A new digital portal that allows people to apply for home loans via the OneRoof property website has been launched by New Zealand Media and Entertainment (NZME) and home loan provider Tella.

The portal sees OneRoof broadening its offering, meaning Kiwis can now use the real estate platform to see out their entire property journey from start to finish. Whether it’s reading all the latest real estate industry news, seamlessly search for their new home, finding out what it could be worth, or arranging home loan financing, it will now be available all under the one roof.

Chief of OneRoof, Greg Hornblow, says: “As one of the country’s leading property portals, OneRoof continues to innovate and simplify the property journey for Kiwis. The property industry is constantly evolving and we are proud to be at the forefront of innovation in this space. Since launching just a few weeks ago, we’ve seen a large number of users interacting with the calculator and completing the home loan application process.

“We’re pleased to be offering a new tool that aims to simplify the property buying process for home buyers, homeowners, and investors, providing a quality user experience and opening the door to a new era of property purchase and investment in New Zealand.

“OneRoof empowers consumers by equipping them with the right insights so they can make informed decisions. By combining our company values and goals with that of our home loan partner Tella, we believe we can positively revolutionise the property sector for Kiwis,” says Hornblow.

Tella CEO, Andrew Chambers, says: “Having a strong real estate platform as a partner was always on the cards, and over the last couple of years, it’s been a pleasure building that relationship with OneRoof. The two businesses are both market leaders in tech innovation within their segments and look forward to a successful partnership in bringing the two together for an amazing user experience.”

OneRoof Home Loans, powered by Tella, can be accessed at [OneRoof.co.nz](https://www.oneroof.co.nz/advice/home-loans).

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OneRoof and Tella launch new digital home loans portal for Kiwis

Exciting news for homeowners and anyone considering buying a home! We're approaching the **27th of November**, and most experts predict the **OCR will drop to 4.25%**. This could mean lower interest rates and potential savings!!

However, there's a twist: While this is great news, it's important to remember that **fixed mortgage rates are influenced by debt swap rates**, which has been creeping upwards in recent weeks. This means even though the floating rate might drop, fixed rates could go the other way.

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**So, what does this mean for you?**

If you've been waiting for mortgage rates to drop further, it might be a good idea to lock in a rate today before they potentially increase. Click [here](https://calendly.com/tella-advisors/chat-with-a-mortgage-expert-15min?) to book in a time to chat with one of our mortgage experts – we can help you find the best option for your situation. 

**Positive Market Trends**

Real estate agents are also reporting a more positive outlook, with buyers and sellers connecting and properties selling faster. While house prices may remain flat, there's a renewed sense of activity in the market. With increased buyer activity and properties selling faster, now is a great time to seize the opportunity and secure your dream home.

**Refer a Friend and Earn $250!**

Know someone who's looking for a mortgage? Refer them to Tella, and if they take out a home loan before 31/01/2025 of over $100,000 directly through Tella, you'll receive a $250 bonus. It’s our way of saying thanks for spreading the word.

**Ready to take the next step?**

Let's unlock your homeownership dreams!  Book a free, no obligations, chat with one of our home loan specialists today.

We’re here to guide you every step of the way.



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Does an OCR drop automatically mean lower home loan rates?

### Lower Interest Rates

Interest rates are finally heading in the right direction after a period of steady increases. This is largely due to the Reserve Bank’s efforts to manage inflation and global economic factors influencing interest rates.

### Easier to Qualify for a Home Loan

The government has made it easier to qualify for a home loan by relaxing the Credit Contracts and Consumer Finance Act (CCCFA) regulations. This means lenders can take a more holistic view of your financial situation, increasing your chances of approval.

### What this means for you

- Lower Monthly Repayments: Enjoy more financial freedom with reduced mortgage payments.
- Increased Borrowing Power: Qualify for a larger loan to purchase your dream home or invest in your property.
- Potential to Refinance: If you have an existing mortgage, explore refinancing options to take advantage of lower interest rates.
- Faster Approval Process: Streamlined processes can lead to quicker loan approvals, saving you time and hassle.

