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Not all Doom and Gloom
Nathan Miglani - NZ Mortgages

There is light at the end of the tunnel for interest rates and opportunities for first-home buyers in need of a deposit.  Nathan Miglani, Managing Director and Head of Lending at NZ Mortgages explains.


It was met with both relief and disappointment when The Reserve Bank announced it would continue to hold the official cash rate (OCR) at 5.5 per cent.


While there are some who believe it may move up slightly, indicators such as the recent fall in dairy prices and significant fall in retail spending are that of technical recession  – despite us being there for at least six months already. Which does mean we are at the peak of interest rates. While they won’t drop as fast as they rose, we can expect them to start to lower from early-mid 2024. Which is great news for homeowners. 


However, it is not all doom and gloom – yes, interest rates are high and yes, it is an election year which can add to the uncertainty, but there are exciting opportunities out there for those in a position to be buying or investing.  Most significantly, the Kainga Ora First Home Partner shared ownership  scheme. This policy was announced on 14 August and provides first-home buyers, who are struggling to come up with a deposit, a $200,000 loan, interest free for 15 years.


Where previously this loan was only applicable to brand-new construction, it is now open to all. For families who are renting and unable to buy their first home, this is seriously worth considering.  For investors and those in a position to buy, the market is your oyster. We are seeking clients buying below the market, which means even when the market turns, there is good potential for capital growth. There are some exciting deals to be found if your situation allows. 


In a challenging market it is more important than ever to be seeking professional advice and I urge anyone worried about how they are going to service their mortgage to reach out. There are multiple ways to change and extend your mortgage, even just for the short term, and it is much easier to predict a problem than have one take hold. Just like you would go to the doctor or dentist to seek help, we are here for you. 



A man in a suit is sitting on a porch with his hands folded.

Years of experience mean Nathan Miglani knows how to give you the best possible chance of success if you are thinking of buying or building a property. Whether it’s a first home, next home, rental or a development, Nathan and his team are passionate about helping you through the process and they’ll find the best deal for your unique circumstances. nzmortgages.co.nz

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