Mortgage writing surges for top adviser company

NZ Mortgages managing director and head of lending Nathan Miglani says mortgage writing is up substantially after dipping 25% over the past 18 months.

Last financial year, the business wrote more than 700 mortgages – about 60 a month. From its 2020 peak, business fell 25%, but it has risen steadily in the past few weeks, back up to 40-50 mortgage applications every month.

Maglani puts it down to the loosening of LVR restrictions about six weeks ago. During the downturn, NZ Mortgages did many top-up mortgage applications for clients on banks offerings of 1% loans for EVs, solar and insulation. “That was reasonable and kept us going but home mortgage applications have ramped up quickly again recently.”

First home buyers and investors are leading, rushing to secure property while prices are low and before October’s general election. “Many buyers believe if National is leading the country after the election, house prices will start rising the day after.”