How to maximise your chances of mortgage approval The CCCFA (Credit Contracts and Consumer Finance Act) only came into force in December, and the credit crunch is already starting to bite. The legislation aims to protect vulnerable borrowers from loan sharks and requires lenders to scrutinise applicants’ financial history more closely. However, many home loan seekers have found themselves rejected by the banks. The latest data shows the proportion of successful home loan applications has dropped from 36% to 30%. According to media reports, grounds for refusal include too much spending on takeaways and Christmas shopping. The good news is that you can take action to improve your prospects even in a tightened lending environment. Here are some tips to give you the best chance of approval. CLICK FOR MORE
Property market showing signs of recovery - what could this mean for buyers? The first faint signs that the Kiwi property market is cooling have emerged, with good news predicted for property buyers. The number of homes for sale is back to pre-COVID 2019 levels according to realestate.co.nz but asking prices in some key centres have begun to dip. The latest data from the website says more than 23,000 homes are now on the market – the first time it’s hit this level since June 2019. The housing stock in February increased 47% year-on-year. Just 12 months ago, Kiwi buyers had around 7,500 fewer homes to choose from. And just six months ago, the number of homes for sale was 12,249 – a 15-year low. CLICK FOR MORE
