.jpg)
CoreLogic data shows the median price for first-home buyers in April and May was $688,000. To borrow 80% of this, individuals need an income around $100,000, while couples need $124,000 to $140,000 depending on their expenses. For an $800,000 loan, an individual might need $150,000 and a couple with children $180,000. Borrowing capacity varies widely among lenders based on income type and expenses, with some banks allowing income from boarders. Debt-to-income ratios now cap debt at six times household income, including other debts. Despite these constraints, banks are eager to lend, particularly to first-home buyers, and options like the First Home Loan scheme are available for eligible incomes.
Westpac may cut trail commissions, risking ongoing client support and advice. Key Mortgages delivers 10 years of trusted, ongoing mortgage advice without extra fees.
Couple’s complaint over costly break fees after fixing five-year mortgage at 6.29%–6.66% rejected.
Key Mortgages suggests keeping up higher repayments following fixed mortgage rate to currently 4.49%. Repayments over a 20 year term are now similar to what peak market rates payments were over a 30-year loan term.
Jeremy chats with Andrew from NewsTalk ZB about OCR drops affecting mortgage market, turnaround times, and increasing demand.
Key Mortgages shares detail on how credit rating scores can impact your ability to borrow. Talk to us for more information on how to put your best foot forward with main banks
Kāinga Ora loan premium rises to 1.2% post July; Key Mortgages’ Jeremy Andrews says it’s still a good option for many first home buyers
.svg)
.svg)
