This year, the weekly home loan approvals topped off $1.6 billion for the first time and even the usual Easter slowdown seemed fairly upbeat. The Reserve Bank rule which requires a 30% deposit from Auckland investors, did initially take the steam out of the market for those areas where they were traditionally most active.
However it now seems that with low housing stock in the market home buyers have picked the slack.
How much is all this costing?
Quite a bit less than it did back in 2007/2008 and not much less than it has for the past seven years. It is interesting to note however that rates have not been this low since the 1960’s.
This article has been written by Hamish Patel, mortgage broker with mortgagesonline.co.nz. Ph: 09 625 4693, Mobile: 021 625 693, hamish@monline.co.nz
