Comments from one of our Mortgage Express (New Zealand) Mortgage Advisors Suzanne Isherwood on the new home loan rules. With the new LVR restrictions that come into effect 1st October, purchasers will only be able to seek pre-approval with a mainstream bank if they have a 20% deposit. If purchasers have less than a 20% deposit then we cannot seek pre-approval on their behalf but we can seek an approval once they have a successful sale and purchase agreement on a property so make sure you discuss your finance date with your mortgage adviser prior to signing the agreement. Under the new restrictions approvals will be available up to 90% with the mainstream banks and other specialist lenders however for those that have only a 5% deposit we do have other options that we can also look at such as parental guarantees, deed of debts and gifting of funds towards deposits. Now is the time to work with a Mortgage Adviser to make sure you’re looking at all the options available. A copy of Suzanne’s disclosure statement is available on request and free of charge and Suzanne can be contacted on 027 478 9995 for any further information.
Posted on: Tue, 17 Sep 2013 23:02:29 +0000
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