Advice on structuring mortgage?
| # | Post |
|---|---|
| 1 | If you were going to structure a new 650K mortgage for yourself as a hypothetical first home buyer in today's economical climate, how would you do it? Fix all or split portions @ 1,2,3,4, or 5 yrs?... timmeh111 - 2021-06-05 11:16:00 |
| 2 | Put a small part in a revolving line of credit - say $50K. Fix the rest $600K - P&I payments at lowest possible rate. Good luck. pcle - 2021-06-05 11:57:00 |
| 3 | Thank you @ pcle timmeh111 - 2021-06-05 12:06:00 |
| 4 | One size does not fit all. If, like we used to be, paying off quickly then all on floating can make life easily and is more flexible. Good info here... https://sorted.org.nz/guides/home-buying/mortgage-types/ tony9 - 2021-06-05 17:22:00 |
| 5 | Husband has debt that is now quietly getting less but we have split it 3 ways. A smaller amount that is floating that he can take lump sums off as he has it, and 2 other larger loans that are set to come up alternate years and are fixed for 2 years each time. If there is spare money he takes off some before refixing. So each year one fixed loan comes up around this time of year. All are reducing. bryalea - 2021-06-05 18:51:00 |
| 6 | If you use a line of credit account and live each month off a 55 day credit card then it’s surprising how fast debt can be paid down. Just to make sure you don’t waste your hard earned capital on shiny toys - reduce the LOC limit each month. Turns it into a forced P&I loan. pcle - 2021-06-05 22:37:00 |
| 7 | six fifty mortgage = cant even imagine that , that would do my head in .. pettal - 2021-06-05 23:00:00 |
| 8 | An amount you can pay off on floating ($25k), another at 1yr ($75k), next at 3yrs ($200k) the rest on 5yrs smallwoods - 2021-06-05 23:21:00 |
| 9 | pettal wrote:
that is probably a average mortgage for Auckland? cathi - 2021-06-06 00:42:00 |
| 10 | cathi wrote:
Average for new mortgages in Auckland is $750k...ouch! jeffqv - 2021-06-06 13:53:00 |
| 11 | i would speak with a Mortgage Broker. axelvonduisberg - 2021-06-06 16:09:00 |
| 12 | cathi wrote:
And Wellington, and increasingly other areas too, I imagine. Several friends of mine have close to $1 million mortgages. cameron-albany - 2021-06-06 17:05:00 |
| 13 | axelvonduisberg wrote:
Good post jeffqv - 2021-06-07 15:07:00 |
| 14 | axelvonduisberg wrote: although these days they call themselves “financial advisors” sparkychap - 2021-06-07 15:17:00 |
| 15 | sparkychap wrote:
ers....... jeffqv - 2021-06-07 15:57:00 |
| 16 | jeffqv wrote: noun sparkychap - 2021-06-07 16:00:00 |
| 17 | pettal wrote:
Repayments probably cheaper than renting. fxx99 - 2021-06-10 22:25:00 |
| 18 | fxx99 wrote:
Funnily enough I have a repayment calculator open now 650K at 2.19% (latest 1 year fix ANZ) over a 20 year term repayments are $772 a week so yup for a lot of Auckland/Wellington houses. Of course there's nothing much to be had for 650K in Auckland or Wellington. huca1 - 2021-06-11 10:28:00 |
| 19 | huca1 wrote:
Try it for 30 years and it should cover rates and insurance too. fxx99 - 2021-06-11 10:37:00 |
| 20 | fxx99 wrote:
Umm interesting, he doesn't talk about the role of cheap money in inflating house prices. i fundamentally disagree that low interest rates and highest ever prices make the best conditions for buying a house. No thought that I might be better spending my hard earned money stimulating the economic recovery in more tangible ways? First-home buyer deposit underwrites, rent-to-buy and lease-to-buy schemes, shared equity programs all of these will just act to inflate prices even more. If you want to make houses more affordable restrict who/how many individuals can have (companies and trusts too) and ?? raise interest rates. The last thing the property market needs is more cheap money! IMHO of course ;) huca1 - 2021-06-11 11:18:00 |
