Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




4237 posts

Uber Geek
+1 received by user: 2423

Trusted
Lifetime subscriber

Topic # 244986 13-Jan-2019 09:43
Send private message quote this post

Well new reserve bank rules came into play on 1st January 2019 and thanks to these new rules my Mortgage was declined as the deposit was too big!


Go Figure! Parents lawyers now involved


Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | ... | 18
12558 posts

Uber Geek
+1 received by user: 4157

Trusted
Lifetime subscriber

  Reply # 2159949 13-Jan-2019 09:56
Send private message quote this post

I can point you to an excelled broker of you need help solving the problem without paying lawyers.





gzt

10607 posts

Uber Geek
+1 received by user: 1712


  Reply # 2159950 13-Jan-2019 09:57
8 people support this post
Send private message quote this post

There is no maximum deposit. Someone at the bank is going to look very silly.

 
 
 
 


3519 posts

Uber Geek
+1 received by user: 1455

Subscriber

  Reply # 2159951 13-Jan-2019 09:58
Send private message quote this post

Do you have any links or information about the new rules? As I don't understand why setting a max deposit size could be a benefit.

Contact a good mortgage broker, and maybe get a mortgage from a finance company. As finance companies have less restrictions on lending.

Can you just borrow more money, get a floating rate loan initially. Then repay that money a day or two after drawdown.

Edit to add

Are you buying a house on the open market?

As I did hear of someone getting blocked from buying a house with a large deposit. But the reason was because they wanted to buy one of those affordable houses built under the SHA rules. And they were blocked from buying it as it was judged that their financial situation was too good.







4237 posts

Uber Geek
+1 received by user: 2423

Trusted
Lifetime subscriber

  Reply # 2159984 13-Jan-2019 09:58
Send private message quote this post

gzt: There is no maximum deposit. Someone at the bank is going to look very silly.

 

Big cheese at bank has had it confirmed by reserve bank last week!

 

John


4033 posts

Uber Geek
+1 received by user: 1352


  Reply # 2159985 13-Jan-2019 09:59
Send private message quote this post

I thank the days (90's) when buying a house was easy. 

 

I wonder if prices will crash like some Aussie cities. Which I'm sure they will. History repeats. 

 

 




4237 posts

Uber Geek
+1 received by user: 2423

Trusted
Lifetime subscriber

  Reply # 2159986 13-Jan-2019 10:01
Send private message quote this post

Aredwood: Do you have any links or information about the new rules? As I don't understand why setting a max deposit size could be a benefit.

Contact a good mortgage broker, and maybe get a mortgage from a finance company. As finance companies have less restrictions on lending.

Can you just borrow more money, get a floating rate loan initially. Then repay that money a day or two after drawdown.

 

I wish it was that simple the issue is a have disclosed the deposit amount to a bank, I now can't go to another bank or mortgage broker!

 

Issue is 100% not the banks my parents lawyer has explained to the real estate agent the issue with the new rules stopping the mortgage approval

 

John




4237 posts

Uber Geek
+1 received by user: 2423

Trusted
Lifetime subscriber

  Reply # 2159987 13-Jan-2019 10:03
Send private message quote this post

I am meeting a lawyer tomorrow with my parents so will keep thread updated on the outcome but it caught the bank my surprise and they were like WTF!

 

John




4237 posts

Uber Geek
+1 received by user: 2423

Trusted
Lifetime subscriber

Reply # 2159988 13-Jan-2019 10:04
Send private message quote this post

Geektastic: I can point you to an excelled broker of you need help solving the problem without paying lawyers.

 

I'm not paying the lawyer


4033 posts

Uber Geek
+1 received by user: 1352


  Reply # 2159989 13-Jan-2019 10:04
2 people support this post
Send private message quote this post

Structure a fixed/variable mortgage, pay the reduced deposit for the fixed, then pay off the variable portion of the mortgage using the money left over from the reduced fixed deposit.




