Change Highlights Need For Families To Use Valuers

MEDIA RELEASE

Thursday April 20 2000

INTEREST RATES CHANGE HIGHLIGHTS NEED FOR FAMILIES TO USE A VALUER

Recent changes to interest rates highlights the need for prospective homebuyers to use a registered valuer early in the home purchasing process, New Zealand Property Institute CEO, Conor English said today.

This follows the Reserve Bank raising its cash rate to 6% - the highest for some time.

"It is better to spend a few hundred dollars on an independent registered valuer rather than pay a few thousand dollars to much for a home, which with higher interest rates gives a double penalty," Mr. English said today,

"While banks have largely already priced this increase into their home mortgage rates, the cost of money has risen significantly over the last year.

"Buying a home is usually a New Zealand families biggest investment. It is often hard to clearly establish what a house is actually worth. The Property Institutes advice to people trying to decide if they are paying a fair price is to get a registered Valuer to provide them with independent valuation information.

"If families get a registered valuer involved early in the purchase process they may save themselves much angst and money," Mr. English concluded.

Mr English said that to find out who local registered valuers are, either look in the yellow pages or contact the Institute on 04 3858436 or 0800 698 258.

Contact: Conor English, CEO, Phone: 04 385 8436 wk, 04 473 3823 hm, 025 410 786 mob

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