One of the leading and most awarded mortgage and insurance advisers in New Zealand, Global Financial Services (GFS) has affirmed that Covid-19 lockdowns had minimal to no impact on the property market of the country.
Speaking with the Indian Weekender, Director of GFS Ajay Kumar says the year 2020 has left a strong mark on the country’s property market and the demand for properties is still higher than the supply despite the country having been in several levels of lockdowns and closures.
Earlier this month, GFS launched its new product ‘Mortgage Genius’ that will help Kiwis manage their finances. Excerpts from the interview, and more about Mortgage Genius below:
Ajay: Due to Level 4 and thereafter, level 3, 2.5 and level 2 and then now back to level one, banks are taking more time (two to three times more) because many bankers are working from home. There was no impact of Covid-19 on property market so far because demand is still more than supply.
Ajay: Not in property prices but of course relief due to lower interest rates.
Ajay: Lending from banks are as usual; in fact, it became easier for homebuyers to service home loans due to lower interest rates. The cost of servicing, in general, is now 32% of gross income which was earlier 48%.
Ajay: Considering the devastating financial impact COVID-19 has taken on economies around the world, Global Finance has developed an amazing product that will change the way Kiwis manage their finances.
The ‘Mortgage Genius Plan’ is carefully designed and developed on a unique basis whereby it highlights the need for everyday New Zealanders to take hold of their financial destinations and have access to a smarter way to manage their loans.
In this low-interest rate environment, we wanted to highlight the many enduring benefits this product delivers; not just saving you interest.
Not only does it save you interest it allows people to become financially stronger, give support to your family, give you financial peace of mind, and minimise financial worry whilst building equity and ultimately gives you the freedom to strengthen your financial security. The extraordinary results of our customers speak for themselves.
Mortgage Genius Plan is a very efficient and effective money management tool designed to put you in control of your mortgage repayments, saving years as well as hundreds of thousands in interest or more.
Ajay: Mortgage Genius Plan is a very effective money management tool designed to put you in control of your mortgage repayments within your capacity, saving interest, reducing the number of years on your loan, creating equity faster to enable you to buy another property, accumulating cash reserves which can be helpful to manage many situations such as Covid-19 when sometimes people lose their job or their income has been reduced, and they are worried about servicing their loans.
We know providing people with the same old loan structure doesn’t work for everyone. Everyone’s circumstances are different; your current situation can change from time to time, so is the need for a solution to paying off your loan that is suitable and works for you and within your capacity. We want to make the benefits enduring and make a significant contribution to your financial wellbeing and peace of mind knowing that we have got you sorted.
Ajay: Global Finance provides a tailor-made solution enabling you to take control of your mortgage repayments. It will allow for a plan that is dedicated to fulfilling your personal needs and future goals.
When your unique plan is followed as planned, you can expect to save hundreds of thousands of dollars on your home loan by reducing interest costs– and become debt-free sooner, minimising financial worry enabling you to take better and informed decisions.
Whilst following this plan, you could potentially purchase investment properties, businesses which you like and enable you to support your family and ultimately create a family-oriented lifestyle that you want as per your capacity. It also helps you to create reserves without any increase in your loan instalment to minimise your financial worry in a situation like Covid-19.