New Zealand Summer means Beaches, Sand, BBQs and Great Family Outdoor Adventures. The New Zealand Election has just passed reflecting an amazing popularity for National Party and John Key Prime Minister for another 3 years.
As of September the New Zealand economy grew ahead of expectations as the fastest growth in the services sector for 7.5 years a great majority. The Reserve Bank has kept Official Cash Rate on hold (reflecting in the Variable Rate) after increasing if by 1% since April to calm the market down.
Since the NZ Reserve Bank restricted lending from NZ banks to 80%, requiring 20% deposit in October 2013, the market has less first home buyers and less property on the market.
The property market has still continued to be active in Auckland and Christchurch but a shortage of property on the market.
Rental demand will continue in these locations due to more young people not purchasing a property, increased people into New Zealand (many ex pats returning) and increase in immigration.
Job Opportunities - unemployment rate in September quarter was 6.4% (previous year 7.3%) and economists forecast it to fall further. Auckland median house price has increased 13.6% in the past 12 months up to 30 September 2013 to NZ$662,976 (QV report Sept 13) and the NZ average property has risen in the 12 months up to September 2013 8.4% to $452,535 (QV report Sept 13).
Remember there is No Stamp Duty and No Land Tax in New Zealand. NZ is so beautiful that many people look at "lifestyle" investment also.
Mary O’Brien sets out to help Irish people achieve a life’s ambition of owning property or investing in a great property asset ‘Downunder’.
Mary O’Brien is uniquely positioned to help the Irish obtain finance. Accredited with 13 New Zealand and 35 Australian banks/lenders Mary specialises in assisting the Irish with New Zealand and Australian finance. A move to another country is never easy, especially when selling and buying a home. Before leaving Ireland, or if you live in Ireland (as an investor), Mary can obtain a bank letterhead pre-approval for a NZ or Australian property. It gives you, the buyer, the confidence and comfort in knowing just how much you can borrow and is usually valid for 90 days.
Mary, herself is of second generation Irish descent, knows and understands the ups-and-downs, the twists-and-twirls, of establishing ones-self in a new country. That is how Mary’s father, Michael, from Tralee, Co Kerry, found the ‘New Country’ in the construction industry. Through her father, Mary has been imbued with a flair for property investment. Being a frequent visitor to Ireland, maintaining close contact with her Irish relations, Mary has that special understanding of what it is like to be Irish living aborad. She is delighted to be in a position in being able to assist other Irish people in their antipodean adventure. To read the latest real estate news in New Zealand, checkout our newsletter.
This calculator will help investors analyse various repayment schedules and interest rates, as well as the effect of extra repayments beyond the minimum amount. Click here to learn more about our mortgage calculators and currency converters.
We have compiled a handy checklist of you so you can begin to understand the process involved in getting a New Zealand mortgage.
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