DUX Talk

For many people the mortgage is someone something they set and forget and the only time they really focus to it is when the refix is coming around and they're looking at the new rates.

There is a lot of talk that having lower interest rates means that people should look to buy houses now because the payments will be lower, and while it's true the rates are the lowest they've ever been the lower interest rates do not mean that you will be able to get a bigger mortgage.

If you own a house long enough you are likely going to need or want to do some work on it to keep it looking good. For small things you should be able to pay in cash, and ideally you should also save for larger renovations, but often if its going to be expensive, the only option is to increase your mortgage.

We often get asked what the difference is between us and the bank, why should the client not go directly to the bank? It’s a good question and I think it’s important that all advisers are able to articulate their point of difference.

It’s tempting as the weather gets worse to go on a holiday to somewhere warm. But for many of us, this ends up being on the card rather than in cash.

IAG (Not AIG, a very different company), the parent company of State, AMI and NZI has announced they are not offering new contents cover in Wellington anymore.

Budgeting sucks, you are basically agreeing to not have as much fun so you can be ‘responsible’. In the long run you know its better for you, but when has that helped.

Kiwis don’t seem to be fans of insurance, well life insurance anyway. Even though the concept is the same, kiwis tend to be open to house, car and contents cover than life cover. I think it has something to do with being able to touch the car and visualise it being damaged than being able to visualise the impact of cancer.

When buying a house it’s not just the deposit you need, but you also need to have money for the lawyer, and any reports you want such as the building report, valuation etc.

It’s a few days before Christmas and there is a good chance that you have overspent on presents, food and drink or travel etc, and it’s all building up to a headache in January.

The government has changed the rules on overseas buyers of property, with a view that the overseas purchasers are stopping NZers buying houses.

Generally its best to avoid debt, regardless of who you are borrowing from. But if we are talking about borrowing for your house deposit, getting help from family could make it easier to get a mortgage or could make it possible, where it was not before.