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Loan Term vs Fixed Term - What's the difference?

Greg explains the difference between a 'loan term' and a 'fixed term' and breaks down the jargon.  Watch the video and check out the examples below to learn more. ...

February 10, 2025

What is a cashback and am I eligible for one?

The good news? You probably are!A cashback contribution is a financial incentive that banks offer to borrowers when they take out new lending.While banks may refer to it by different names, it essentially means they’re giving you money in return for staying with them for a certain period.Let's dive into what cashbacks are, when they are paid, and whether you might be eligible!...

February 3, 2025

Tips to repay your mortgage faster

Each time a payment comes out for your mortgage repayments, it feels like it is a never ending flow of money from your account and if you're near the start of your mortgage, 30 years seems like a long time.We have some tips to pay your mortgage off faster....

January 27, 2025

Thrive in 2025 - our predictions for the year

2025 is shaping up to be a big year for Kiwi homeowners, buyers, investors, and mortgage holders. With economic shifts, evolving government policies, and new trends, here are my top five predictions....

January 13, 2025

Why you should split your lending between banks

Sign Up for February 2025 Interest Rate Webinar here...

January 13, 2025

Renovate or upgrade?

This is a question I’m hearing a lot lately as homeowners consider the most cost-effective option for their next move. The answer depends on several factors, including location, financial resources, income, and even your skill set! Let's have a look at the things you should be considering to help make the right call....

January 6, 2025

What should I do now the OCR has dropped?

The OCR was dropped once again yesterday afternoon by 0.5% to 4.25%, and immediately most of the major trading banks have dropped their floating or variable rates.As of Friday 29th, no word yet on fixed rates which we expect will filter through in the next week or so.However, this is great news for all of us in that the cost of borrowing money is now firmly dropping, and we're seeing a clear direction of travel from the Reserve Bank for 2025, too....

November 29, 2024

Should You Fix for 6 or 12 Months After the Latest OCR Cut?

The Reserve Bank of New Zealand’s recent decision to cut the Official Cash Rate (OCR) by 0.50% has changed the game for borrowers. With more cuts predicted, many are left wondering: should you fix your mortgage for six months or 12 months, and what could that decision mean for your finances in 2025 and beyond?When the OCR drops, mortgage rates generally follow, making borrowing more affordable. This is encouraging for homeowners and prospective buyers alike.But it also presents a choice: do yo...

October 24, 2024

Connecting People Through a Community

The Junior Community Rugby Festivals provides a one day festival across six regions  throughout New Zealand. On Sunday 14th August we held our 5th Junior Community Rugby Festival at Swarbrick Park, Frankton, Waikato. They had a massive 111 teams participating from the ages 6-11 years....

October 1, 2024

Low Equity Margins & Premiums Explained: What You Need to Know

When you're in the process of securing a home loan, particularly if you have less than a 20% deposit, you'll likely encounter terms like Low Equity Margins (LEMs) and Low Equity Premiums (LEPs). These additional fees are important to understand, as they affect the overall cost of your mortgage and how much you’ll be paying over time. In this article, we’ll break down what LEMs and LEPs are, how they work, and what you need to consider when they apply to your mortgage....

September 18, 2024

How to Navigate Interest Rate Fixing in August 2024

As we navigate the ever-changing landscape of mortgage interest rates in August 2024, many homeowners are left wondering: What should I do with my interest rate fixed period? With recent drops in the Official Cash Rate (OCR) and subsequent rate adjustments by banks, it can be challenging to determine the best course of action. This guide aims to break down the key considerations you should keep in mind when deciding how to fix your mortgage rate in the current market....

August 21, 2024

What Does a Mortgage Advisor Do? A Comprehensive Guide

Navigating the home buying process or securing a loan can be complex and overwhelming, especially with the variety of options and products available. This is where a mortgage advisor comes in—a professional who guides you through the process, ensures you get the best deal from lenders, and helps structure your loan to align with your financial goals. But what exactly does a mortgage advisor do, and why should you consider using one? Here’s a comprehensive guide to understanding the role and ...

August 19, 2024

Should You Pay Off Your Mortgage Early? Exploring the Pros and Cons

Paying off your mortgage early is a common financial goal for many homeowners. The idea of being mortgage-free is undeniably appealing, offering freedom from monthly payments and the flexibility to use your income in other ways. However, the decision to pay off your mortgage as quickly as possible isn’t always straightforward and depends heavily on your broader financial objectives. Here, we’ll explore the pros and cons of early mortgage repayment and discuss alternative strategies that migh...

