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MORTGAGE LOANS Bad Credit Mortgage If you're a first time home buyer, we offer a variety of loan programs to assist you in making your first ...

Home loan rates tipped to rise in 2018

Reserve Bank data shows average fixed-rate mortgages rose by between 11 and 17 basis points between December 2016 and October 2017.

On a $350,000 mortgage fixed for two years over a 25-year term the increase was equivalent to an extra $22 a month.

But it was lower than had been expected.

Jose George, the general manager at Canstar New Zealand, said rates had moved up a bit in the past year but there hadn't been any big changes.

"We have seen the historical lows go. But rates have increased much lower than expected."

George said low inflation meant central banks had held rates low in a bid to stimulate spending and economic growth.

In New Zealand retail banks had also become much more selective about home loan lending over the past year in response to fears of a property market melt-down.

"There has been a lot of pressure on credit quality. Banks have become far more selective in terms of their risk appetite."

George said based on what had happened in the past 12 months it was hard to forecast where interest rates would go in 2018.

Testing a chatbot's home loan advice gives a range of outcomes

"The difference with Alan is he's a bit smarter and more interactive than plugging numbers into a one-dimensional calculator."

READ MORE:  One home loan application gives four different responses from banks

He said the plan was for Alan to eventually be able to help with other inquiries about property investing or peer-to-peer lending. But that is still some way off.

"Alan gives us a great balance of providing our clients with the fully personalised experience that we're known for but also being able to answer all those questions from first home buyers that we get over and over again, in a clear concise manner."

A comparison between Alan and some of the main banks' online calculators shows there is no clear idea of how much someone could borrow.

Based on a couple with income of $160,000, two kids and a $100,000 deposit, Alan estimated the borrowers should be able to access just over $700,000.

Westpac suggested they could only have $400,000 - but noted that might be limited by the size of their deposit.

Can I get a pre approval letter (not prequalification) for a home loan online?

Instead of meeting with a lender face to face.


Wells Fargo does home mortgage online

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