Welcome to Level 3 Auckland! This week has been a quieter week on the news front, as we see a lot of main banks finalise their policies on the upcoming changes to CCCFA. However we have had some pretty significant (unfortunate) news from the RBNZ this week, which is they have reduced the banks ability to lend funds to those without a 20% deposit, which is mainly first home buyers. This change means banks can now only lend 10% of new mortgages to those without a 20% deposit, which is a reduction from 20% of new lending. Although the changes don’t come into place officially until November 1st, the RBNZ expects banks to comply effective immediately, which they will. More details here:
Some better reading here than last week, however that’s mainly because most of the jumps happened last week, and seemingly a few stragglers catching up this week, with BNZ & Co-Operative the only main banks with rate increases this week. Full break down of current rates here: https://www.interest.co.nz/bor...
· BNZ has increased their 6, 12, 18, 24, 36 & 48 month special interest rates to 3.55%, 2.85%, 3.09%, 3.25%, 3.55% & 3.99% respectively
· Co-Op have increased their 6, 12, 18, 24, 36, 48 & 60 month special interest rates to 2.85%, 2.85%, 3.09%, 3.25%, 3.49%, 3.99% & 4.29% respectively
What’s on the Market in Tauranga
Some good news here, with Spring Listings finally seeming to come through, with an increase of 30 listings from last week!. There are 480 properties for sale on TradeMe in Tauranga. A huge jump for the beach side, with 237properties for sale currently, and 243 on the city side.
• 27 of these properties are vacant land
• 78 of these appear in a search range up to $650,000, a number of these are sections, and dwelling builds.
House of the week
Again being a sucker for Character, my house of the week this week is a 1950’s weatherboard home. The beauty here for first home buyers, is it’s not an Auction property, meaning the ability to make conditional offers!