August 15, 2024

Exploring Joint Ownership: Buying a Home with Siblings, Family, or Friends

The traditional approach to buying a home has often been to purchase it alone or with a partner. However, with changing financial landscapes and diverse living arrangements, many people are exploring joint ownership as a viable option. Joint ownership can involve buying a property with siblings, extended family members, or even friends. While this can offer significant benefits, it’s crucial to understand the associated risks and rewards. Here’s a detailed look at joint ownership and how it ...

July 31, 2024

Understanding Break Fees in Your Home Loan

When dealing with mortgages, it’s essential to understand the potential costs that can arise if you need to change your loan terms. Two significant fees that often catch borrowers by surprise are break fees and non-utilization recovery costs. These fees can have a substantial impact on your finances, especially if market conditions change or your personal circumstances evolve. Here, we’ll explore what these fees are, when they apply, and how to plan your mortgage to avoid unexpected costs....

July 31, 2024

Key Considerations When Refixing Your Mortgage

Refixing your mortgage can be a crucial step in managing your financial health, especially in a fluctuating market. As interest rates shift and personal circumstances evolve, it’s essential to ensure that your mortgage terms align with your current and future financial goals. Here are some key considerations to keep in mind when deciding to refix your mortgage....

July 31, 2024

Fixed Rates vs. Floating Rates: Choosing the Right Mortgage Option for You

Fixed-rate mortgages involve entering into an agreement with your lender—typically a bank—where you commit to paying a set interest rate over a specified period. In New Zealand, you can typically fix your mortgage rate for periods ranging from 6 months to 5 years, with various increments like 12, 18, 24, 36, 48, and 60 months also available.The attractiveness of fixed rates often depends on the economic climate. For example, as of June 2024, shorter-term rates (such as 6 and 12 months) are h...

June 27, 2024

The Pros and Cons of Consolidating Debt Into Your Home Loan

Debt consolidation involves combining multiple debts into a single loan, typically your mortgage. This process can simplify your finances by consolidating payments into one, potentially lowering your overall interest rate. For instance, car loans, personal loans, and credit card debts often carry higher interest rates compared to home loans, making consolidation an attractive option....

June 25, 2024

Over 50 and buying property? Here's what you need to know about home loans

For many, the dream of owning a home doesn't retire at 50. In fact, entering the later stages of life can be an ideal time to reassess financial portfolios, consider investing in property, or even buy your first home. However, securing a mortgage after 50 comes with its own set of challenges and considerations. At My Mortgage, we regularly assist clients across a broad age spectrum, from enthusiastic first-time buyers in their 20s to seasoned investors who are well into retirement....

June 24, 2024

Will my Coffee Habit affect my Mortgage Application?

Funnily enough, a question that has become quite popular over the past few years: "If I buy too much coffee, will I be able to get a mortgage?" The short answer is yes, and that's fantastic news for all the coffee lovers out there!...

June 19, 2024

Rental strategies - is short or long term rental right for me?

In this episode of the My Mortgage Podcast, Greg and Claire delve into the realm of rental income options and explore diverse strategies for investment property success. From long-term rentals to Airbnb, rent-by-room setups, and seasonal variations, they uncover the nuances and opportunities in each approach.Greg starts us off by talking about the common methods of securing rental income: traditional long-term leases versus innovative approaches like renting by the room or leveraging the Airbnb ...

June 18, 2024

Navigating Home Loan Financial Hardship: How Banks Can Offer Relief

Financial challenges can arise for anyone, whether due to rising interest rates, job loss, illness, or changes in family dynamics. During these tough times, understanding your options for financial relief is crucial. Here’s a look at some of the strategies that can help alleviate financial pressures and how banks typically respond to claims of hardship....

June 13, 2024

Intergenerational Home Buying & Lending: A Growing Trend in New Zealand

In recent years, a noticeable shift has emerged in New Zealand's property market: more families are choosing to buy homes together. This trend of intergenerational living isn't just about sharing space; it's about combining resources to overcome financial barriers, care responsibilities, and more. In this blog post, we'll explore why New Zealand families are increasingly buying property together and the considerations involved in these arrangements....

June 12, 2024

Professionals you need on your Property Investment Team

In this episode of the My Mortgage Podcast, Greg and Claire uncover the important role of professionals in shaping a successful investment strategy. We start by talking about the role of mortgage advisors, emphasising their client-centred approach across various banks, ensuring optimal financial solutions and fostering long-term planning.They spotlight the significance of accountants in investment property ventures, clarifying their role in structuring tax optimisations and ownership frameworks;...

June 11, 2024

Landlords: Why Selling Your Investment Property to Tenants Could Be Your Best Move

As a landlord, the prospect of selling your investment property comes with several considerations, especially with the upcoming changes to the bright line test on July 1, 2024. This shift, reducing the bright line test from its current duration to just 2 years, presents a unique opportunity for both landlords and tenants....

June 6, 2024 Posts 1-25 of 301 | Page next
 

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