Some Tips from Mortgage Brokers, My Money

If you are in the market for a mortgage to finance buying a property, now is a good time to take advantage of the very low rates, and the My Money team say it is a great time to consider locking in some options to take advantage of these rates. Breaking and re-fixing loans is a hot topic, and customers need good advice on what to do.

This is where My Money can really add value by demonstrating with powerful software how to manage your money better and repay the mortgage faster, without compromising your lifestyle. It’s not the rate you pay but the rate you pay it off that really matters. However, you need to keep in mind that every situation is different and it’s a good idea to sit down with an experienced mortgage broker to go through the pros and cons of breaking your mortgage.

New legal guidelines around the financing of residential property purchases came into effect in 2015 with notable changes in buyer behavior in the auction rooms. My Money offer a quick summary of the buying and selling changes, with first up, property investors in Auckland (residential only) will be required to have a deposit of 30% or more, and a New Zealand IRD number as well as a tax ID number for non-resident buyers and sellers will be required as part of the land transfer process. Gains from residential investment properties sold within two years of purchase will be taxed. This rule doesn’t apply if the property is the seller’s main home, inherited from a deceased estate or transferred as part of a relationship property settlement.

These measures were put in place to take some of the heat out of the housing market in Auckland, and they seem to be working. With strong industry relationships and nearly 10 years experience as Auckland Mortgage Brokers, My Money are known for getting results where others can’t, and for more information on mortgage broker Auckland, new arrival buying house and bridging finance please go to http://mymoney.net.nz/ .