The Mortgage Man - A podcast for everyone with or wanting a mortgage

By Aaron Cattell (The Mortgage Man)Education How To

The Mortgage Man - A podcast for everyone with or wanting a mortgage episodes

June 10, 2022 #33 - Buying With Family; 3 Ways They Can Help.
Having friends and family is great.

Especially when they can help you buy a home.

But how?

In this podcast, we cover three ways that your nearest & dearest can help you buy depending on if you need help with your deposit, the income side of things, or both.

These are
1. A guarantor
2. A Gift
3. More people

Ultimately everyone's situation is different and having a First Home Buyer Expert like us figure out your current situation and what needs to happen to get you into your first home is the next step forward. [email protected] is that next step.
14 min
June 03, 2022 #32 Are New Builds Still A Good Buy For First Home Buyers?
We are hearing a lot of headlines about the struggles of builders, new builds, and the cost of living.

All this adds up to the end buyer to represent extra risk - that is an extra risk for you.

Is a new build still worth looking at for a first home purchase?

Yes!

But; you just need to be a little more careful with your due diligence. Not only on the land and the area and the plans but also on the builder and the developer.

So how do you do that? And what other things can you work on to help reduce this apparent risk?

Listen to Chris & I as we talk about
- How to find a good project
- Why banks are going to want you to buy a new build (and reward you for doing so)
- Sunset Clauses

And more..
18 min
May 27, 2022 #31 - After Pay, Lay Buys & Your Mortgage Chances
Believe it or not - the buy now pay later facilities are debt and need to be treated as such when applying for a mortgage.

We see some people manage these well and others manage them not so well.

Like any debt, if you have too many and miss payments - it's unlikely you will be given a mortgage.

But if you are paying them on time then your chances are better.

The bank likes to see that you are living within your means. Spending money you actually have.

If you have all of these accounts are you managing your money wisely?

If you want to max out your borrowing capacity then all of these need to be paid off and closed.

If you are going to keep them open then they need to be put on the debt side of your application form.

Simple as that!

Or is it?

Chris & I recorded a podcast to summarize and explain what other things you should know about these tricky buggars.
10 min
May 20, 2022#30 - Big Changes For The 1st Home Buyer Grant; What Were They?
The home start grant is free money given by the government, this was in the past quite hard to meet the eligibility criteria as there were very low price caps you had to buy the property for, and you had to earn under a certain amount to be able to get the free money. (up to $20k per couple)

Yes, free money!!

But now those criteria have changed to be a bit more realistic.

For example;
Income requirements
In the 12 months before you apply, you must have earned:
$95,000 or less before tax for an individual buyer (up $10k)

$150,000 or less before tax for an individual buyer with one or more dependents

$150,000 or less before tax for 2 or more buyers, regardless of the number of dependants (up $15k)
Price House Cap Changes (you need to buy a property under this price to get the free $$$)

This is specific for each region so listen up to this podcast to understand what they are and what they mean for you.

If you now have a 10% and think it's time to check if you can get pre-approval with us then fill this in and we will call you back if we think we can help.
13 min
May 05, 2022 #29- Renting For $650/wk Doesn't Mean You Can Afford A Mortgage At The Same Cost; Here's Why
A lot of people tell us that they think the bank should give them a mortgage because they figured out that the repayments are around the same as their current rent payments.

However, it's not that simple.

The bank is going to give you 100,000's of $$$ so want to be pretty certain that you can pay it back.

This means that they test your mortgage at a higher interest rate (just in case), they add in other expenses, and still want to see you can save a bit of money.

So what can you actually do to show the bank you can afford a mortgage?

Listen to the podcast and it will tell you all of our secrets.

Questions? [email protected]

9 min
May 05, 2022 #28 - Student Loans; How Do They Effect For 1st Home Chances?
Out of all the debt you could have; student loans are probably one of the best.

However, this doesn't get ignored when applying for a mortgage.

Just like with other expenses, this needs to be added into the expenses part of your home application.

The good thing is that it's taken as a % of your income, so doesn't really matter how big or small the loan is.

However, if you are wanting to maximize your borrowing capacity and your student loan is quite small then paying this off could make a big difference.

Having a broker test different options for you is the best way to go.

So here is what you got to do.

1. Listen to this podcast
2. Tell your friends
3. Click this link to fill in our basic form to see if we can help
4. Wait for our call or email.

11 min
April 22, 2022 #27 How High Will Interest Rates Go? Should You Wait To Buy?
Inflation is up, so as a bid to control this the OCR is creeping up too.

What does this mean?

Higher interest rates on loans.

Mortgage costs are usually one of the biggest expenses in a household so by making a mortgage more expensive the theory is that people will have less spare money to spend on goods and services so the prices of those things don't go up as fast.

So how high will rates go and should you panic?

Historical data suggests the max will be a 1-year rate of 7%. However, this will only be temporary if it does go that high.

Should you wait to buy?

As long as you can afford a mortgage at that level of 7% (which is what the banks test your mortgage at) then you should be fine as long as your situation doesn't change dramatically (ie have a baby).

If the bank says "yes" then you should take comfort in the fact that the guys giving you money are confident you can pay it back, but what if you can't?

Even if you do miss a few mortgage payments it is an absolute last resort for your bank to take back your house and sell it as a mortgagee sale.

This podcast episode explains exactly what to look out for, and how you can make the most of the deals in this current buyers market.

Need help? [email protected]
15 min
April 12, 2022 #26 - Registered Valuations; When You Need One
If you are a first home buyer with less than a 20% deposit then this is something that you need to get during part of the due diligence process.

Today- Ant & I discuss what these are; when you need them and how long they will take.

Plus, what happens if the value comes back lower than the price of the house? Does that mean the purchase falls over? Or are there other options available?

Got questions? Reach out at [email protected]
16 min
April 07, 2022 #25; First Home Buyers; Pay Down Debt Or Top Up Deposit?
If you have extra money should you use it to pay down your short-term debt or save more to get a bigger deposit?

The annoying and unhelpful answer that most people will tell you is "it depends"

And it truly does depend - but we want to be a bit more helpful than just giving you a useless answer.

First off, the three of us recorded a podcast around this topic so listen to that here when you have a chance (it's only 15mins long).

But to get to the original question it would depend on a few different situations on whether paying down debt or saving a bigger deposit was best, but ultimately we are just trying to make the numbers on the bank calculators add up.

So if you already have quite a big deposit, it might be best to pay down the debt with any spare money.

If you only have a bit of debt and just need a little bit more deposit to get you to the 10% mark then focusing on getting that deposit up should be where the spare money goes.

Or maybe you are a high-income earner and having a bit of debt and a small deposit isn't going to matter much and we would still be able to get you approved for a mortgage.

Another thing to think about is if you were to get a gift from a family member - is that better to add to the deposit or pay off debt?

A few different scenarios - hopefully, you can identify with one of them - but again we are the experts, and these kinds of questions are exactly why you have a mortgage broker.

Wanna chat; click here
14 min
March 10, 2022 #24 The KiwiSaver Guide; Updated.
For some of you, this will be the first (of many) podcasts episodes that you will listen to.

You've probably downloaded our Free KiwiSaver Guide and instead of wanting to read it, you would rather listen to it on your way to work.

So here you go; 13 minutes of gold to give you the basics of how KiwiSaver in NZ can help you buy your first home much sooner.

Your next step, get free individual advice from one of our KiwiSaver advisers; express your interest here and we will call you back or email us at [email protected]

Ps If you want to download the guide do so here
14 min