### Understanding the Bigger Picture

To give you a better understanding of how interest rates work, it's helpful to know that banks fund their loans through a mix of deposits, equity, and wholesale debt. 

The cost of wholesale debt, measured by interest swap rates, has fallen significantly in recent months (see 1 year swap rate graph below). This is the primary driver of the decline in home loan rates.

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### Next Steps

Ready to take advantage of these positive market conditions? Book a [free, no obligations, chat](https://calendly.com/tella-advisors/chat-with-a-mortgage-expert-15min) with one of our home loan specialists today to explore your options.  

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Lower Interest Rates & Easier Approvals: Tella's here to help.

We're excited to announce the arrival of our newest member to the Tella family! 

Please join us in warmly welcoming [Jose George](https://www.linkedin.com/in/jkgeorge/) as our newest Mortgage and KiwiSaver Financial Adviser.

**Expanded Services at Tella**

Many of you know Tella as your go-to source for expert home loan advice. We're excited to share that we've expanded our services to include comprehensive KiwiSaver guidance. With Jose on board, we can now help you navigate both your home ownership and long-term savings goals.

**Meet Jose George**

Jose brings a wealth of experience to the table, having served as the General Manager of Canstar New Zealand and with a strong background in banking. His expertise will be invaluable as we continue to provide exceptional service to our customers.

**KiwiSaver Expertise**

Whether you're looking to optimise your existing KiwiSaver plan or just starting your savings journey, Jose can help you:
Choose the right KiwiSaver provider based on your goals and risk tolerance.
Develop a personalised savings strategy to maximise your future financial security.
Understand how KiwiSaver contributions can work alongside your mortgage plans.
Accredited with Milford, Pathfinder, Kernel, and Generate, Jose has the expertise to advise on a wide range of KiwiSaver options.

**Get in Touch**

Looking to discuss your home loan and KiwiSaver goals in one convenient place? Jose is here to help! Reach out to him to schedule a free, no obligations chat [here](https://calendly.com/jose-tella/chat-with-a-homeloan-kiwisaver-expert).

**Jose George**
 Mortgage and KiwiSaver Financial Adviser
 Email: jose@tella.co.nz
 Phone: 021 1405 293

Once again, a warm welcome to Jose! We're excited for him to share his knowledge and expertise with all of you. Please don't hesitate to reach out to Jose with any questions or to [schedule a meeting](https://calendly.com/jose-tella/chat-with-a-homeloan-kiwisaver-expert).

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Tella gets the Canstar treatment

_**Please Note:** This newsletter was originally published on 21st May 2024. While the information presented here may still be valuable, some aspects may be outdated._
 


**Cash Bonus for Staying Put:**

Did you know you could potentially receive a cash bonus for simply keeping your mortgage with your current bank? This could be a great way to get a better deal with your bank (and cash in your pocket!), without actually having to refinance.

While the specifics vary by bank and loan size, the banks are offering up to 0.90% of the loan amount for new customers. For existing customers, it's typically around 0.50% to 0.70%, taking into account the fact that you avoid refinancing costs like legal fees or valuations by staying put.

Here are some client examples: Last week, three of our clients received cash bonuses of $3,100, $5,000, and $7,540 for staying with their current banks.

Think of it as a thank you for your loyalty, and an incentive to stay for another 3 years!

**How It Works (The Simple Version)**

The specifics can vary depending on the bank and your loan details, but here's the general idea:
If you've had your home loan with your current bank for 3+ years and are out of the original contribution timeframe, you might be eligible for a cash payment.
The amount typically isn't as high as new customer incentives, but it can still be a significant amount of money.
Best part? You don't have to deal with refinancing costs like legal fees or valuations.
Tella Wants to Help You Find Out

There is one bank out there pre-empting and offering upfront. Others you have to ask. So if you have been loyal to your current bank for 3-4 years now with your home loan, it wouldn't hurt to ask and have some extra cash in your account at the moment.

