Guess who’s been voted the #1 international business – again!
Today we’re going to do a little trumpet blowing along with our usual monthly market update.
Still the number one team in Australasia
More than 400 Loan Market brokers were just at the international conference in the Gold Coast, and I am proud to be part of the team that was awarded the number one International Loan Market Business Award again this year. Our team was led by Bruce Patten, and obviously we couldn’t be more pleased with the result.
What made me even more proud was that our admin team (who looks after you on a day-to-day basis), also took out the number one international admin team of the year. They’re a real asset to our business and a testament to our belief in providing you with great service.
On the back of that I need to apologise to our new and existing clients for the current delays in response times. All the banks are currently running more than 5 days behind with their service levels and naturally that impacts our delivery times to our clients.
What is the new 30%, deposit rule?
In anticipation of the 1 October 2015 deadline (which has now been pushed out to the 1st of November 2015), all of the banks have now imposed a 30%, deposit rule for investment properties in Auckland. That means if you want the banks to give you approval for an investment property, then you’ll need a 30%, deposit in either cash or available equity. If you have any questions about this then give me a call.
Get 80%, funding for investment properties
Did you know that non-bank lenders can offer very reasonable interest rates on Auckland properties? Please get in touch if you need 80%, funding and would like to find out more information about that.
Offshore buyers face tougher rules
Our economy is slowing, but house prices remain firm in several parts of the country. This may be partly due to some offshore buyers getting in quickly, before the rule changes that come in to force on 1 October this year. Buyers will need to have a New Zealand bank account and an IRD number. It is quite difficult to open a bank account in this country, as you need three different pieces of identification. It will be interesting to see what effect these new rules have on the property markets. We are in a very good position to help clients with this process and if you or any of your family or friend needs help just give me a call or send an e-mail.
ANZ’s view of the current economy
Persistently low inflation and looming commodity price headwinds have prompted a lower OCR, and we now expect the RBNZ to unwind all of 2014’s 100bps of hikes. But while activity growth is softening, we are not writing off the economy just yet. Support remains from accommodative financial conditions, the construction sector pipeline, and booming net migration. This is a deceleration in growth, not a full-blown downturn – yet. The risks of the latter eventuating reside offshore.
For specific advice as to what you should do with your mortgage please do get in contact as we can assist you with some advice.
As always give me a call if you have any questions in regards to rates or investment.
0211 9444 24