72 episodes

Brought to you by The Mortgage Lab, Everything Mortgage covers everything you need to know about getting a mortgage, paying off a mortgage and buying property in New Zealand.

Everything Mortgage The Mortgage Lab

    • Business
    • 4.8 • 4 Ratings

Brought to you by The Mortgage Lab, Everything Mortgage covers everything you need to know about getting a mortgage, paying off a mortgage and buying property in New Zealand.

    When is Refinancing Your Mortgage a Good Option?

    When is Refinancing Your Mortgage a Good Option?

    Refinancing to a lower interest rate sounds like a good idea. But do the numbers stack up? Mortgage Lab CEO Rupert Gough takes you through what to consider before making the move.

    "Today we are talking to all those people who currently have mortgages and are looking for a better mortgage rate from another bank.  We’re going to look at what you need to know about interest rates and when it’s good to refinance and when it’s not a good strategy.
    So, you’ve got a fixed-term interest rate maturing soon and the bank or your broker has sent you some interest rates. Maybe your current bank is offering 0.1% higher than another bank in the market; should you refinance your mortgage to get the better rate?
    Before we can answer that question, we need to consider how much of a difference the interest rate difference will make.  In theory, it should always make sense to move to a cheaper bank however, even with very large dollar numbers, the first calculation we need to do is find out if it is worth the bother."
    You can watch a video on the same subject here: https://youtu.be/ProZ9fq0ZK0
    If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

    You can watch more of these articles by subscribing to our YouTube channel.
    You can follow us on Facebook, Instagram, Youtube and LinkedIn.

    • 5 min
    5 Tips To Increase Your Mortgage Maximum

    5 Tips To Increase Your Mortgage Maximum

    Want to increase the amount the bank will lend you for a mortgage? Mortgage Lab CEO tells you how it can be done.

    "In our last video we asked the question, what is your mortgage number.  Essentially, what is the maximum you can borrow at the best bank for you in your current financial situation.  Today we’re going to look at what you can do when your mortgage number is not enough to get the house you want.
    Everyone who is paying rent can borrow something.  You’re already making regular payments to a landlord so some part of your income is going to living costs.  The problem is that banks test what you can afford at a much higher servicing rate - at the time of recording, around 7.3%.  And for most people, their current rent when put towards a mortgage of 7.3% doesn’t add up to much.  The rest of your purchase has to be made up from your savings or, in other words, is made up of what you don’t spend from your income in any given month.
    Based on that, here are 5 tips for increasing your mortgage number or 5 tips on how to get the bank to lend you more.  If you think we’ve missed anything, drop us a comment and tell us how you managed to increase your mortgage number."

    You can watch a video on the same subject here: https://youtu.be/IBeVP7cGlHg

    If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

    You can watch more of these articles by subscribing to our YouTube channel.
    You can follow us on Facebook, Instagram, Youtube and LinkedIn.

    • 6 min
    What's Your Mortgage Number?

    What's Your Mortgage Number?

    Everybody has a mortgage number.  That is, everyone has an amount of money that a lender is willing to lend to them to purchase a house.  Mortgage Lab CEO Rupert Gough talks you through what your mortgage number might be and how you can confidently calculate it.

    "When you hear that a friend or a workmate or just a random person in the news was declined for a mortgage what you’re actually hearing is that the mortgage amount they applied for exceeded their personal mortgage number at one or more lenders.
    And here’s the first thing you need to know about your personal mortgage number.  It varies from lending institution to lending institution.  And I know what you’re thinking; it can’t be that much, it must be a standardised way of calculating affordability.  But because this is a leveraged transaction, in other words, you only need about $9,000 per $100,000 that you are borrowing, a small difference in the way the banks calculate income makes a big difference in the amount they will lend you..."
    You can watch a video on the same subject here: https://youtu.be/2bVeGkW-Q3E

    If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

    You can watch more of these articles by subscribing to our YouTube channel.
    You can follow us on Facebook, Instagram, Youtube and LinkedIn.

    • 6 min
    How Banks are Treating Flatmates and Boarders Income

    How Banks are Treating Flatmates and Boarders Income

    Wondering how the bank would take into account income from a boarder or flatmate? Mortgage Lab CEO Rupert Gough takes you through what you need to know.

    "Firstly, let’s clarify the difference between a boarder and a flatmate because it’s important for your application.  A flatmate is someone who rents a room at a fixed price and shares the costs such as food with others in the house. A boarder, on the other hand, pays a set amount which might include the room, prepared meals and laundry etc.
    The policy for including flatmate income in mortgage applications changes as banks welcome or shy away from higher risk lending.  As a general rule, banks don’t like applications to rely on flatmate income if the mortgage is over 80%.  So those with, what the banks class as a small deposit - being under a 20% deposit - generally need to be able to afford the mortgage on their own income..."
    You can watch a video on the same subject here: https://youtu.be/utkX-qHz1gk

    If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

    You can watch more of these articles by subscribing to our YouTube channel.
    You can follow us on Facebook, Instagram, Youtube and LinkedIn.

    • 5 min
    The Budget Announcement is Huge for First Home Buyers - Interest Rate Update May 2022

    The Budget Announcement is Huge for First Home Buyers - Interest Rate Update May 2022

    Mortgage Lab CEO Rupert Gough wraps up what's been happening with interest rates in May 2022 and shares big news about the First Home Loan and First Home Grant schemes. This is a must watch for first home buyers!

    "Firstly, with the First Home Loan, there is now no price cap for getting a First Home Loan. In other words, there is no maximum purchase price when using the First Home Loan scheme.  That means, whatever you can afford on your income, up to the threshold of $150k for couples and single parents, you can buy with just 5% deposit. This is huge news for anyone in the smaller, more affordable towns who may be able to get a decent sized house around $800k to $850k where previously they could only spend a maximum of $500k..."
    You can watch a video on the same subject here: https://youtu.be/cK7Y7o2MuoI

    If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

    You can watch more of these articles by subscribing to our YouTube channel.
    You can follow us on Facebook, Instagram, Youtube and LinkedIn.

    • 4 min
    Explaining the First Home Loan, First Home Grant and First Home Partner Scheme

    Explaining the First Home Loan, First Home Grant and First Home Partner Scheme

    Mortgage Lab CEO Rupert Gough talks you through everything you need to know about the changes to the First Home Loan and the First Home Grant and gives you an explanation of the First Home Partners.

    You can watch a video on the same subject here: https://youtu.be/WmnYWvjY99o

    If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

    You can watch more of these articles by subscribing to our YouTube channel.
    You can follow us on Facebook, Instagram, Youtube and LinkedIn.

    • 29 min

Customer Reviews

4.8 out of 5
4 Ratings

4 Ratings

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