HOW DOES THE TENANCY APPLICATION PROCESS WORK?

Dearest reader, This is a relevant post for first time tenants, landlords and anyone who is involved with renting a place to be called home. Renting can be a very exciting thing and it is where the market trends for property management is heading. Metro NZ Property Management knows that renting gives the tenant more flexibility to do as they please when it comes to travelling, choosing a new home and with the current housing situation, the main option for most part of the population. If buying a property isn’t on your priority list just yet, Metro NZ Property Management

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Westpac offers ‘special’ one-year mortgage rate at 3.99%.

Are you planning to apply for a Mortgage loan? This might be a good time. Read further to get information about the current happenings in the loan market.! Metro NZ Property Management would recommend you to first get a professional’s advice. Westpac has introduced one-year mortgage rate “special”. From 18thJan onwards Westpac is providing a one-year fixed term rate of 3.99%, reducing 16 points on its standard rate of 4.15%. The offer is only limited until February 1 and is only applicable for those who have more than 20% equity and have their salary going into a transactional account at the bank. 

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LANDLORDS WARNED BY REINZ TO INSULATE RENTAL PROPERTIES OR FACE FINE OF $4000

As the New year has started and people are steadily returning back to work from their vacation, the Real Estate Institute of New Zealand (REINZ) is cautioning landlords that they need to insulate their rental property till 1st July 2019 or else the can face a fine of up to $4000 from the Ministry of Business, Innovation and Employment (MBIE). Chief Executive at REINZ, Bindi Norwell stated, “from 1st July 2019 ceiling and under floor insulation will be compulsory in all rental homes across New Zealand. That deadline is now less than six months away, and MBIE has warned that it

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The Reserve Bank to relax the speed limits on High Loan to Value Ration Lending and additionally ​more loosening of the rules expected in the future.

The Reserve bank has pronounced to lighten the rules about the high loan to value ratio (LVR) housing lending in an expected move that might encourage the housing market. The development was announced on 27thNov as part of the bank’s latest Financial Stability ReportFrom 1 January 2019: Up to 20% (increased from 15%) of new mortgage loans to owner occupiers can have deposits of less than 20%. Up to 5% of new mortgage loans to property investors can have deposits of less than 30% (lowered from 35%). This is the next lightening of the LVRs, first introduced in the year 2013, which the RBNZ has

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Parliament votes to pass the legislation for BANNING the letting fee.

The Parliament has voted to pass the legislation to ban the letting fee from 12th December onwards. The housing minister Phil Twyford said that letting fees are unfair for the tenants and banning it will be a good initiative in improvising the conditions for tenants, while in the long run, they are still reviewing the Residential Tenancies Act. He stated “Our tenancy laws are antiquated and don’t reflect the fact that renting is now a long-term reality for many of our families. Around half of New Zealanders now live in rented homes. This change could put up to $47 million

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Gluckman’s Meth Standard to be adopted by the Tribunal.

15 micrograms per 100cm2will be accepted by the Tenancy Tribunal as the minimum standard for meth contamination for rental properties. The Chief adjudicator of Tenancy Tribunal, Melissa Poole stated that it will use the 15mg level as recommended in the Gluckman report – as long as the meth was completed after the report was issued on 28thMay 2018. She further explained to the delegates at the NZ Property Investors Federation conference in Dunedin that the Tribunal worked a lot and spoke to numerous people about the standard, including the Housing Minister Phil Twyford. The Tribunal’s hand was pretty much forced

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Best opportunity for First Homebuyers..!!

First homebuyers of Auckland at an advantage by $87 per week compared to 18 months back. Are you planning to fulfill your wish of having a dream house? This would be the best time. Read further to get more information! Metro NZ Property Management would recommend you to get professional’s advices first. Decreasing mortgage interest rates, marginally low house prices and gently increasing wages all are assisting in the dream of Auckland’s first home buyers. According to the Home Loan Affordability Report of Interest.co.nz for the month of September, calculates that mortgage payments for a lower quartile priced home in

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METRO VIP OUT AND ABOUT

Dear reader, Who is Metro NZ Property Management, you may be asking yourself. The easy answer would be a twenty-one-year-old nationwide overly experienced investment and property management company based in Auckland, New Zealand. In honesty, this company is SO more than just that.  We are a group of people that have been in the business long enough to understand the needs and wants of people like you. We are all about values. We manage and invest in property with honesty and integrity and we will always have our client’s best interest at heart. Most of all, we are a family

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THE NEW INSULATION POLICY

Dear Reader, GOOD NEWS FOR ALL AROUND NEW ZEALAND: STARTING ON THE FIST OF JULY NEXT YEAR, INSULATION IS COMPULSORY IN ALL RENTAL HOMES AROUND THE COUNTRY. New Zealand is well known for the fact that most rental homes have minimum care about insulation, specially in the colder regions down south like Dunedin. The government of New Zealand has approved a new insulation policy which says that rental homes will compulsorily have underfloor and ceiling insulation, and it is coming in place on July 2019. Property managers are aware of the new changes and even though the policy will only

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MARKET TRENDS FOR PROPERTY MANAGEMENT

Dear Reader,   It is clear that as time goes by, society changes and with time their wants and needs also change. This post will explore what are some relevant global market trends for property management in 2018. The next twelve months will show a few changes in the field and the most relevant ones are as it follows.   Technology orientation According to R. Braun (2018), property management firms should be investing in more technology. Embracing the era of digitalisation and automation will mean that much more will be done faster and things will be done better. The rate

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WHY SHOULD YOU HIRE A PROPERTY MANAGEMENT COMPANY?

Dear Reader, As a landlord, managing your own property can be quite tricky. There is a whole lot of factors that need to be met, things that need to be done and or amended. Property managers are very aware of everything that needs to be done with a wide background of experience and a lot of answers and resources. Here at Metro NZ Property Management, we have twenty-one years of experience that will most definitely help home investors, be it your first time or not, to actually get the best value out of your property. In summary, according to R.

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THE NEW FOREIGN BUYER BAN BILL

  Dear Reader, December last year was filled with changes in the New Zealand Government. A bill that would amend the current overseas act was introduced to revise the Overseas Investment Act. The current act applies to  sensitive land, but not residential land. The new bill would fit residential land within the category. According to Housing Minister, Mr. Phil Twyford, the government is determined to make New Zealanders first time buyers able to buy their first home without the competition of foreign buyers. Our property managers have been working hard to make sure our clients get the best out of

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