BNZ Backs SuperCity
BNZ is back on the books for 40 Brokers Auckland wide – and six of them are here at SuperCity. That means I can access BNZ’s products and rates for my clients, giving you the widest choice possible when you’re borrowing.
It’s 12 years since BNZ has worked with brokers, so it’s easing into the market using only the top tier of mortgage advisers. SuperCity has been selected as one of the few brokerages with access to BNZ’s products, which includes a dedicated residential property investment team that recognises 80% of rental income and up to 95% LVR for owner-occupied pre-approvals.
Give me a call if you’d like to find out more about what BNZ has to offer you.
A Boost for First Home Buyers
Finding a deposit for your first home is now much easier, thanks to changes around first home subsidies and grants. With more from Kiwisaver plus some savings, I’ve been successfully getting most first home buyers into an entry-level Auckland property.
If you’re a first home buyer you can now*:
- Withdraw everything from your Kiwisaver account apart from the $1,000 Government kickstarter,
- Get a new home grant of up to $10,000, or $20,000 for a couple (if you qualify),
- Buy a house to a price of $550,000 in Auckland using a grant – up from $485,000.
This is great news for first-time buyers in Auckland. If you’re a couple earning $115,000, this puts you well on track for a deposit on a $550,000 house:
Both partners’ Kiwisaver contributions after 5 years at the 3% minimum: $17,250
Both partners’ employer’s contributions after 5 years at the 3% minimum: $17,250
Member tax credits pulled out of Kiwisaver: $5,200
Kiwisaver HomeStart Grant (existing home) $10,000
Total deposit amount on an existing home $49,700
This still looks a long way from a 20% deposit, but the good news is that first home buyers can usually borrow 90% of the value of a property. (Give me a call and I can explain how I can make this work for you.)
Assuming a deposit of 10% is required, this couple only needs to save an extra $5,300 to be able to buy a $550,000 property. Using the same numbers for an individual earning $75,000 a year, about $25,000 in savings is needed.
Obviously the big question becomes, “What can you buy in Auckland for $550,000?” There are still options in this price bracket, though you may need to think laterally. Here’s a cross-section of what you’ll find.
Breaking a Taboo
Some may think its taboo to talk about insuring your children. As a parent of our 13-year old stepdaughter and remembering all the crazy things we did growing up, I believe it’s important to have a conversation with an open mind around this so-called taboo.
We don’t want to think of our children suffering a serious injury or developing a disability or life-threatening illness. But what happens to those parents who are living that nightmare?
For children aged up to 14 years, one of the leading causes of injury involves children as passengers in motor vehicles. A head injury occurring in New Zealand every 15 minutes. Brain injuries can lead to ongoing problems but the real cost in terms of rehabilitation, family impact and social implications for children and young adults whose head injury lasts a lifetime, is incalculable. Six New Zealand children and adults are diagnosed each day with a blood cancer like leukaemia, lymphoma or myeloma. Treatment may take many months or even years.
These are quite terrifying facts for parents. Normally, employees are entitled to 5 to 10 days of sick leave. Having a family protection plan for your child would mean that you could greatly reduce your work hours or even stop work to care for your child. Insurance would help with everything from hospital car parking costs, travel costs, accommodation and childcare costs for other children, paying for additional medical treatments and rehabilitation. Imagine having zero financial stress and being able to focus entirely on your child’s recovery at a stressful time.
Another value in this is that once your children turn 21 years old they can convert their children’s policy into their own adult policy. This means that if they have had changes to their health (for example, asthma or diabetes) – they’re still covered. You’ve future-proofed your children to protect their greatest asset as an adult, themselves. Some providers offer free children’s cover which is always a great start; I’m happy to discuss what options may suit your family, so do give me a call.
Jaime James, Principal Insurance Advisor for SuperCity Insurance
M: 021 527 069
Tip of the Month:
Massive Savings on International Transfers?
Many of our clients are simply unaware of the high margins and fees that are often applied by the banks for international transfers. This has prompted SuperCity Mortgages to enter into a referral partner arrangement with NZForex. The difference in exchange rates can often mean savings of thousands, or even tens of thousands of dollars (depending on volumes being sent). NZForex also provides hedging tools to assist you in managing the volatility of the foreign exchange markets.
NZForex has waived its transfer fee for transactions over $1,000 NZD for SuperCity clients. This means if you are remitting funds to or from New Zealand then NZForex can help, at a great value-for-money rate:
- Zero transaction fees (for payments above $1,000 NZD)
- Extremely competitive foreign exchange rates across 52 currencies
- Online access 24/7
- Access to a dedicated dealer by phone 24-hours a day, 5 days a week
- Complete exchange rate transparency
- Exchange rate alerts via email
- Access to their highly regarded daily and weekly Market Commentary
NZForex (a subsidiary of OzForex Group Limited) prides itself on being a smarter, online alternative to other deliverable foreign exchange services. Operating since 1998, last year NZForex completed 703,000 transfers worth over $17 billion NZD.
Why not take advantage of the free, no obligation registration process-just to see how much you can save? To receive the agreed benefits for SuperCity Mortgages, register here (it’s free) and mention SuperCity Mortgages.
Contact Joel
Joel Oliver
Managing Director
Level 4, 272 Parnell Road, Parnell, Auckland 1052
PO Box 37303, Parnell, Auckland 1151
0800 INVEST I 021 884 181
www.supercitymortgages.co.nz
joel@supercitymortgages.co.nz
Text “Joel” to 215 for my contact details
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