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October, 2020 An Arrowtown-based mortgage broker reports Queenstowns residentialreal estate market remains surprisingly buoyant. Roost Mortgage Brokers principal Mark Pullar says first-home buyers and investors, energised by both the temporary removal of loan-to-value restrictions and the prospect of sub-2% interest rates, have been very active. Purchasers retain confidence in the Queenstown market as they see this as a once-in-a-decade opportunity to get into the market at a time when there is more of a balance between buyer and seller. While market rents have dropped, a drop in interest rates has offset that, he says. Banks had continued to be excellent in their support of existing borrowers, so we havent seen a lot of evidence of significant mortgage stress or mortgage sales. However, Pullar says at the same time banks have been very cautious with new lending, particularly for Queenstown-based borrowers exposed to tourism and hospitality. This has seen a flight to mortgage brokers who can help borrowers put together the right detail to get the result. Source: Mountain Scene
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