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Teaching Your Child About Money

When is a good time to start teaching children about money? The answer is as early as you can. Research shows that kids as young as three can grasp basic money concepts! This week Stephen from My Money had the privilege of talking to a local school about money to help build their confidence, awareness, and resilience around this critical aspect of life. "The Pocket Money Guide" is a great resource to help you start the conversation with your children. Contact me if you would like to know more. ...

Stephen Robertson In The News

A short clip from the news this week with our own Stephen Robertson. On the topic of the "Mortgage Holiday Scheme" coming to an end, If you find yourself struggling, don't do it alone. There are tools to help. Tony from Money Trainer is a money coach who I highly recommend. Engaging with a money coach is simply bringing someone alongside you whose role is to help you discover what is right for you. Recently we helped a couple who had invested in a brilliant wedding and needed to build up a depo...

Why Use a Mortgage Adviser?

As Mortgage Advisers, we take care of all aspects of the application process and our application form is accepted by all of the lenders. We stay up to date with which bank prefers which type of deal and which type of client – giving every type of deal (no matter how big or small) the best chance for approval.  The fact is that one Bank may lend you tens or even hundreds of thousands of dollars more, on the same day given the exact same circumstances, than another Bank. A good adviser will...

Deposit saving ideas

First, set a goal and a date. Without a date, you will never get there. Set up a separate bank account for it. Call it ‘House Deposit Savings’ so it removes the temptation to dip into the funds. Ignore the interest rate on the account, as it will be small and will not be a big factor in achieving your goal. Now set a realistic date, say three years from now. Explore whether you qualify for the ‘Welcome Home Loan Scheme’. This will reduce the required deposit from 20% to 10%.&nb...

How to save the home deposit and not keep renting

Your rent can often be about the same as you would pay in mortgage repayments, so why not own the home! First home buyers account for nearly a quarter of all house sales right now, so its good news out there. But the challenge is finding the deposit. Here are some ways to bring you closer to achieving this.  Deposit saving ideas   First, set a goal and a date. Without a date, you will never get there. So, let’s say you need $100,000 (20% of $500,000), then set up a separate bank...

Reserve Bank removes LVR restrictions for 12 months

In keeping up to date with developments across the finance industry, the Reserve Bank has announced they have decided to remove mortgage loan-to-value ratio (LVR) restrictions for 12 months. The Reserve Bank’s decision was made in line with its financial stability mandate.Introduced to protect the stability of the financial system as house prices climbed, the LVR rules placed restrictions on how much of a bank's lending could go to borrowers with a deposit of less than 20 per cent of the ...

My Money December Update

New Zealanders can expect to pay approximately $5 more a fortnight on a $100,000 mortgage as commercial banks are ordered to increase the capital they have in their reserves.That is one of the estimated effects from the Reserve Bank's much-anticipated decision on how much capital banks should hold so they can ride out future financial crises."More capital in the banking system better enables banks to weather economic volatility and maintain good, long-term, customer outcomes," says Reserve Bank ...

True Mortgage Story Of The Week

Michael and Sue approached their bank to upgrade their home in a rural area which had a house, flat and small cafe. Both Michael and Sue are self-employed and don’t need income from café to service the loan. Their NZ bank approved the loan and they went unconditional. Then to their surprise the bank said they would treat the whole loan as commercial and charge 7.3% Their bank adviser was apologetic and encouraged them to shop around. We met them understood the issues and have experience ...

Latest market update from Stephen Roberston

Interest Rates  Don't think rates will fall further? they can, and they will. ANZ predicts another 3 rate cuts by May next year.Coolest Rates: 3.54% for 1 year, 3.45% for 2 years, cash backs available for new lending. Short Case Study   Melissa approached her bank for debt consolidation and tax payments plus a renovation budget to prepare the house for sale to upgrade. Melissa is a contractor in project management with short term rollovers of contracts. Me...