At Tella, we believe in informed decision-making when it comes to your home loan. Whether you're a new borrower or a loyal customer looking for the best deal, we can help you navigate the options.

We're happy to do the legwork for you and help you maximise your savings!

**P.S.** Remember, bank incentives and offers can change frequently. This email provides a general overview as of 20th May, 2024.

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Want free cash to stay with your bank?

_**Please Note:** This podcast was originally published on 13th May 2024. While the information presented here may still be valuable, some aspects may be outdated._

Today's episode covers:

- **Interest rates falling:** While you're not seeing this so much in published rates, negotiated rates continue to ease off. 
- **Cash is king:** Banks are all using cash incentives to both drive new business and also to hold existing customers. We don't see this very often and it shows the competitive nature of the market we're in. Now is not the time to just roll over your fixed-rate loan.
- **Auctions vs negotiated sales:** Auctions causing pain for first-home buyers with low deposits.
- **Creative agents:** Agents are getting creative with marketing costs to close the deal and get the sale done. 

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Falling interest rates and cash incentives

**Double the Recognition for Innovation and Excellence**

Our amazing team was recognised for their dedication and innovation, bringing home two prestigious awards: Innovator of the Year and New Brokerage of the Year.  These awards validate our commitment to pushing boundaries with technology and providing exceptional service, solidifying our position as a leading player in the New Zealand mortgage industry.

**Experience the Award-Winning Difference with Tella**

Whether you're a first-time homebuyer, looking to refinance, or simply want to explore your mortgage options, Tella is here to help! We offer:
- Expert guidance every step of the way: Our team of qualified mortgage advisors provides personalised one-on-one support.
- Innovative Technology: User-friendly platform that simplifies mortgage comparison and application.
- A more empowering mortgage experience: We believe in transparency and providing you with the information you need to make informed decisions.

**Let's Make Your Homeownership Dreams a Reality**

Visit our website at [tella.co.nz](https://tella.co.nz/) or book a free consultation [here](https://calendly.com/tella-advisors/home-loan-expert-chat?) with one of our mortgage experts today! We're here to help you navigate the mortgage process with confidence.

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Double Award Winners at the NZ Mortgage Awards!

Are you keeping an eye on those 'special' interest rates your bank offers? Or if you’re a first-home buyer, are the rates you see online reflective of what you'll actually get? Let's dive into the world of bank interest rates, negotiation, and finding the best deal for your home loan.

Just like petrol stations adjust prices daily based on costs and exchange rates, banks also tweak interest rates regularly. While they might not update their website daily, you can often negotiate for better rates behind the scenes, especially during significant shifts like an OCR update.

But how do you know you're getting the best deal? It's not like you haggle over interest rates every day, right? This is where having an adviser comes in handy. They're plugged into the latest rate offerings, receiving weekly updates from banks, and can help you navigate through all the rates and offers.

Does a small rate difference matter? Absolutely! Let's crunch some numbers. Take a $500,000 home loan over 30 years. A 0.20% difference can save you $15 per week, adding up to $780 a year. Over the entire loan term, that's a whopping $23,400 in savings. And if you really want to get ahead and channel those savings back into your loan, you could shave off up to 18 months from your loan term, saving around $36,000.

Now, for first-time home buyers, understanding the intricacies of interest rates can be daunting. Factors like deposit size and the chosen bank can significantly impact the rates you're offered. Banks often apply Low Equity Margins or premiums for deposits less than 20%, which can catch you off guard if you're not prepared.

To understand more about bank fees and interest, visit our website [here](https://tella.co.nz/home-loans-mortgages/first-home-buyer/home-loan-mortgage-interest-fees). Our guide breaks down these charges, explaining what they are and what they're for, ensuring you're fully informed as you navigate through your homeownership journey.

**Ready to explore the best rates in the market?**

Simply email us at hello@tella.co.nz, with your bank name, and we'll provide you with the lowest rates we're seeing this week. Knowledge is power when it comes to securing your dream home, and we're here to arm you with the information you need.

