On the cusp of change: NZ Mortgages
The Reserve Bank’s July announcement that the OCR would remain at 5.50%, and the easing of LVR restrictions in June, has introduced a stability in the market, unseen for some time.
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This is opening the door of opportunity and prompting property investors to re-enter the market, says
Nathan Miglani, of NZ Mortgages.
The other driving factor, and one no-one seems to be talking about it, is the Kāinga Ora First Home Partner scheme, he adds.
“A shared ownership pathway to help aspiring first-home buyers, that essentially provides a $200,000 interest free loan for up to 15 years.
“With the grant up to $775,000 for new builds and $575,000 for existing properties there is huge scope on offer, particularly in Christchurch where the average house continues to sit under $650,000.
“Requiring first home buyers to only have a 5% deposit, it is an initiative that we highly endorse.
“As is the 1% interest charge for an electric vehicle purchase from most major banks – for those looking to make a positive change to their environmental impact with a hybrid, or electric vehicle this is a great option to explore.
“We are turning the corner into a more promising market for us all,” says Nathan.
