When to refinance your mortgage. (Spoiler: not often, but sometimes you really should).

Here’s a tip that might come in handy: Get your phone out, open the camera, and video any possession that you might need to claim on your insurance one day. We sincerely hope you never suffer a burglary, fire or flood – but if you do, you’ll be glad you made a record. A few years ago, we made this suggestion to one of our clients. He videoed his stuff – and wouldn’t you know, he was burgled just two days later. This leads to another piece of advice: Make sure you mention this to your insurer, just in case you find yourself in the same position as the person above. You wouldn’t want the insurance company to start wondering if you’d set the whole thing up. Stranger things have happened. A reminder that we don't offer fire and general insurance. We have no skin in this particular game – we simply want to be helpful. However, if you’d like to talk about these types of insurance policies, we can refer you to some trusted advisers. Note that we don’t get paid referral fees or commissions if you arrange insurance with these people: Our contact at Glenn Stone Insurance (GSI) is Lynley Evans, who manages some of our own insurance. Contact her at lynley@gsi.nz You can also use the tool on Frank Risk online. Click on the link here . Alternatively, we’d be happy to refer you to Tower Insurance. We’d need your authorisation to send them your contact details. Note that Tower do pay us a referral fee. Talk to us if you need to look at your life and health cover. If you haven’t reviewed your life, health, trauma, or income protection insurance recently, now may be a good time to do so. This is especially important if your life has changed. Did you get married, start a family, retire, come out of a relationship, take out a mortgage, or experience any other major changes in recent years? We’re not trying to sell you anything – just helping ensure your cover still meets your needs.  Click on the link below to set up a call. There’s no charge.

The reason is simple. Something you may not think is important could actually matter a lot. It could save (or cost) you thousands of dollars. That’s why we’re always keen to catch up. Talking face-to-face on a video call is an opportunity to find out the things that don’t appear in an email or bank statement. Here’s an example: When a 'cash contribution' from the bank is a bad idea. Banks often use cashback offers or other sweeteners to encourage you to sign on the dotted line. This can be a good deal…or it can be a terrible one. It all depends on your personal circumstances. When we talk to you, we’ll ask questions like these: “Could you reduce your loan in the next few years with a lump sum from KiwiSaver?” “Are you expecting a windfall, such as an inheritance or company shares?” “Are you thinking of selling your house and buying in a cheaper location within the next three years?” Your answers to these questions (and the other questions we ask) will determine the type of loan that’s right for you. The sugar hit of a cash contribution from the bank might turn out to be a false economy, because it could end up locking you into a loan term that doesn’t match your objectives. Here's another example. Refinancing your loan might not be a done deal. Refixing with your bank is usually pretty straightforward. But moving to a new bank – i.e. refinancing your mortgage – may not be. First of all, you will have to go through a complete re-application process. Every lender will need a lot of detail, and their questions could be intrusive. That’s fair enough – they are checking if they want you as a customer. It’s a bigger deal than simply rolling over an existing loan. And you may not even be approved. Then you’re back to square one. Of course, there are times when refinancing is the right option – and we’ll be very happy to do it for you. But first we need to dig into your particular circumstances. So we ask a lot of questions. We're here to help you find the right loan. Your emails and phone calls are always welcome. At Sue Tierney Mortgages, we’re here to give advice whenever you’re thinking about rolling over a loan, taking out finance or changing your insurance. Try us. Click on the link below to set up a call. There’s no charge.