Got questions or need assistance? Don't hesitate to reach out to our team. We're here to support you every step of the way.

Here's to finding the perfect home and securing the best possible home loan terms!

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Home Loan 'Special' Interest Rates

_**Please Note:** This newsletter was originally published on 8th January 2024. While the information presented here may still be valuable, some aspects may be outdated._

Achieving your homeownership goals begins with strategic planning. Here are some key steps to consider:

_**1. Budgeting Matters**_:

Keep a close eye on your spending and consider setting aside money each month in a separate account. Showing you’d have the income to cover essential expenses like rates and insurance can strengthen your position when applying for a home loan. Clearing credit card debts and discontinuing laybuys or afterpays is a smart move.

_**2. Assembling Your Team**_:

Engage with professionals who will be crucial to your journey:

_Home Loan Adviser / Mortgage Broker_:

Selecting the right professional is vital. Our advisers understand that not all homebuyers have the same needs. Whether you're building a home or working with a 5% deposit, our team guides you through various options, explaining why a particular bank suits your unique circumstances. It's worth noting that advisers are compensated by the banks when you secure your home, so there's no additional cost to you for the invaluable support they provide.

_Real Estate Agent_:

Beyond the traditional role, some agents go above and beyond. Collaborative agents can streamline your experience by showcasing homes from other agents’ listings, making your home search simpler.

Securing pre-approval and understanding your borrowing limit adds another layer of advantage. By reaching out to agents with this knowledge, you can inquire about upcoming listings in their area that may not have hit the market yet. This proactive approach positions you to be among the first to explore and potentially secure these yet-to-be-advertised homes. 

_Insurance Broker_:

Safeguard your investment by making sure you have comprehensive coverage. Going unconditional on a home is smoother when you've verified your insurance coverage with a trusted broker. Older homes, in particular, may raise concerns about past renovations to foundations, electrical, or plumbing. It's crucial to make sure you can get insurance!

You can typically secure insurance up to six weeks before settlement, so plan accordingly and factor it into your budget. By addressing insurance early in the process, your transition to homeownership will be much smoother.

_Solicitor / Conveyancer / Lawyer_:

Whether it's your first home, an investment, or a refinance, the essential service you'll need is conveyancing. You can opt for dedicated conveyancing firms or enlist the assistance of solicitors, often backed by Registered Legal Executives for extra support. Find someone you're comfortable with, as they play a crucial role as the intermediary between you, the vendor's solicitor, and the bank.

These professionals are your go-to for signing documents, transferring funds, updating titles, and managing council rates and water payments. Beyond being a service, they're a wealth of knowledge, ready to answer your questions. 

Consider discussing estate planning (will options) at the same time. Opt for firms with fixed prices, especially if you're a first home buyer with many questions.

While pre-approval doesn't require a solicitor/conveyancer, note their details when making an offer, as they'll review the agreement for you. If you're unsure where to start, we have preferred partners depending on where in the country you’re based.

_Building Inspector_:

In today's real estate landscape, a building report is often a legal or bank requirement. Just as you wouldn't buy a second-hand car without a mechanic's inspection, investing in a home – a more substantial asset – warrants similar scrutiny.

Inspectors go beyond the surface, checking foundations and roofing. Remember, these reports focus on issues, not the positives. Distinguish between minor maintenance and potential financial burdens, ensuring you grasp your home's true condition before finalising any deal.

_Accountant_:

For our self-employed individuals seeking pre-approval, it's crucial to plan ahead. If your financials are freshly completed, fantastic! If they're not, be prepared to provide them as soon as you can. Depending on the time of year or your financial cycle, forecast or management accounts may need to be prepared, adding an extra layer of time. Ensure you factor in this potential delay when working towards pre-approval. 

_Registered Valuer_:

When your deposit falls below 20% of the purchase price or you're acquiring a newly built or off-plan property without a title, a Registered Valuer becomes essential.

