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In this issue:
- Thinking of selling? Understand your options first.
- Getting into your First Home
- Age isn’t just a number
- Introducing.....
- Our client's win
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If you or your clients need help getting the Go ahead, give us a call.
Always happy to talk.
Contact us on
tony@gomortgages.co.nz
or 021 754 350
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Getting in to your first home
There has been a big increase in first home buyers this year. The banks want to help but they are under the microscope so one false step can get you declined.
Clients with enough deposit to be approved are getting knocked back on things like spending habits or where the deposit comes from.
First home buyers need to be well prepared. With our understanding of each lender and their different risk appetites we are able to find the right bank for you.
If you’re falling short of banks’ criteria we can advise the best way to get you home loan ready faster.
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Age isn't just a number
What’s old these days?
With 60 being the new 50 and 40 being the new 30 you’d think that’d make these numbers irrelevant when it comes to your loan term, guess again.
We’re starting to see more push back on 30 year loan terms for those 45+ (we know, yes that is young) however, while a lot of people will work past 65 they can’t work forever and the bank has an obligation to consider this when assessing your loan.
We want to see you debt free well within 30 years and save you $1,000's in interest. However a 30 year mortgage is often the best starting point to get the property you want.
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Thinking of selling?
Capital Gains Tax, ring-fencing, bright-line tests, LVR rules. If it's looking a bit hard and selling seems easier, it pays to speak with us first.
A story of caution below...
There once was a man who owned a rental property. It had done well with Capital Gains of $200K. But the market became flat. Capital Gains Tax a possibility. Income tax benefits eroding.
The Bright line test had put him off buying something else so it was time to cash in. The $200K profit could be invested into a fund with some left over to upgrade the car. Not so fast, the bank stepped in, concerned about how much debt was left on the home, the new LVR requirements and reduced income. After much negotiating and pressure the man is left with a much smaller amount in the negotiation as he needed to reduce his mortgage.
The moral of the story - speak to us first. Let us know what you plans are as we can be a key part of helping you understand what your final position will look like, as well as help negotiate with the bank.
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Our newest Go-getter
Welcome Trisha Blair
‘Joining Go Mortgages has been great, Tony has created a business dedicated to helping clients achieve their dreams, and sometimes they are very big dreams!
I really look forward to working with more of you in the future.’
Trisha has 2 small children so will mainly be focused on the administration side of the business but expect to hear from her occasionally.
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Our clients win.........
There is a bit of doom & gloom in the markets. Brexit uncertainties, China slowing down, NZ business confidence low … We could go on but instead we want to share a recent win.
A client with less than 20% deposit. They are in their 40's and had a few set-backs saving for a deposit. Life happens right!?
A big part of our job is giving the bank confidence that these set-backs are one-offs and not a pattern of behaviour that will continue. This takes time and care preparing a well thought out proposal. Speaking the bank’s language is everything. Based on numbers this application is a decline but with some good commentary we were able to get the deal approved and the client is in the market.
If this sounds like you or someone you know don’t hesitate to give us a call we’re always happy to talk.
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