Homebuyers will need $200,000 more to purchase a property than a year before in New Zealand.
Hayman Lawyers, specialist conveyancing lawyers in Wellington, are warning first home buyers and investors to prepare well for this increase and understand what this might mean to their mortgage and deposit rates. The rise in prices is coming as the demand for houses is still much greater than the supply in many regions across the country, with five areas hitting a record high median price.
During these times, it becomes especially important to have an experienced property lawyer on your side to get you to understand the requirements for buying your first home, especially as the government has recently announced a change to the bright-line test and removed investors’ ability to offset their home loan interest cost against their rental income.
So, if you are a first home buyer who is actively looking for a new place, make sure you get in touch with a property lawyer to make your purchase more straightforward.
Hayman Lawyers offer their legal services in property, business, employment law, trusts, wills and disputes. The Wellington-based legal practice creates strong relationships with clients and is entirely focused on finding the greatest solution for our clients. If you would like to get legal advice on your property purchase, contact us!
For more information, visit our website at https://haymanlawyers.co.nz/.