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Tightening of credit availability making it tougher for home buyers to get loans – mortgage survey

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November 1, 2021

Source: Press Release Service – Auckland

Auckland, November 1, 2021. Those in the market to buy a new home may have a tougher time getting a mortgage approved, a latest mortgage survey shows.

Feedback from an October survey of 60 nationwide mortgage advisers by Tony Alexander and mortgages.co.nz shows banks are still willing to lend money – but their assessment of how much money can be borrowed is getting tougher. That includes how they view income, expenses, spare monthly cash – and deposit size. Independent economist, Tony Alexander, and mortgages.co.nz collaborate to run a monthly survey of mortgage advisors around the country. Here’s a summary of findings reported in October 2021.

Highlights
• New lending rules make it much harder for first home and low equity borrowers
• Investor interest continues to decline, but may be sustained by construction growth
• Willingness to lend continues to be strong for standard mortgages
• Three-year fixed interest rates are now the most popular by far

A slight decrease in first home buyer enquiries this month
With Auckland still under Level 3 restrictions, the overall decline in first home buyer interest continues. However, it has almost stabilised with only a net 2% of respondents seeing a further decrease this month. The expected increase as lockdowns lift will be more restrained than last year with tighter lending rules, higher interest rates and a growing possibility of overseas travel.

Investor enquiries continue to decline
A net 39% of mortgage advisors saw fewer enquiries this month than in August. While this is less pessimistic than the previous month, the impact of the 23 March announcement clearly continues. Rising interest rates may well see this negative trend continue for quite some time, despite easing lockdowns. However, growth in construction and less development restriction in our largest cities are likely to keep investors in the market.

Refinancing enquiries continue to grow
A month-on-month increase in requests for refinancing advice continues, albeit at a steadily declining rate since the sudden jump in June. This ongoing activity is likely driven by the increasing interest rates. Refinancing activity may be further sustained as investors sell one or two properties to reduce debt or switch to other assets.

Willingness to lend remains positive
Despite reports of tighter lending criteria around borrowers’ finances, mortgage advisors are reporting there is still a good willingness to provide mortgages. This is reassuring, given the changes underway to limit growth in house prices, such as tax changes and increasing supply.

Preference for a three-year fixed mortgage continues to grow
Seventy-seven percent of respondents said most people want a three-year fixed interest rate, up from 57% last month. This may be due to recent inflation numbers being higher than expected and the Reserve Bank raising the official cash rate from 0.25% to 0.5%, which signalled the beginning of a longer-term focus. There’s still some interest in the two-year term, but preference for the one-year term is now almost non-existent.

Regional observations
Here’s a selection of the general comments made by mortgage advisors who responded to the monthly survey questions.

Northland
• The Whangarei market is still very active with regular sales in the $1m+ category, despite 11 days of Level 3 restrictions this month
• It’s challenging for first home buyers, but opportunities still exist

Auckland
• There has been an increase in Aucklanders wanting to buy outside the region
• More first home buyer enquiries have been prompted by their landlord selling
• A large number of recent policy changes has created differences between banks, which buyers aren’t aware of so they tend to give up after being declined by one lender
• The less-than-ideal hardship application process is the only option for financially struggling borrowers now that interest-only and mortgage holidays are no longer available
• Fear of missing out is still strong, but is increasingly being replaced with ‘can I afford the payments?’
• Construction finance requirements are tougher, as banks try to minimise time from approval to completion and are wary of construction costs
• Changes to the Credit Contracts and Consumer Finance Act (CCCFA) are impacting sensible credit decisions, delaying credit approval times and creating inconsistent decisions
• At least one main bank is pulling back on mortgage top-ups for funding deposits for non-bank investment property mortgages
• Many buyers say open homes in Level 3 are a nightmare, so they’ll wait until Level 2

Bay of Plenty
• The market is still very busy and prices continue to climb
• There’s a very limited supply of sections
• CCCFA changes are making lenders very cautious, cutting out first home buyers and making owners reluctant to sell as buying will be more difficult
• CCCFA changes mean buyers have to show a mortgage is affordable while maintaining existing living standards, so the traditional Kiwi approach of ‘pay the mortgage and adjust to survive on the rest’ is gone
• One lender is applying a debt-to-income calculation to every application

Waikato
• No banks are offering high LVR lending to new customers, only existing ones
• One-year fixed borrowers are breaking and re-fixing for three

Hawke’s Bay
• The CCCFA changes are causing delays to standard approvals due to amount of information now required
• There’s an increased focus on applicants’ monthly expenses and ability to service a loan

