than what it is now definitely, that’s for sure.

A little trick there as well is if you’re coming off a high rate, if you can afford to do it, keep doing those repayments. Keep those repayments the same. This is general advice here, guys. I’m not giving specific advice here. If you want to talk specifically about your situation, feel free to give me a call or with your bank or with your broker, your adviser, but just to share with everyone what’s going on out there.

We’ll probably see it in the news tonight or over the next few days, how the Reserve Bank and the banks are just putting up the interest rates.

You’ll see the charts going up that it’s gone up a lot and it’s just going to keep going up. It’s going to be the theme for next year. Whether or not it has any impact on the housing market, I actually doubt it. I do doubt it, but I am starting to see something else that will impact the housing market, and that’s the willingness of the banks to lend money.

That’s tightening up at the moment. They’re going through every application with a fine tooth comb. They’re going through the expenses line by line, and if they’re seeing padding or consistencies, they’re bringing those into their expenses side of the application, which means the amount that they can lend you reduces.

So if you’re thinking of getting a mortgage, you might want to start looking at your automatic payments or direct debits, and if you can, start culling some of those things.

Start sanitizing some of those accounts so you can be in a best position to get the maximum you can. Because prices are just stabling. They’re not going to keep increasing like they have been at, I don’t know, 10, 20% each month, but they will just slowly be on a little incline, incrementally growing up each month, but not going backwards. You’ve got to have that good 10% deposit, ideal 20% deposit, but that’s really, really hard. The banks are tightening up.

They’re not taking… Well hardly any of them are taking any new to bank clients without a 20% deposit or a live application, and you’re just starting to see interest only is becoming harder, and they’re just asking a lot more questions.

Best time to speak with your adviser is right now, especially if you’ve got plans to borrow money or do a re-finance or a re-structure or anything like that. Anyway, guys, I just wanted to jump on, share that video.