The housing market is set to improve with more opportunities for buyers, according to mortgage expert Rupert Gough.
Speaking to Breakfast this morning, Gough said people definitely still want to buy property, despite interest rates increasing.
"People are starting to come back you know, there is a baseline, Kiwis want to buy property so there are always people who are interested.
"The trick has been in the past year which has caused all these problems, is actually getting the banks to say yes and jumping through the hoops that the Government has put in place for the banks to be able to say yes."
He said there are two fundamental things people are nervous about - interest rates and property value.
"We're starting to see a level out of interest rates, interest rates have been mid five to sixes for a few months now and that's a big change from how they were going up from 2.5% where they were a year ago."
"Property prices are still a question, are they going to fall any further, might gut feeling is they're not going to fall any further, summer's coming up, people are starting to look to buy, lending is getting easier, the interest rates are stabilised."
Gough says beyond summer, he thinks the market will continue to get better because the regulations in place making it difficult for people to borrow money are beginning to lift.
The banks are now able to lend to those people who "deserve to be lent to" he added.
"So you're going to find more buyers back in the market, which means a better buying opportunity."
Gough said for those getting a mortgage for the first time, faster is always better because the quicker a mortgage is payed off, the less interest there is.
"So, 30 years is maximum, see what you can afford at that, and then see anywhere you can put extra money on that mortgage saves you a lot of money.
"Basically twice as much, if you put on $1000 you'll save $2000 over the long run, so well worth it in the beginning years of your mortgage."
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