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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.
The Otago Times describes a Dunedin woman with $90,000 in KiwiSaver still can't buy a home in part due to strict asset caps. Key Mortgages explains when KiwiSaver can help second-chance buyers.
RNZ asked Jeremy Andrews of Key Mortgages whether first home buyers are better off making extra regular repayments or saving up a lump sum. Getting it right could save years off your total mortgage.
Key Mortgages advise 1news how homeowners could significantly reduce long-term mortgage interest by making simple repayment adjustments and reviewing loan structure regularly.
Key Mortgages comments with Tony Alexander and TMM Online the prospect of whether rising interest rates and global tensions are prompting a more cautious approach from buyers. Is mortgage demand softening as households take time to reassess affordability and market conditions?
NZ Banks are offering cash incentives to retain existing home loan clients. Jeremy of Key Mortgages summarizes with NZ Herald, whether to switch or stay depends on factors like break fees, equity, and overall costs. We can help and negotiate with your current bank to find which is the smarter move.
Key Mortgages recently joined Ryan Bridge on Newstalk ZB, to discuss the recent jump in mortgage rates and what it means for Kiwi borrowers.
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