The good news? You don't have to search for one – your adviser or bank handles this, though it comes at your expense. With a standard turnaround time of approximately 6 business days, it's crucial to factor this into your timeline. For offers on a property, ensure a reasonable finance timeframe, considering the valuation process and subsequent bank review, which may take an additional day or three.

**Tailoring Your Team to Your Needs:**

Remember, not all these professionals may be required – it depends on your unique circumstances. Your journey to homeownership is as individual as you are.

**Start the Conversation:**

Not sure where to begin? Schedule a quick 15-minute chat [here](https://calendly.com/tella-advisors/home-loan-expert-chat?) to discuss your home ownership goals and aspirations. We're here to help you navigate the exciting journey ahead!

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Navigating Your Journey for Homeownership

_**Please Note:** This newsletter was originally published on 29th September 2023. While the information presented here may still be valuable, some aspects may be outdated._

Your deposit is sorted, but the amount the bank is telling you that you can borrow falls short of what's needed for a realistic shot at homeownership. Or perhaps you're already a homeowner looking to borrow more for renovations, but you're being told that your income isn't sufficient. It's a common dilemma, and you need a solution.

Now, before you consider asking for a raise, taking up a second job, or starting a side hustle (keep in mind that you'll generally need these additional income sources for at least a year to meet the bank's criteria), let's take a different approach. How about focusing on reducing your expenses?

Your bank statements reflect your monthly spending, and it’s no secret the banks review these. However, most banks often use the national average to estimate expenses. So, what changes can you make to improve your situation?

I'll break it down for you, but be warned, we'll dive into some numbers here.

If you have a **credit card, store card**, or any old overdraft account still open, it could be affecting the amount you can borrow. Even if you don't max out these cards or pay them off in full each month, they're still considered to be used to their maximum limit because they're available for use. 

Typically, this is seen as an cost equivalent to 4% of the limit. So, a $1,000 credit limit translates to a $40 monthly cost. You might think it's not much, but consider if you have multiple cards, like a GEM Card, Farmers Card, Mastercard, and Visa for a total limit of $10,000 or even $15,000. That's a $400 per month 'expense'. 
Still doesn't sound significant? Well, with $400 a month, you could pay off a $60,000 home loan over 30 years. Let that sink in - $400 a month can make a huge difference in the long run.

Basically, that $10,000 in credit card limits could be limiting how much you can borrow by a factor of six. The solution? Repay and close down those cards to increase your borrowing capacity, or reduce the limits if you're not actively using them.

But what if you need these cards for online bookings or travel, and the current limit won't suffice? Well, you can also load money onto them to purchase more expensive items and still earn rewards or points your credit card offers.

Now, let's talk about **Laybuys and Afterpay**. These can impact the amount you can borrow too, depending on the product. Sometimes it's the limit you have, other times it's the average of your monthly repayments. They might not seem like a big deal, but if you're paying $100 a month on these, they could be the obstacle preventing you from securing that extra $15,000 needed for home renovations. Don't let a small expense become the deciding factor for your kitchen or bathroom makeover.

**Personal loans and car loans** are quite common, often costing $400 a month or more. Even if you have just a few months left to pay, these payments will be factored into your borrowing amount. It's worth focusing on paying them off.

Now, let's talk about student loans; this one's a bit different and more personal. If 10% of your income goes towards repaying your student loan, that money could cover a significant portion of your home loan instead. While it may not always be feasible, for first-time homebuyers, if your student loan balance is low enough, it might be worth considering using your savings to pay it off and have a lower deposit for your home (making sure you still have the minimum deposit needed).

So, is it really your income, or are these perceived 'bank expenses' the main obstacle holding you back from getting that little bit more you need?

If you're looking to see how much you can increase your borrowing power by, don't hesitate to book a [free, no-obligation call](https://calendly.com/tella-advisors/home-loan-expert-chat?) with a Tella mortgage expert today.

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Reducing Perceived Expenses for Homeownership Success