Nearing the peak: NZ Mortgages
At the time of writing, interest rates are continuing upwards, but this can’t last much longer.
The increased cost of living is affecting many Kiwis, and property prices are cooling around the country, so if we are not already at the peak of interest rate levels, we are very close to it.
My hope is that interest rates will be reducing by the end of 2023, so our current advice is to fix your mortgage for no more than one year.
Every borrower’s situation is different, however, so talk to us first. And if you are experiencing difficulties with making your mortgage repayments, contact us without delay, as it’s better to be proactive in this situation.
On a more positive note, with bank lending down 30 – 40%, there are some great offers for new loans. With house prices very realistic and the likelihood that LVR restrictions will ease slightly on 1 June 2023, this could well be a golden opportunity to buy.
If you need to renew, restructure or refinance – or if you’re buying a property – we can help.
Contact NZ Mortgages on 0800 100 300 or hello@nzmortgages.co.nz.
