Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Mike Pero confirms $200 million of mortgages

Media Release: 12 DECEMBER 2006

Mike Pero Mortgages confirms $200 million of mortgages

Mike Pero Mortgages confirmed a record $200 million worth of mortgages in November 2006, up from the previous record of $175 million in a calendar month.

“This is a very strong performance in what has been a relatively soft housing market this year,” says Jeff Staniland, Mike Pero Mortgages chief executive.

“We have found, however, that increasing numbers of existing and potential homeowners are seeking the expert advice of mortgage brokers, and which is demonstrated by our November figures.

“We have also noticed that with house prices and interest rates continuing to fluctuate, more homeowners are seeking independent advice before they commit to a mortgage.

“Mike Pero Mortgages has relationships with 16 different lenders and is able to provide independent advice to its clients, based on their circumstances and our experience,” says Jeff Staniland.

“As well as people seeking new mortgages, the number of people reassessing their mortgages as they come off fixed two or three year rates has provided a significant amount of business this year.

“Home-owners have been seeking advice on whether to move to a floating rate or to refinance on another fixed term.”

Around 80 percent of home-loans in New Zealand are fixed. While floating rates have moved significantly higher in the past three years as a result of the Reserve Bank’s tightening cycle, fixed rates have been less affected.

“Floating rates are now between 9 and 9.55 percent at most lending institutions, while fixed rates are up to 1.5 percentage points lower, depending on the length of the term and the lender.”

“But mortgages are not just about headline rates. A small difference in the headline rate can be more than offset by other charges and fees, as well as any costs associated with exiting the mortgage after a few years, as most people do.”

As at the year ended 30th June 2006 Mike Pero Mortgages estimates it will have arranged more than $4 billion of home loans in the past year three years alone.

This compares with an estimated $7 billion of home loans in the company’s first 13 years (1990 – 2003)

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Grey Power: Is Disappointed To Learn Of More Bank Closures

Many older people are being left without essential services because of cost cutting and the march of modern technology. It is now expected that most banking transactions can occur via the internet or telephone. Jan Pentecost, President of the Grey Power ... More>>

ALSO:

Economy: Supply Chain On Brink Of Overload Says National Road Carriers

The New Zealand supply chain is on the brink of overload and it looks like the upcoming peak imports season may push it over the edge says National Road Carriers Association (NRC) CEO David Aitken. “Worldwide supply chains are in disarray,” says Mr Aitken. ... More>>

Retail: Supermarkets Announced As Government’s Second Market Study

The Government has today launched a market study to ensure New Zealanders are paying a fair price for groceries. More>>

ALSO:

Statistics New Zealand: Retail Sales Recover In The September 2020 Quarter

Retail sales values recorded the largest September quarter rise since the series began in 1995, Stats NZ said today. Spending on major household items, vehicles, and groceries contributed to the strong 7.4 percent ($1.8 billion) rise in total ... More>>

Kea Aerospace: New Zealand Flies Into The Stratosphere

Development has started on a solar-powered, unmanned aircraft that can fly in the stratosphere continuously for months at a time. The zero-emission aircraft will carry a suite of imagery equipment that will be game-changing for many industries, vastly ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO:


Forest & Bird: Kākāpō Wins Bird Of The Year 2020

The nation has voted and Aotearoa New Zealand has a new Bird of the Year. New Zealand’s moss-colored flightless parrot has climbed to the top-spot for the second time in Forest & Bird’s annual Te Manu Rongonui o Te Tau/Bird of the Year competition. ... More>>