Wellington
• Monthly expenses are being looked at in fine detail and discretionary spending costs are being counted as normal expenses
• Lenders are following new CCCFA policy to the letter and not looking at the big picture using common sense
• Some self-employed people with no debt and a healthy deposit are now having their business debt, including Covid-19 assistance and business vehicle debt, treated as personal debt, so they are no longer able to get a home loan
• Pre-approvals are being reassessed under new rules and there is a looming issue of expiring approvals no longer meeting new debt servicing requirements, particularly with construction loans
• Life is difficult for buyers with an ongoing lack of houses for sale, and a chance of pre-approved loans being reassessed and reduced unless buyers can settle in near future
• More people are seeking finance to renovate or add smaller self-contained units to their properties without subdividing
• Some banks now want a registered valuation on almost every new mortgage deal, regardless of loan-to-value ratios, which may be helping them with the new capital requirements that are coming up

Nelson/Tasman
• Pre-approved low-deposit first home buyers are struggling to find a suitable home that’s similar to the nice home they’re renting, and they’re not always willing to compromise
• Some couples are moving to Christchurch where homes are more affordable

Canterbury
• Low equity borrowing is almost impossible to get unless buyers meet Kāinga Ora criteria
• Lenders seem to have little appetite for less-than-20% deposit loans for existing properties
• Short-term consumer debt, like Afterpay and Laybuy, needs to be closed for first home buyer or low deposit loans
• First Home Grant price caps almost never work in the current market
• One of the biggest changes, a 150% increase in the required uncommitted monthly income after all regular expenses (UMI), is mainly affecting first home buyers and seems to be due to the Reserve Bank restricting loans to people with less than 20% deposit
• House prices are so high it is hard for first home buyers to buy without help from their parents, as very few qualify for the First Home Grant
• People who previously had loan approval and have committed to new-build homes are now worried they may no longer meet the servicing requirement when they come to settle on their purchase

Dunedin
• It’s now much harder for first home buyers to get a loan with less than 20% deposit
• Approval time is still a big issue with lenders taking 10 or more working days; if they email a question it adds another three days

To learn more
Visit mortgages.co.nz to read or download the free full survey report including graphs. https://mortgages.co.nz/mortgages-co-nz-tony-alexander-mortgage-advisers-survey-october-2021/

About Mortgages.co.nz
mortgages.co.nz has been created to help Kiwi’s looking for home loan information online. The free content available in the learning centre, accompanied by our calculators and advertised rates, will help you to understand the different mortgages available for consideration. mortgages.co.nz is completely independent from any of the lenders and is proudly 100% New Zealand owned and operated.

About Tony Alexander
Tony has been working as an economist in New Zealand since returning from Sydney in 1987. He worked first for Westpac, followed by a share broking firm. Then he spent 26 years with BNZ, with almost 25 years as their Chief Economist. Tony’s focus has always been on translating developments and trends in the economics sphere into words that people can understand.

Mortgages.co.nz and Tony work together on a monthly survey of mortgage advisors. This provides a unique perspective on housing sector developments and, particularly, changes in bank lending rates and policies.

Media Release on 1 November 2021

Media Contact
Marcus Phillips, Mortgages.co.nz
Email: marcus@mortgages.co.nz
Phone: 0272509416
Website: https://mortgages.co.nz/

Wilderness Celebrates Covid-19 Local Community Heroes with a Free Luxury Motorhome Road Trip

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November 1, 2021

Source: Press Release Service

As New Zealand continues to soldier through the Covid-19 restrictions, Wilderness Motorhomes are taking a moment to celebrate deserving Kiwis with their Nominate a Community Hero campaign. They are giving away a road trip in one of their luxury motorhomes to someone who has made a real difference in their community over the past year.

The campaign will acknowledge and reward those who have stepped up to provide support to their struggling neighbours in the time of Covid-19. From sharing food parcels and shopping duties to creating new social enterprises to reach others in need, our community heroes are the best of us and deserve recognition.

“The pandemic has been so tough on people young and old from all corners of New Zealand. Kind and generous Kiwis have stepped up to help their neighbours and to bring a bit of sunshine during the tough times. While most of these people don’t think of themselves as heroes, we do. And it’s important to acknowledge what a difference they make – in whatever small ways they can” said Wilderness marketing director, Mary Hamilton .

