Refixing your mortgage is a key opportunity to review your loan and potentially save money — but timing matters. What Does Refixing Mean? Refixing is when you choose a new interest rate at the end of your current fixed term. When Should You Start Thinking About It? Ideally, start reviewing your options 60–90 days before your fixed term ends. This…
Choosing between fixed and floating mortgage rates is one of the most important decisions you’ll make when setting up your home loan. What Is a Fixed Rate? A fixed rate means your interest rate stays the same for a set period (e.g. 1–5 years).Pros: Cons: What Is a Floating Rate? A floating rate can change at any time based on…
One of the most common questions from buyers is: how long will it take to get my mortgage approved? Typical Timeframes These timeframes can vary depending on the lender and how prepared you are. What Affects Approval Time? 1. Completeness of Your ApplicationMissing documents can slow things down significantly. 2. Complexity of Your SituationSelf-employed applicants or those with multiple income…
If you’re serious about buying a home, mortgage pre-approval should be one of your first steps. What Is Pre-Approval? Mortgage pre-approval is when a lender assesses your financial situation and gives you an indication of how much they’re willing to lend — before you’ve found a property. Why It Matters 1. You Know Your BudgetPre-approval gives you a clear price…
Buying your first home is exciting — but it can also feel overwhelming. Having a clear checklist can make the process much smoother and improve your chances of mortgage approval. 1. Know Your Budget Start by understanding how much you can realistically afford. Consider: A mortgage adviser can help estimate your borrowing power early on. 2. Build Your Deposit Most…
One of the biggest questions for aspiring homeowners in New Zealand is simple: how much deposit do I actually need? The answer isn’t always straightforward, but understanding the basics can help you plan with confidence. The Standard 20% Deposit Traditionally, most banks prefer a 20% deposit. This means if you’re buying a $700,000 home, you’d need $140,000 upfront. Having a…
We Are Regulated Financial Advisors As a mortgage advisor we are regulated to give financial advice. We have qualifications in place and operate under a license which allows us to give advice on what we believe works best for you (the client). Many of the bank staff are not registered financial advisors. They will often hand you bulky economic reports…
Kia ora! Let’s unpack the OCR — what it is, why it matters, and how it affects your mortgage and savings. 1. The OCR: Our economic steering wheel 2. How the OCR shapes interest rates When the RBNZ adjusts the OCR, it changes the cost of funds for banks. Here’s how that ripples out: 3. Why the RBNZ adjusts the…
Refinancing your mortgage can be a strategic move to enhance your financial situation. Whether you’re aiming to reduce monthly payments, access home equity, or secure a better interest rate, refinancing offers various benefits. However, it’s essential to weigh these advantages against potential costs. Here’s a comprehensive guide to help you decide if refinancing is the right choice for you. 1.…
Buying a home in Wellington is an exciting milestone, but navigating the home loan process can feel overwhelming—especially for first-time buyers. From mortgage pre-approval to securing the best loan, there are several key steps to follow. At Lendal Mortgages, we’re here to make the process easier. As a trusted home loan advisor in Wellington, we work with first-home buyers, property…
When you’re hunting for the right home loan, one of the biggest decisions you’ll face is whether to go with a fixed or floating mortgage rate. Both options have their pros and cons, and the right choice will depend on your financial situation, risk tolerance, and future plans. In this guide, we’ll break down the differences between fixed and floating…
For self-employed individuals in New Zealand, securing a mortgage can feel like an uphill battle. Without the steady, regular income associated with salaried jobs, self-employed borrowers often face stricter lending criteria and more extensive documentation requirements. However, with the right preparation and approach, it is entirely possible to obtain a home loan that meets your needs. This article provides practical…
Highlights from the August 2024 Commerce Commission Report on New Zealand Banks In August 2024, New Zealand’s Commerce Commission released a comprehensive report on the country’s banking sector that’s set to shape the future of financial services in the region. This report, the culmination of extensive investigations and consultations, delves into critical issues affecting the banking industry and offers recommendations…
Are you currently in the market for a new home but feeling overwhelmed by the mortgage loan process? Navigating the world of mortgages can be complex and time-consuming, especially if you’re not familiar with the industry. Finding the right mortgage product that suits your needs can make a significant difference in your financial future. This is where a mortgage advisor…
National are calling the 2022 Budget delivered by Grant Robertson recently as the band-aid budget. And while the budget had many talking points there is one big win for first home owners! Via Kainga Ora and participating banks there was a product called “The First Home Loan”, which potentially to approved applicants allows you to purchase your first home with…