Property · Building · Design
With the international situation complex and volatile, global inflation is at its highest since 2008, forcing central banks in many countries to step up countermeasures to "turn off the money tap":
Westpac New Zealand chief economist Michael Gordon recently forecast that the Official Cash Rate (OCR) would reach 3.5% by the end of this year. As recently as early October last year, the OCR was still 0.25%; it has now surged to 1.50%
Last month, New Zealand media outlet Stuff reported a contractual dispute between a buyer and an Auckland building company following the completion of a new home in Glenbrook, Auckland.
The New Zealand Government announced major good news yesterday: from 11:59 pm on 31 July, New Zealand's border will fully reopen after more than two years of the pandemic. This means the following groups will pour into New Zealand.
This morning, several mortgage brokerages received an official letter from BNZ advising that its debt-to-income (DTI) lending restrictions had been removed with immediate effect.
As reported in YIJU New Zealand's article of 4 May (click to read), although the housing sales market remains subdued, new home approvals show no signs of slowing. The latest Stats NZ figures show that building consents were issued for a record 5303 new homes in March this year, up 26% on the same period last year and the highest level of the year.
A range of property figures for April 2022 has recently been released. As the Reserve Bank of New Zealand's OCR and mortgage interest rates continue to rise, subtle changes appear to be quietly taking place in New Zealand's property market...
What should a hands-off entrepreneur operating across borders do when faced with a tricky funding problem? The answer is so simple you may find it hard to believe. We will keep you guessing for now and first hear a true story from finance expert and former government investment officer Vicky Xi.
For Plaxo Mortgages, the past fifteen years have been a journey through changing seasons, overcoming obstacles and moving forward through innovation. They have also been remarkable years of weathering storms together, working side by side and building a shared future.
According to Trade Me's latest Rental Price Index, the national median weekly rent in March rose 7% year on year to NZ$575. This was almost on a par with New Zealand's annual inflation rate of 6.9%, a 30-year high.
A recent OneRoof survey conducted with ConsumerLink asked 1000 New Zealanders about mortgages, with 73% saying it was now too difficult to secure a home loan. Most groups surveyed had a negative view of applying for a mortgage. For example, 79% of non-homeowners said the application process was too difficult.
First, we need to understand that as the official cash rate (OCR) and mortgage rates have risen recently, the test rates banks use to assess applicants’ ability to repay have also increased. If the OCR and lending rates continue to change, stress-test rates will change with them.