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October, 2020

An Arrowtown-based mortgage broker reports Queenstowns residential
real 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
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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