Challenges for First Home Buyers
One of challenges for existing first home buyers who bought their first home about a year ago is that they’re on interest rates of around 2.25% p/a. When their loan comes up for renewal, they are going to be moving up to rates between 4 and 5% per annum and that’s quite scary because I’m not too sure if these people can afford to make the repayments going forward. When I help someone into their first home, the joy I get out of it, is seeing the appreciation on their faces, we’ve made it, we’re into our house. Buying a home is not a simple journey and there’s a lot of red tape in there and it’s about guiding people through that journey and getting them out the other side.
Due to the recent changes, there are no income caps that first home buyers need to meet. This has made the whole process even harder, in my opinion. Banks want to lend you money. They want you to get into your first home. But the irony is that they're also the ones who will be your biggest roadblock. They have their own restrictions, and this is where the first home buyer feels like they're losing out. This is where Prop’D Up’s Mortgage Brokers can help. There are alternatives for people stuck in these tough situations, and a mortgage broker can help them figure those out. Get in touch with me through www.propdup.nz to know more.
Buying a home is a terribly difficult process to go through, all on your own. Especially for young people, because, to be honest, we are not taught any of this at school. Young people need mentoring because financial literacy isn't something we're all taught at school. Some don't even have access to it. So when you do decide to invest in that property or get your first house, you need the right assistance, Prop’D Up’s Mortgage Brokers can provide that assistance.
If getting a loan wasn't already confusing enough, it's become even worse. This is happening because every bank has its own lending criteria. If the borrower isn't aware of the tiny details, there's a good chance that their loan can get rejected. This is where Prop’D Up’s mortgage brokers come in and I just happen to be one. I have long-standing, good relationships in the industry. My experience also helps me understand how things work. I will ensure that the borrower has everything in order. I take that stress off your plate. Contact me through www.propdup.nz
People don't understand a lot of the time that the returns on their property aren't going to be immediate. It's a long term process. And I always like to give my own example. I got my first property quite a few years ago. Was it my dream home? No. But did it help me get my dream home? Yes! It helped me get my second home because I wisely chose to get my foot into the market quickly. I don't feel any richer right now, but the income is definitely on the paper. So one big thing it did was improve my portfolio. This is what I try to do for my clients as well.