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  • Household and external debt are still high BUT mortgage rates are fine at 4.75% or slightly more and interest rates will not rise. BUT homes and proeprty are surging higher due to greed and inflation is on the rise. An interest rate rise will have to come in 2019 maybe later in the year. 2020 the world will crash.




Buying a house: mortgagee sale is not all roses but now

the Reverse mortgage

as real estate agents seem to think


Buying a property under a mortgagee sale you may think its easy. A standard S&P Agreement with vendors warranties removed can include the following:

  • No warrant to have any fixtures or fittings included in the sale. So the owner could then take all doors, kitchen cabinets, carpets, light fittings, fixtures etc.
  • No vacant possession so up to you to get them out & they caould start damaging on the way out.
  • Normally the vendor warrants that the place will be provided intact as it was when it was seen and signed up by the purchaser. Normally the vendor has it insured up until settlement has taken place then the purchaser insures it. The revised agreement takes out all these warranties so it's at the purchaser's risk from the time it's signed up. I could only get insurance for some things, malicious damage by the tenant was specifically excluded. So theoretically the owner could kick holes in every wall, take a chainsaw to the place or in fact burn the place to the ground and you'd still have to settle.
  • You can't object to title, LIM, or have any other conditions like finance or whatever. A LIM report comes from the council and you need to order one. Takes around 1 week or 2 weeks and costs about $150 stating what the property contains eg. resource consents, & code of compliance in the council records.

So there are very big risks involved here.

There is no obligation on the bank to ensure that the chattels will be there on settlement date so the tenant can take the sink and wall fittings if they want or if known then a creditor (e.g. hire purchase company) can re-possess chattels etc as well. If you default on settlement the bank can charge you interest for late settlement. If the bank is unable to complete settlement on due date then you just have to hang on in there until settlement - you are not entitled to charge the bank interest for late settlement. If the bank is unable to give clear title they can cancel the agreement (but will give you a full refund of any deposit paid).

The contract is very important and the vendors name must be exact. You will normally have to pay 10% deposit so have all this done by your lawyer. The mortgagor can still stop the sale if it comes to the party with the Bank it owes at any time before sale. If buying Unit Titled properties & apartments, you are normally entitled to certain information about the property including Body Corporate rules, accounts, payments, sinking funds, fees & Management bodies etc

Insurance risk will pass to you on signing of the Agreement. You need to make sure before the auction that your insurance company will provide you with insurance cover even though you are not yet the legal owner. Also make sure that your bank knows it is a mortgagee sale - as they may change the total amount the bank will agree to lend.

The best idea before buying is to use a lawyer and check also that theres no clear guidelines and you could find a trashed property that you did not budget for. You can also use the services of a real estate agent if going thru a Realty firm. However its entirely up to you as theres no clear cut rules. Source Reuters.



  • What if your funds are being used by Banks to Rehypothecation as has happened to MF Global & Hedge funds where your funds are now susceptible to being reinvested?? Do you know what this is will if not read this [ Check this out ]
  • Houses in main centres like Wellington are being priced off the market. They are not dropping in price but the shortgage means increased premiums. But whats worse is insurance hikes and earthquake damage costs plus the inevitable maintenance costs for those with rentals. But on the rent side houses are gaining with 3 bedroom homes min $400 per week. Is this sustainable---og course not but we are pricing ourselves off the real market due to greed.
  • Banks are allowing interest only loans with no principal paid for the next year. Not good it means the owner is now 2 years behind??? 1 year to catch up and one year to pay the increasing costs.



[ Mortgagee rates rising 2013 ] [ Mortgage calculator ] [ Whats Rehypothecation -mortgages ] [ Whats a reverse mortgage?? ] [ NZ Pensions ] [ Finance Companies ] [ Kiwisaver good or bad Providers ]


" Invest in finance companies--- crazy--- they can do what they like with your $$$$ "

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