EP: 198•
In this episode, we discuss the proposed and accepted mortgage repayment holidays that the major retail banks will be offering due to the Coronavirus outbreak.
The Covid-19 outbreak will hit some New Zealanders hard. To make sure that property owners don't lose their homes due to loss of income, the Finance Minister, Grant Robertson has introduced this scheme.
If the shutdown has impacted your income then you can apply for a mortgage holiday on both the principal and interest payments on your mortgage for 6 months.
Interest will still accumulate on that loan, however. Banks will then add the interest costs on top of the loan, "capitalising" these costs.
For instance, if you have a $300K mortgage at 3.5%. Over six months you will add $5,250 on to the principal of the loan. While this has accumulated over six months, it will set your mortgage back by 14-15 months.
If you need to take this mortgage holiday to keep your home, then it is well worth doing. However, if you don't need to then you will likely be better off by not applying for the mortgage holiday.
Instead, you could decrease any voluntary payments and just pay the minimum on your mortgage. Or, you could temporarily move your mortgage from principal and interest, just to interest payments.
EP: 2015
In this episode, we discuss how to deal with bad neighbours. That includes one case where a tenant's neighbours were threatening to poison their dog. We talk through who to call in different situations and a few case studies of when neighbours truly are at war.
Want to become a successful property investor? Opes+ is your one place to run numbers on all your investment properties.” Check out the new app here.
EP: 2014
In this episode, we discuss the exact process to get a mortgage top up. That includes what you can use a mortgage top up for, who you need to talk to, and different ways you can set it up. Ultimately, property investors can use this information to decide whether a mortgage top up is right for them.
Looking to calculate and compare your mortgage repayment options? Use our mortgage calculator to find out your potential monthly payments.
EP: 2013
In this episode, we discuss what middle class really means in New Zealand.
This includes how much income and wealth you might need to be considered middle class.
And if you're not middle class ... what are you?
Want to become a successful property investor? Opes+ is your one place to run numbers on all your investment properties.” Check out the new app here.
EP: 2012
In this episode, we are joined by Laura to discuss how she went from 0 to 5 properties in just over 5 years.
That includes how she did it starting on a single income and is now just 32 years old.
She shares the highs and the lows and some of the mistakes along the way.
Inspired by today's case study? Find out if you can afford an investment property with our quick quiz.