Kiwis are invited to nominate their chosen heroes and share their stories. Wilderness would like to hear about what the nominee did for their community, what motivated them to do this and what challenges they overcame to achieve this. When the campaign concludes, these stories will be shared across various online channels to recognise the extraordinary efforts made by ordinary Kiwis during this tough time.

One lucky nominee will win a week-long trip in a luxury motorhome for two. The prize includes pick up in Auckland or Christchurch, full insurance, zero excess, road user charges, and all toll road charges. Their story will also be shared across various media channels to celebrate everything they’ve contributed to New Zealand.

Nominations can be made online at https://www.wilderness.co.nz/nominate-community-hero before 8 November 2021.

About Wilderness Motorhomes

https://www.wilderness.co.nz/ has been New Zealand’s leading luxury motorhome rental company since 2004. They are known for their unrivalled fleet of premium German motorhomes, for putting guests first and for delivering truly remarkable holidays.

Media Release on 1 November 2021

Media Contact
Arlene Tingson, Wilderness Motorhomes
Email: marketing@wilderness.co.nz
Phone: NZ 0508 945 337

New Satellite Internet Plans Cater to Working-From-Home Kiwis

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November 1, 2021

Source: Press Release Service

Satellite internet is essential for rural Kiwis who can’t access the same services and utilities available in towns and cities. In the past, the average satellite internet plan catered to casual users rather than those who must use the internet for working and schooling.

WOI is pleased to announce that it’s working hard to provide new satellite plants that match the increasing requirement for video calls for work and school from home. Alongside providing an upload speed increase to 10mbps so two people can conduct video meetings simultaneously, WOI has also created three plans to satisfy all satellite internet users.

According to spokesperson Richard Broadbridge, the three plans are in response to the new working and studying conditions COVID-19 has forced upon us.

“The WOI entry-level plan comes as a result of demand for a two-person plan for light users and is $30 cheaper than the previous 40/5 plan. We also offer family plans that promote connectivity of up to four devices and plans for heavy users and businesses for up to seven people. All of our plans offer unlimited data with set hours of SD and HD video streaming each month.”

WOI is also pleased to offer a phone service for $25 a month, with a landline working via a satellite integrated into landlines and mobiles in NZ. This service is available for $50 for the first month, then $25 per month onwards.

If you would like to know more about the special satellite internet deals WOI has to offer, or you’re interested in learning more about satellite internet in general, contact WOI Satellite today. Email sales@woi.co.nz or phone 0800 GET WOI.(438964)

About WOI
WOI is a satellite internet service provider offering Kiwis fibre-like internet speeds on small Kacific satellite antennas. WOI has over two decades of experience in designing and installing small and large networks, which means they understand what it takes to achieve fast internet and how to make sure rural Kiwis get it. To learn more about WOI and its services, visit www.woi.co.nz, or phone 0800 GET WOI.

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Media Release on 1 November 2021

Media Contact
Customer service, WOI Satellite Internet
Email: sales@woi.co.nz
Phone: 0800 GETWOI (438964)
Website: https://www.woi.co.nz/
Video: https://www.youtube.com/watch?v=dGCoNBAuzjQ

Convenient Consultation Service Now Available With Premium Jewellery and Diamond Stockist

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November 1, 2021

Source: Press Release Service

Traditionally, those in the market for new jewellery, engagement rings, and wedding rings could spend hours, if not days, browsing jewellery stores looking for the ‘perfect’ piece without knowing what they truly desire. Diamonds.co.nz is attempting to make that a problem of the past by ensuring those in the market for diamonds could access an exclusive service that helped them narrow down their options.

According to spokesperson name here, their ‘book a consultation’ service was designed to make jewellery buyers feel at ease in an unbiased and pressure-free environment when receiving help with the purchasing process.

“We know how daunting it can be to shop for jewellery in a store with other customers and salespeople when you’re not sure what you want or need extra help. By booking a consultation, we can talk about your options one-on-one, whether that includes trying on a full range of signature ring settings or looking at custom design options.”

Name here says that consultations are available at all COVID-19 alert levels, with modifications made to suit the current level.

“During alert levels three and four, we offer convenient virtual consultations. When we can open safely, we provide in-person consultations with diamond and jewellery experts at our Auckland CBD and Pukekohe locations for convenience.”

To book your consultation or learn more about what Diamonds.co.nz has to offer, visit www.diamonds.co.nz or phone 0800 88 88 37.

About Diamonds.co.nz
Diamonds.co.nz was founded by Paul Bunker GG GIA, who boasts close to four decades in the diamond and jewellery industry. Paul’s goal was to create a reputable and premier provider of online jewellery and diamonds at globally competitive prices. Now, Diamonds.co.nz is proud to offer their customers the best pricing while never compromising on quality.

