August and hopefully we are on the downward side of winter. Just starting to see daylight hours lengthening morning and night, roll on spring!!!

The housing market in the Queenstown Lakes area continues to be strong dictated by supply and demand issues. As is common when we have a hot market, vendors expectations are at the top end and purchasers are as a result looking at pushing the boundaries. The downside of pushing those boundaries is very much related to affordability and the various banks view of the Responsible Lending Code. There is no doubt that Banks have a very cautious eye on the Australian Royal Commission of Enquiry into the Banking Industry and potential flow effect to the New Zealand market.

We are seeing Banks taking a far closer and more educated stance on individual “living expenses” rather than having a one size fits all approach; we do see however that that they take the higher of individual calculated and confirmed expenses or the Bank standard. The result is that people that perhaps live a little more frugally do not receive the credit they deserve.

There is no doubt that general assessment of mortgage applications is receiving tighter scrutiny, if pieces are missing assumptions (often negative) are made. It is essential that correct research and full information at time of submission is done to maximise the success. That is where our knowledge can really assist.

To finish off for this month, Sky City Stampede is in the final for the Birgel Cup trying to make it four years on the trot. Finals are this Friday and Saturday nights in Queenstown. Go Stampede.

Until next month, take care and it is still a case of stay warm.

Cheers

Charlie & Michelle

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