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Christchurch Earthquake Assistance

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Firstly I would like to say that if you have even been mildly affected by the recent earthquakes in Christchurch we know how you feel. I live and have my place of work in Christchurch and have been present when all of the quakes have hit our city.

Secondly we are here to help all Cantabrians. With all that has happened recently it is hard to keep on top of everything our day to day lives thrust upon us. Particularly when so much help is required.

To make things a little easier we are here to help in any way we can. Please feel free to contact Advanced Mortgage Solutions by email or by phone to discuss your Home Loan needs. Many people require a mortgage holiday right now as they are unsure how secure their jobs are, or would like some time for the dust to settle before making the hard decisions. We are Christchurch Mortgage Brokers with local on the ground knowledge. We don't mind if it's for a mortgage holiday, a loan roll over, a greatly needed top-up, or to discuss how what's best for your circumstances.

Please click on the Canterbury Earthquake Recovery logo above to see the status of your house in accordance with  the CERA announcement made on 23rd of June 2011.

So what does all of this mean?

Please read on for clarification around what these different zones in Christchurch stand for and what impact will they have on property owners.

Red Zone

Land designated as being in the Red zone is seen as being the worst hit and is unlikely to be satisfactorily remediated for rebuilding purposes for some considerable time to come. Areas which are in the Red zone generally share the following characteristics.

  • Damage to land in the area is extensive and affects a significant part of the suburb
  • With on-going aftershocks there is seen to be a high risk of further damage to land and buildings
  • Engineering solutions to remediate the land would have a high degree of uncertainty and would be uneconomic
  • Because of this any repairs would be protracted and take an unacceptable length of time.

The Minister maintains the level of repairs required to land in the Red zone is so extensive that homeowners could be out of their homes for three to five years and that in many areas countless cubic meters of compacted fill would be required along with extensive perimeter works.

The Choices For Land Owners

The government and its associated partners are offering two choices for those who owned property in the Red zone and had insurance on that property as at 3 September 2010.

  1. The first option is that Government will offer to purchase the property outright at the properties current rateable value (last completed in 2007) less the sum total of any insurance payments already made to the owners. In this case the Government would take over all insurance claims other than those covered by contents insurance.
  2. The second option is that the Government will offer to purchase the land only, this is also at properties rateable value with the homeowners then electing to continue to deal directly with their insurer with regard to settlement of the claim on the improvements themselves.

Green Zone

The majority of homes in greater Christchurch have been designated as being relatively undamaged and as such finds themselves in the Green zone and given the green light to proceed with repairs and rebuilding of their homes. For the most part home owners will not be required to wait for further local or area assessments by EQC or engineering consultants Tonkin & Taylor.

Orange Zone

The Orange zone will be an area where there are many unhappy property owners. There are in excess of ten thousand homes in the orange zone which are in need of further engineer’s assessment. The most recent magnitude 5.6 and 6.3 earthquakes which struck Christchurch on June 13 have caused fresh damage in many homes in these areas, leaving the government and Tonkin & Taylor with some work to do yet. Possible problems ahead I fear.

White Zone

Those areas designated as White zone are non-residential areas as well as parts of the city which have still to be mapped, but are largely believed to have sustained little damage over the last 9 months.

As always there is no cost to you for my services. Just pick up the phone and dial 03 980 4541 or drop me an email by clicking here.

Remember if it has anything to do with your Home Loan see me as your first port of call.

I am here to help!

Ph: 03 980 4541
Fax: 03 980 4571

Advanced Mortgage Solutions

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