Erin Jefferies - Know How Property
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Itβs surprising how many financially astute and successful people struggle with understanding the general process of getting a mortgage.
14/06/2022
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At present it feels like we are living & breathing in a perfect storm. It appears that everything is against us. It sort of is! Here are some of the reasons why:
Nationally we are dealing with new rules & regulations from the CCCFA, increased interest rates & inflation. The major banks have also tightened up on their home loan lending policies.
Internationally the covid induced lockdowns in China, the war in the Ukraine & recovery from a two year long pandemic really is the perfect storm.
Want to know how I can help you? Get in touch now.
βοΈ 021 616 707
π© [email protected]
π www.khproperty.co.nz
02/06/2022
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Removal of the house price caps altogether (previously there were regional house caps applied which meant customers were restricted to certain home values)
Want some Know How? Please contact me.
βοΈ 021 616 707
π© [email protected]
π www.khproperty.co.nz
24/05/2022
Why did the CCCFA come into effect?
To protect consumers from bad debt and preventing them from taking on too much debt.
When you borrow money, the Credit Contracts and Consumer Finance Act (CCCFA) Act ensures you are able to make informed choices, know what you're agreeing to, and can keep track of your debts. The CCCFA requires lenders to act responsibly at all times.
The CCCFA requires lenders to assess whether a loan is suitable for the borrower and ensure the borrower can make repayments without suffering financial hardship.
Lenders must make βreasonable inquiriesβ into your financial information to make this assessment but are no longer able to rely solely on information "you" provide.
Want to know how I can help you? Get in touch now.
βοΈ 021 616 707
π© [email protected]
π www.khproperty.co.nz
22/05/2022
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Major changes to the CCCFA came into effect on the 1st December 2021. CCCFA stands for Credit Contracts & Consumer Finance Act. Quite the mouthful! Hence why itβs referred to as simply the CCCFA.
As soon as the changes came into effect there were complaints from consumers that the rules were too restrictive, the information required too intrusive and unreasonable. The time taken to process applications was too long.
βοΈ 021 616 707
π© [email protected]
π www.khproperty.co.nz
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