Media Release on 1 November 2021

Media Contact
Claudia Rau, Diamonds.co.nz
Email: info@diamonds.co.nz
Phone: 0800 88 88 37
Website: https://www.diamonds.co.nz/

Green Cross Health Appoints New Medical Clinical Director Dr Stephanie Taylor

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October 29, 2021

Source: Press Release Service – New Zealand

Green Cross Health has appointed Dr Stephanie Taylor, a young but established leader as the new Clinical Director, Medical Division.

Dr Taylor brings the Group a wealth of experience and knowledge, and breadth of involvement in the health sector at a national level.

Dr Taylor is a Specialist General Practitioner and owner at St Heliers Medical in Auckland where she has practiced since 2004 and will continue patient consults as she is passionately committed to continuity of care with her patients. She has worked as a GP in both Wellington and South Auckland, been a Director of both ProCare Network Limited and ProCare Health Limited, is a Trustee for the mental health charity Voices of Hope, a clinical examiner for the Royal NZ College of General Practitioners, and a member of the NZMA General Practice Council.

In her new role as Clinical Director, she will provide clinical leadership and support to all practices and people across the 50-practice strong The Doctors network. Dr Taylor will partner with the General Manager Medical on executing strategic opportunities for the Medical Group.

Having an alignment in values and culture was an important part of Dr Taylor’s decision on choosing Green Cross Health.

“I am passionate about ensuring all New Zealanders have the right to good health and pleased that this is a vision held by Green Cross Health,” says Dr Taylor.

Dr Taylor believes that with general practice expecting changes following the Government’s Health and Disability Review, she is committed to meeting these challenges with optimism and sees this new role as a significant vehicle for making positive changes.

“I am concerned about the rising inequality in health care outcomes and growing rates of mental health and chronic illness. So, I’m looking forward to using my experience to make changes that are needed for the upcoming health reforms. I see the localities as a great opportunity for the Green Cross Health medical team to work with other Group divisions so that we can ensure that primary care best serves its communities.”

“During these uncertain times it’s really important that primary care has a strong representative who can support and represent each practice and their local communities so that this can help guide the strategic direction of Green Cross Health going forward.”

Tending to her patients and continuity of their healthcare is paramount for Dr Taylor, one of the reasons she will continue doing consults. Another reason is about ensuring her contribution in this new role is meaningful, based on her belief that only a practicing GP with ‘skin in the game’ can fully understand the practice environment, the clinical roles and profession, and the wider healthcare sector, especially in the current pandemic environment.

“Stephanie will be an asset to the development of our medical division. She brings a real desire to get out and meet our teams, hear from our doctors and clinical leaders, and to support making changes that improve outcomes for our patients,” says Wayne Woolrich, General Manager Medical at Green Cross Health.

“She has a real strategic drive and passion to lead change through opportunities within the health system review and commitment to improving health equity,” says Woolrich

Dr Taylor starts in the role on Monday 15 November.

Media Release on 29 October 2021

Media Contact
Rachell Jones, Green Cross Health
Email: rachell.jones@greencrosshealth.co.nz
Phone: 0272232267
Website: https://thedoctors.co.nz/

Whanganui Real Estate Start-Up Business Takes On Major Players

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October 27, 2021

Source: Press Release Service – New Zealand

A bold decision by Whanganui businessman and former district council candidate Steve Baron to start an online real estate magazine and property search engine has proved successful after only one year.

Baron’s business, WhanganuiMansions.co.nz has gone up against dominant players such as TradeMe, which was acquired by British private equity firm Apax partners for $2.56 billion in 2019.

“I’m really pleased with how the website has taken off,” says Baron.

“We get thousands of people visiting the site every month searching for a property to buy, and while we cannot compete with the millions that companies like TradeMe spend promoting themselves, we have found our niche by specialising in properties for sale in Whanganui, Waverley, Marton and Bulls.

“With some targeted social media advertising we have been able to attract people to our website — and being small allows us to be very nimble with our marketing.”

Baron sold real estate for several years after moving to Auckland in his early twenties. He went on to establish Baron Marketing Ltd which he ran successfully for more than 20 years, eventually selling the business and moving back to Whanganui where he was born and raised.

Whanganui Mansions uses state-of-the-art digital publishing software to produce a flip-book style real estate magazine published online every Friday at 12pm. The flip-book is created in pure HTML5 technology, works on all platforms and browsers and is tablet, laptop and mobile friendly.

