Mortgage News

The secret to paying off your mortgage sooner.

There is no huge secret – it’s embarrassingly simple.   So why do some people manage to become mortgage-free in a few years while others on the same income somehow never get out from under their debt? Here are some tips and tricks I’ve learned over the years.   Pay...

The Irresponsible Lending Code.

A few years back, the government created guidelines to stop lenders loading debt onto people who were ill equipped to handle it. The Responsible Lending Code now informs the way banks lend new money. Unfortunately, it hasn’t fully permeated down to the way they manage...

Why refinancing (probably) isn’t the answer.

You may have noticed the banks are fighting for marketshare. House sales are sluggish so they’re using cut-price interest rate offers to win your business.   Tempted to refinance? Tread carefully.   An ad with a juicy rate in the headline may seem like a great deal....

“Should I use my KiwiSaver to pay off my mortgage?”

We’re often asked this question by people approaching retirement. While I can’t give specific advice, here’s how I’d approach the issue.   NZ Super is designed to cover basic expenses only. If you’re 65 and have few other resources, Super will provide a barebones...

4 tips to lift your mortgage game.

Continuing the theme of numbered checklists, here are four things you need to know about.   Make the most of today’s astonishingly low rates. I never imagined we would be looking at rates like 3.95% p.a. at this stage in the economic cycle. Talk to me now if you’d...

The secret to being mortgage-free.

It’s a boring word – budgeting. Actually, budgeting isn’t boring at all. It’s beautiful. It’s the key to living a wonderful, happy life, where you spend money on the things that add value and bring you joy, while steadily paying down debt. Or if you’re looking to buy...

Beware of the mid-40s trap!

You’re established in your career, settled in your home and bringing up a family. You’re trucking along. Chances are, your earning power is at or near its peak. Life is good. What’s wrong with this picture? You’re busy. You have your hands full every day with...

Think you can afford it? The bank might not agree.

Every week I meet clients who proudly tell me, “I’ve done my numbers and I can afford it.” Really? The bank may not agree. That’s because banks in New Zealand operate under the Responsible Lenders’ Code, which means they look at all your potential liabilities and...

Don’t fall foul of anti-money laundering rules.

Are you a crook? Of course not. But you could still end up in a sticky situation thanks to Anti-Money Laundering (AML) legislation. A bit of background. Since 2015 New Zealanders have been obliged to follow global rules designed to stop criminals and terrorists...

Thinking of being a guarantor? Be careful.

I recently talked to someone who was looking to buy a property in New Zealand. The budget was tight, but no worries – their parents in Australia were happy to go guarantor for the mortgage. Then I explained what this actually meant. There was a sudden lack of...

What’s happening with house prices?

Many of you have asked my opinion on this. The answer is I honestly don’t know. Despite the election, the fundamentals haven’t really changed. We still have a growing population. Housing supply is not keeping up with demand. The Reserve Bank has already taken some of...