If you live in New Zealand, you will undoubtedly be aware of the recent announcement by The Reserve Bank aimed at “cooling the housing market”.
Fearful of a “housing bubble”, The Reserve Bank is forging ahead with controversial restrictions on home loans, which will dramatically reduce the number of high loan-to-value (LVR) loans, making it significantly more difficult to obtain a mortgage with a deposit of less than 20 per cent.
What does this mean for you?
First home buyers will potentially have to save longer and harder before looking at acquiring their slice of NZ paradise.
If you are in the midst of making your first property investment, now is the time to buy. Don’t delay, and talk to your mortgage broker, bank, or financial advisor about taking action now, before the hikes are enforced.
Although Nelson’s real estate market is buoyant, there are still properties which are perfect for first home buyers. The secret is to build a relationship with a credible agent, who can notify you when the right one hits the market – because the good ones are getting snapped up quickly.
They say there is no time like the present, and if ever there was an moment to embrace that mantra it is now.
Don’t let your dream pass you by – contact me today to find out how I can help you to fulfill yours.
Ph: 03 5487705