“This was an idea I had for a long time after my previous marketing and real estate experience,” says Baron.

“When I approached local real estate agents with the idea, I received some very positive support from experienced agents such as Tim Hocquard from LJ Hooker.

“Not everyone was supportive, however — some people don’t like new ideas and saw us as a threat, while others thought the local real estate market was too small for another magazine.”

Baron adds: “In an age where technology has become a mainstay in our everyday lives, the future success of a start-up company comes down to determination and knowledge.

“While every real estate agency has its own magazine and website, Whanganui Mansions brings them all together in the same place and makes it easier for buyers to find what they are looking for. We promote all local agents listings in all price ranges — not just mansions.”

Instead of charging real estate agents and private sellers for listing their properties — as do companies like TradeMe — Whanganui Mansions lists them free of charge.

“The way we have been able to make a profit is from the strong support of a number of local businesses such as solicitors Treadwell Gordon, Morgans Property Advisors, Skelsey Plasterers and Stumpies stump grinding services who have all been with us from the start.

“Another of our foundation sponsors has been real estate agents Carol and Mike Lewis from Team Lewis Innovation Real Estate in the Rangitikei. They saw the value in raising their profile with feature advertising in the magazine and on the website.

“Now that we are starting to get traction, we are attracting other innovative agents like Kelly McKee from Arizto Real Estate which recently opened in Whanganui offering a flat-free service.”

*Established in 2020, whanganuimansions.co.nz is a free online real estate magazine promoting houses for sale in Whanganui, Waverley, Marton and Bulls. It is published every Friday at 12pm.

Media Release 27 October 2021.

Plastic valves in coffee bags successfully removed

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October 22, 2021

Source: Press Release Service – Auckland

New at Halo this week is a single origin, special aged Nepalese Everest Vintage 2018. These coffee beans are an incredibly rare and complex coffee from the single most northerly coffee plantation on the globe.

Top graded USDA organic certified beans are carefully aged in special storage conditions for 3 years before being uniquely crafted by our roasters to bring you a deep, full bodied coffee with rich spice undertones. Think about aging a red wine, the acidity lowers, and the flavours mature.

Aside from its pedigree as a Speciality Grade coffee, the Nepalese Everest Vintage 2018 is farmed on a USDA organic plot, managed ethically by one family and their team, and packaged in our pioneering fully home compostable boxed packaging.

The beans are packaged in a box made using recycled card, then wrapped in our special home compostable layer. We did away with the plastic valves too!

All coffee bags, even biodegradable ones, have a plastic valve in so customers can smell the coffee and any excess co2 can be released. We got rid of the valve and worked instead on packing our coffee at the right time so that any co2 from the roasting process is already released.

Amanda Jackson, owner of The Eco Coffee Store t/a Halo Coffee NZ, said:

“It’s really exciting releasing these rare beans here in New Zealand, even more so knowing that our farmers are paid directly and everything about the packaging is home compostable and earth friendly.

I started The Eco Coffee Store with an aim to learn more about zero waste, to find zero waste coffee options and reduce the amount of waste going to landfill/recycling plants, through Halo I’ve found this and more, initially with the World’s first fully home compostable capsules and packaging, and now with whole beans. Even without the bag valve the beans smell amazing!

In the future we will be able to have flights of different vintages, but 2018 is our first premium whole bean release.”

Runnersworld recently rated Halo as the best compostable coffee pod of 2021, saying: “If you like a quick, short coffee before you head off on your run, Halo’s compostable capsules are ideal. The coffee tastes like nutty chocolate, and has an impressively velvety texture. But best of all, the pods will break down in under a month.”

Nils Leonard, co-founder of Halo said: “The brands that consumers want now care about craft, about beauty, about perfection. But the brands that consumers truly love, care about all of these things without forsaking the World around them.”

The new premium whole beans are available directly from Halo NZ https://nz.halo.coffee/products/nepalese-everest-2018

Amanda Jackson t/a Halo Coffee NZ is a fully registered member of the Specialty Coffee Association and is a registered NZ Business, The Eco Coffee Store, NZBN 9429047709614, based on Auckland’s North Shore.

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Media Release on 22 October 2021

Media Contact
Amanda Jackson, Halo Coffee NZ
Email: amanda@halo.coffee
Phone: 021 242 1594
Website: https://nz.halo.coffee
Video: https://youtu.be/evM5BOJM764

Rare Specialty Grade Coffee That’s Eco Friendly

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October 22, 2021