A major bank has increased its test rate, which is the rate at which it checks that borrowers can afford a loan. ANZ has upped it to 9.1%. Key Mortgages mortgage broker Jeremy Andrews told Kate Hawkesby that it's the first bank to make such a move in decades.
Squirrel Mortgages chief executive David Cunningham says mortgage holders need insurance to get a property, premiums are increasing dramatically in some places and in a minority of cases insurers won’t give coverage on properties at all.
BNZ is accepting home loan applications from borrowers with a deposit as low as 5% - but there are some catches.
Better discounts have been given to home owners since the end of last year, says Jeremy Andrews, Key Mortgages director and mortgage adviser.
If you’re looking for a home loan this year, you may be able to get a better interest rate than you expect. Brokers said, while advertised home loan rates had not moved since a flurry of cuts pre-Christmas, banks were willing to negotiate and sometimes were offering significant reductions.
If 2024 is the year you buy a house, you may be wondering where to start. You no doubt know the fundamentals – you’ll need to have some sort of deposit saved and will need to be able to show a track record of income.
Some borrowers worried about increasing home loan interest rates are turning to competitor banks for cash when it’s time to refix. Mortgage advisers say most banks are still offering significant cashback deals as an incentive to get borrowers to give them their business.
A major bank has increased its test rate, which is the rate at which it checks that borrowers can afford a loan. ANZ has upped it to 9.1%. Key Mortgages mortgage broker Jeremy Andrews told Kate Hawkesby that it's the first bank to make such a move in decades.
Home loan rates might be sitting at about 7% for a two-year fix at the country's big banks, but borrowers need to prove they can pay a lot more than that, to get a loan.
If you’re hoping to buy a first home soon, you may have your sights set on saving a 20% deposit. But with the national median first-home buyer price in September at $650,000 across the country, that’s not an insignificant amount of money to have to save.
Wallace and panellists Jennie Moreton and Martin Bosley discuss voting opening today and what our political parties should consider when it comes to advanced voting.
Longer-term interest rates might look appealing from a price perspective, but people who lock in their mortgages for a long time could come to regret it, one economist is warning.
If you don’t like the home loan rate your bank offers you, you may be able to negotiate a discount, brokers say. Home loan rates have risen significantly from pandemic lows near 2% to more than 6.5% for one- and two-year fixes.
As the housing market eases and the number of home loans being issued drops, banks are offering cash contributions, or gift offers for items such as TVs, on new mortgages to attract new customers.
So, you want to get rich. Nothing unusual there, right? But if you’re a young person earning an average wage, you might wonder how you’ll ever achieve that goal, short of a Lotto win or a large inheritance.
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