The news isn't all bad for prospective first home buyers.
The Reserve Bank has confirmed major changes to mortgage rules from July, which will prevent most owner-occupiers from borrowing more than six times their pre-tax income.
It's also signaling it will keep the Official Cash Rate unchanged at 5.5% for the rest of the year.
Key Mortgages broker Jeremy Andrews told Mike Hosking that at the same time, the Reserve Bank is loosening LVR restrictions to allow for more low-deposit lending.
He says the changes could actually help many first home buyers.
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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