New Home Building Consents Continue to Decline, Reaching Record Lows
Key Facts Number of building consents for new homes in April: 2926. Consents for new apartments particularly low with just 98 units last month. Building consents for new dwellings have…
Rising Personal Debt Forcing Most Families Out of Rent-to-Own Housing Schemes
Key Facts Increasing levels of personal debt are barring people from rent-to-own housing schemes like those offered by Habitat for Humanity. Habitat for Humanity’s affordable housing schemes do not require…
Banks Increase Lending to First Home Buyers with Low Deposits Despite Risks
Key Facts Banks are lending more to first home buyers with less than a 20% deposit. Average mortgage for first home buyers with at least a 20% deposit in April:…
Debt-to-Income Restrictions Set to Tighten Mortgage Access for Borrowers and Investors
Key Facts Debt to income restrictions may make it more challenging for some people to qualify for a mortgage. CoreLogic’s report indicates first-time buyers with the ability to service a…
New Zealand Mortgage Market Faces Higher Rates and Evolving Lending Rules
Key Facts Total lending rose to $5.9bn in April, marking the eighth increase over the past nine months. Interest-only lending constitutes 15% for owner-occupiers and 30-35% for investors. Average loan…
Potential Budget Concerns and Reserve Bank Decisions That Could Lead to Increased Mortgage Costs
Key Facts The proposed government policy changes could have led to increased mortgage bills for home owners and property investors in New Zealand. Concerns were raised over potential inflationary pressures…
Rental Property Investment Challenges Rising for NZ “Mum and Dad” Investors Amid Market Pressure
Key Facts “Mum and Dad” investors are struggling with rental property ownership as the gap between rent returns and mortgage costs are resulting in weekly top-ups of $350-$450 required to…
Mortgage Brokers Stunned as Government Cancels First Home Grant: Impact on Buyers
Key Facts The New Zealand government has eliminated the First Home Grant, surprising most prospective homeowners. Mortgage brokers are now facing a rise in customer inquisitions following this unexpected development.…
RBNZ Holds Cash Rate Steady at 5.50% Amid Inflation Concerns and Potential for Future Hikes
Key Facts The Reserve Bank of New Zealand (RBNZ) has left the Official Cash Rate (OCR) unchanged at 5.50%. The RBNZ expressed concern over the slow decline in domestic inflation.…
Forecast Predicts House Prices In New Zealand Not To Revert To 2021 Peak Until After 2029
Key Facts New Zealand house prices will not return to their 2021 peak until sometime after 2029, according to forecasts. This prediction comes amidst the efforts of the Reserve Bank…
BNZ Economists Downgrade Aggressive House Price Increase Forecast to Just 2% by 2024
Key Facts BNZ economists have revised their housing market predictions for New Zealand, expecting house prices to increase just 2% over the next three years. This forecast is significantly more…
Government Ends First Home Grant Scheme Amid Calls for More Housing Solutions
Key Facts Government is scrapping the first home grant scheme. Kāinga Ora will no longer accept new applications for the grant. First home loan scheme will remain, allowing purchases with…
Auckland’s New Home Construction Rate Expected to Drop by Over 25% in Next Two Years
Key Facts The number of new homes being built in Auckland is likely to decline by more than 25% over the next two years. The decline is being attributed to…
Small NZ Bank Offers Lowest One-Year Mortgage Rate, But Optimal Conditions Apply
Key Facts SBS Bank has cut its one-year interest rate for first-time home buyers to 6.14%, which is at least 1% lower than other banks’ current rates. This rate is…
Surge of New Homes Entering the Market Causes Concern for Developers in South Auckland
Key Facts A recent surge in newly built homes is raising worries among local developers in South Auckland. Experts predict that the market could be flooded with properties. The number…
NZ Housing Market Favors Buyers as Resale Profits Dip and Interest Rates Fall
Key Facts The proportion of properties resold for more than their original purchase price has slightly decreased to 92.9% in Q1 of 2024 compared to the previous quarter’s 93.5%. Sellers…
ASB Joins BNZ and Kiwibank in Cutting Mortgage Rates Amid Lower Inflation Expectations
Key Facts ASB has cut its longer-term mortgage rates, following a prior reduction in short-term rates. The three-year term rate has been reduced by 26 basis points, and the four-year…
Kiwibank and BNZ Join ASB in Slashing Mortgage Rates Amidst Expected Decrease in Inflation
Key Facts BNZ and Kiwibank have followed ASB in cutting their home loan rates. BNZ has cut its six-month and one-year terms by between 5 and 10 basis points, with…