🏠 Every day, there seems to be another headline of a bank lowering their interest rates. Now could be the best time to refinance any high interest lending you have to not only take advantage of lower repayments but lock in great rates for the next couple of years. Like the property cycle, interest rates also have their cycle, and we may be coming to the end of the current cycle.

🏠 Have you heard about the Kāinga Ora First Home Loan? Friends of ours recently purchased their first home utilising this facility, which is offered by several banks and requires only a 5% deposit. One of the conditions of the loan was that the property was only allowed to have a maximum of $8,000 in repair work. Quotes of any problems identified in the builder’s report had to be obtained from licensed builders, and the bank had to assess whether our friends could afford the repair work.

🏠 Adding a minor dwelling, such as a cabin, is becoming more and more popular as the cost of housing affordability increases. Whether you want home office space, a play area for children, a spare room for when guests come to stay or to run a business from, they provide great flexibility. Even if the minor dwelling is under the required size needed for a resource consent, some other compliance issues that may need consideration are around the quality of the building workmanship, the use of some alarms, distance from neighbouring fences, hours of use, and what foundation is used.

Note: The above comments are for general information purposes only and do not constitute financial advice. We recommend consulting a registered financial advisor when considering your mortgage options.