Government’s announcement of changes to home ownership products

The Housing Minister this week announced a number of changes to the Homestart Grant and the Welcome Home Loan to come into effect on the 1st of October. To summarise here are the key points of the Minister's press release: The minimum deposit requirement for the First Home Grant will reduce to 5% for both new and existing homes (currently the minimum deposit is 10%)The First Home Grant can be paid to all buyers, who are eligible for the grant, where there are three or more buyers, by removi...

BAYLEYS AFTER FIVE ECONOMIC OVERVIEW

Through my long-standing association with Bayleys we are pleased to be in a position to offer a limited number of spaces to this informative event at a pivotal time in NZ’s economy where one of the best known economic voices will share his views. Come along and listen and bring your questions...

Recent Case Studies

Some interesting recent cases I have dealt withI get all sort of people coming to me, some with very interesting stories. Here are three: Are you thinking you could get better rates? A top client asked his bank to offer him better rates and calculate a break fee. He was offered an extra $1,000 to stay with his current bank but we saved him over $2,000 by switching for a better deal.Young couple were trying to buy first home and he was on temporary employment contract so kept getting knocked...

The importance of having a good insurance adviser

Recently I was reminded of why it is so important to have a good insurance adviser instead of being a number in queue at the bank or direct supplier. My youngest son was admitted to hospital with a life changing diagnosis. Thankfully he will be OK.It was a stressful time for our family emotionally, physically and it had a financial impact. I was told by my policy holder that "he's not entitled to anything". My direct adviser reviewed the medical policy and foun...

Currently Renting?

Have you ever thought your rent payment would be better spent paying your own mortgage?Are you wondering how much you could borrow based on mortgage payments being what you currently pay in rent? Situations can change. Perhaps your landlords are selling the house you live in and now is a good time to buy your own home. Maybe your family is expanding and you are looking to purchase your own home. What ever the reason, our calculator may be able to help you know what you could afford.Use our ...

What to look for in a business broker?

There are a lot of people out there who are thinking of starting one business or the other. One problem they are encountering now is how to get financing for their business. There is no business that doesn’t need funding, even the non-profitable organizations need funding (they get their funding most definitely from sponsors). Most people only know one place they can go to get loans which is the bank.However, a business loan broker could be the perfect fit for your situation at the moment. Any...

4 good reasons to work with a Mortgage Broker

Why would you work with a Mortgage Broker when you are considering to buy property?Looking for a property, either your new home or an investment property, can be overwhelming. There are quite a few skills you need to make it to the finish line and settle on a property that is right for you. We can mention a lot of hurdles that can be in your way: Auctions, counter offers, misleading ads, unclear building and pest reports to name a few: It can all take its toll. Combine this with finding the best...

Pros and cons of debt consolidation

What are the Pros and Cons of Debt Consolidation?Taking out a debt consolidation loan can be a good option for anyone that finds themselves in a position where they find it difficult to meet their payments on their debts every month. If you are only meeting your minimum payments on a debt you will probably struggle to reduce the principal amount you owe and your debt could actually increase through added interest on your debt.Debt consolidation could be a good option for you into managing your d...

Foreign buyers ban – does it affect you or someone you know?

Buying property in nz: Changes are on their way!As you may have heard last week, the Government’s Overseas Investment Amendment Bill (overseas buyer ban) passed its final reading. The legislation though is not yet operative. The date on which the Act commences will be detailed Soon. Royal Assent has been given. No doubt it will be widely reported but I will try to advise you of the relevant dates as soon as possible. Please check back to this article if you want to be kept up-to...

Building a new house in NZ

Building a New House in New Zealand In New Zealand you will find that the legal process for buying land and building a house is well organized and is regulated extremely well to make it an equally fair process for both the buyer and seller. You should read on to discover all you need to know about building a new house in New Zealand. Buying a Block of Land In New Zealand it can take just three or four weeks to complete the purchase on a house or on a block of land on which you plan to build your...