You may have heard about the new lending criteria that banks are required to use, after the amendment of the Credit Contracts Consumer Finance Act (CCCFA) and the introduction of the Responsible Lending Code that came into effect on 1 December 2021. There have been numerous stories about people being turned down for home loans [...]
Purchasing your first home can feel like a minefield. There is so much to consider, before you even make an offer. But, please, do not sign a legally binding agreement until you have called us to ensure all of your needs are provided for. Where do you start? 1. Apply for a HomeStart Grant. If [...]
Borrowing money When you get a loan, the bank will usually require a mortgage and guarantee. The loan relates to the amount of money you are borrowing from the bank and contains the bank’s lending terms that you have agreed to, such as the interest rate, repayment plan and the security required by the bank. [...]
In short, the Bank has sent you to a lawyer to cover its own butt. In certain circumstances the Bank is put on notice and taken to have presumed that the guarantor has been unduly influenced by the borrower to give a guarantee. As a result, the Bank will be unable to enforce the guarantee. [...]
If you have loaned someone money and registered mortgage over their property as security you are a "mortgagee". If the borrower has stopped making interest and principal repayments there is a process you need to follow to enforce your rights under the mortgage. What can you do? If the borrower is in default because they [...]
New laws applying to the finance industry from 1 December this year will have a substantial impact on financial advisers and financial service providers. This legal blog deals with the new obligations on financial services providers. Retailers providing goods on credit terms are financial service providers and therefore need to register as financial service providers [...]
I attended the Whangarei Business Owners Forum last week. The Business Owners Forum was held at the office of Elevate CA in Whangarei and the topic was A Rough Guide to Valuing Your Business. The panel of experts included Whangarei chartered accountant Fraser Hurrell from Elevate CA, Whangarei lawyer Stuart Spicer from Webb Ross, and [...]
In the current economic climate any extra financial assistance can help make ends meet. If you or someone you know is part of the baby boomer bubble that we so often hear about and is about to enter a rest home, that person may be able to get financial help from the government. In this [...]
