Tag: Home Loans

Banks

0
December 10, 2010

It is me or is everyone getting frustrated with Banks?  We need clarification when dealing with Conveyancing Practitioners.

The Conveyancing Industry in New Zealand has been in effect for 2 years. In Australia the Conveyancing Industry has existed for over 30 years.

In New Zealand the Solicitors also represent the Banks in either a sale or purchase settlement and the Bank pays no representation fee. The fee is incorporated in the fee charged by the Solicitor to the Vendor or Purchaser. Conflict of interest in my opinion.

Anyway the Banks who will allow Conveyancing Practitioners to act are Bank of New Zealand, New Zealand Home Loans, TSB Bank and Kiwibank. It is long overdue the other Banks – ASB, Westpac, and ANZ National Bank of NZ get with the program.

Furthermore it is the choice of the Vendor or Purchaser to use a Conveyancing Practitioner not the Bank to advise who must represent them.

Any opinions, comments or feedback greatly appreciated. :)

: Uncategorized
: , , , , , , , , , , , ,

Introducing Kainga Whenua Loan Housing New Zealand

0
September 16, 2010

Housing New Zealand and Kiwibank are working together to help Maori achieve home ownership on their multiple-owned ancestral land with the introduction of a new loan called Kainga Whenua.

If you have a right to live on multiple-owned Maori land (hold a license to occupy), a Kainga Whenua loan enables you to build, purchase or relocate a house on that land.

Kiwibank will approve and provide the loan, you will need to meet their standard lending criter1a as well as Kainga Whenua criteria.  Housing New Zealand will provide lenders mortgage insurance to Kiwibank for the loan.

A Kainga Whenua loan is secured only against the house, not against the house and land as is the case with most home loans.

With a Kainga Whenua loan, Kiwibank can lend 100% of the house building costs or the purchase price of the house, upto $200,000.00 subject to conditions.

The conditions include obtaining a license to occupy the land, a valuation from a registered valuer and a satisfactory building contract. No deposit is required for a loan below $200,000.00.

Kainga Whenua loans are only available to those people who have no other access to finance to build or re-locate to or buy on their multiple-owned Maori land.

For further information about this loan please contact Housing New Zealand, Kiwibank or us for further information.

Comments and feed back welcome. :)

: Uncategorized
: , , , , , , , , ,

First Homebuyers Kiwibank Welcome Home Loans

0
February 7, 2010

If you are a first Homebuyer have you considered approaching Kiwibank to discuss the Welcome Home Loans. Kiwibank Welcome home loans is in conjunction with Housing New Zealand Corporation and is for individuals, couples and families with little or no deposit but who can afford the loan repayments.

How a Kiwibank Welcome Home Loan can make homebuying easier.

The deposit: No deposit for home loans up to $200,000.00. If you qualify, you won’t need a deposit for a home loan up to $200,000.00, based on the registered valuation or purchase price of the property, which ever is the lower. You can borrow the whole 100%

Deposit assistance: When your borrowing 100% of the purchase price or valuation, the person selling you the house will require you to pay them a deposit. This is usually payable before the home loan is available at settlement. Kiwibank may be able to arrrange an overdraft (upto a maximum of $7,500.00 or 5% of the purchase price which ever is lowest) to help you pay the deposit. This overdraft will become part of your loan when your home loan is drawn down. Deposit administration fees and conditions apply.

Home loans between $200,000-$350,000: In selected area you can borrow upto $350,000.

Are you eligible? To be eligible to apply for a Kiwibank Welcome Home Loan you must:

* Have a total household income of not more than $85,000 pa for individual or joint applicants.

* Have a total household income of no more than $120,000 pa if there is more main sources of household income.

* Have an acceptable credit history.

* Be able to meet the loan repayments.

*Buy the house to live in yourself.

*Do not own any other property.

*Have been in your employment for no less than 12 months.

*Meet Kiwibank lending criteria.

: Property Conveyancing News, Uncategorized
: , , , , , , , , , , , , , ,
Albizia Theme designed by itx