4237 posts

Uber Geek
+1 received by user: 2423

Trusted
Lifetime subscriber

  Reply # 2159990 13-Jan-2019 10:06
Send private message quote this post

surfisup1000:

 

Structure a fixed/variable mortgage, pay the reduced deposit for the fixed, then pay off the variable portion of the mortgage using the money left over from the reduced fixed deposit.

 

 

I can't change anything around the application as I have disclosed the information already to a bank, If I had known I would of done a deposit of $1 under the 50% mark and it would of been approved straight away

 

John

 

 




4237 posts

Uber Geek
+1 received by user: 2423

Trusted
Lifetime subscriber

  Reply # 2159991 13-Jan-2019 10:10
One person supports this post
Send private message quote this post

If I had done the same application on December 29th it would of been approved but I did the application on the 7th of January 2019

 

John


3519 posts

Uber Geek
+1 received by user: 1455

Subscriber

  Reply # 2159992 13-Jan-2019 10:12
4 people support this post
Send private message quote this post

Maybe contact stuff.co.nz with your story. Considering that the current government has made a big song and dance about building more houses and getting more people into their own homes. They definitely need to be called out for enacting silly rules that do the opposite of what they claim.

Those silly rules would probably be gone by lunchtime.





3519 posts

Uber Geek
+1 received by user: 1455

Subscriber

  Reply # 2159994 13-Jan-2019 10:17
One person supports this post
Send private message quote this post

There would also be lots of mortgage refinancing, people moving house, downsizing etc. Where new mortgages are getting advanced which will have way over 50% equity. Which would also get snagged by such rules.







4237 posts

Uber Geek
+1 received by user: 2423

Trusted
Lifetime subscriber

  Reply # 2159995 13-Jan-2019 10:19
Send private message quote this post

Aredwood: Maybe contact stuff.co.nz with your story. Considering that the current government has made a big song and dance about building more houses and getting more people into their own homes. They definitely need to be called out for enacting silly rules that do the opposite of what they claim.

Those silly rules would probably be gone by lunchtime.

 

I have tweeted @StuffNZ & @NZherald and no response also included the Labour party this morning

 

John


724 posts

Ultimate Geek
+1 received by user: 166


  Reply # 2160006 13-Jan-2019 10:39
Send private message quote this post

What are these new rules? From my hazy days of doing mortgages the only problem I can think of is where the deposit came from. IE gifted.

Basically if someone hasn't saved a portion of the deposit themselves then the bank will be reluctant to lend even if they can afford it.

 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | ... | 18
Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic


Donate via Givealittle


Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Amazon introduces new Kindle with adjustable front light
Posted 21-Mar-2019 20:14


A call from the companies providing internet access for the great majority of New Zealanders, to the companies with the greatest influence over social media content
Posted 19-Mar-2019 15:21


Two e-scooter companies selected for Wellington trial
Posted 15-Mar-2019 17:33


GeForce GTX 1660 available now
Posted 15-Mar-2019 08:47


Artificial Intelligence to double the rate of innovation in New Zealand by 2021
Posted 13-Mar-2019 14:47


LG demonstrates smart home concepts at LG InnoFest
Posted 13-Mar-2019 14:45


New Zealanders buying more expensive smartphones
Posted 11-Mar-2019 09:52


2degrees Offers Amazon Prime Video to Broadband Customers
Posted 8-Mar-2019 14:10


D-Link ANZ launches D-Fend AC2600 Wi-Fi Router Protected by McAfee
Posted 7-Mar-2019 11:09


Slingshot commissions celebrities to design new modems
Posted 5-Mar-2019 08:58


Symantec Annual Threat Report reveals more ambitious, destructive and stealthy attacks
Posted 28-Feb-2019 10:14


FUJIFILM launches high performing X-T30
Posted 28-Feb-2019 09:40


Netflix is killing content piracy says research
Posted 28-Feb-2019 09:33


Trend Micro finds shifting threats require kiwis to rethink security priorities
Posted 28-Feb-2019 09:27


Mainfreight uses Spark IoT Asset Tracking service
Posted 28-Feb-2019 09:25



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.