A few years a go we switched our mortgage over the NZHL. I don't think we fully understood the concept, and still don't. I'm tempted to make the move to a more traditional bank but wondering if it's actually worth it? We are on floating rates so no dramas with break fees. I'm just wanting to simplify our mortgage and have multiple accounts to help with our cashflow/budget. We are tossing up with the idea of selling in a few months so will stick to floating until we decide. Hubby has switched jobs a couple of times in the last 2 years so i'm a bit worried about that being negative on the application. Thoughts anyone? Is it worth it?

totalimp - 2021-06-30 13:21:00

If you are having a problem understanding the way NZHL works why don't you contact them (or preferably go and see them) and discuss your concerns
In the past I have found them very helpful in explaining the system, or parts of it, that I did not fully understand.
I know it is not for everyone but when you can work it comfortably it certainly is a great system. You will find that you can save yourself a lot of money in interest and get your mortgage down a lot faster without worrying about having to go without lots of things. ie. you can still go away on holidays etc.
They also supply a comprehensive planner to help with your budgeting.
(I still use the planner even though the mortgage was paid off some years ago)

Edited by perfectimages at 2:43 pm, Wed 30 Jun

perfectimages - 2021-06-30 14:36:00

The system isn't bad but it's so simple (I think they explain it poorly on purpose so people think it's magic). You can do it yourself at any other bank without the premium interest rate that NZHL charge.

I found NZHL people to be generally unresponsive and when I went to purchase a new house they wasted my time and around $2k of my money because they repeatedly did not advise me correctly as to what was possible to borrow against.

Hence I could. not. wait. to break my mortgage and get away from NZHL.

Edited by loose.unit8 at 4:03 pm, Wed 30 Jun

loose.unit8 - 2021-06-30 16:03:00

totalimp wrote:

A few years a go we switched our mortgage over the NZHL. I don't think we fully understood the concept, and still don't. I'm tempted to make the move to a more traditional bank but wondering if it's actually worth it? We are on floating rates so no dramas with break fees. I'm just wanting to simplify our mortgage and have multiple accounts to help with our cashflow/budget. We are tossing up with the idea of selling in a few months so will stick to floating until we decide. Hubby has switched jobs a couple of times in the last 2 years so i'm a bit worried about that being negative on the application. Thoughts anyone? Is it worth it?

Seek a broker for wider options

jeffqv - 2021-06-30 20:41:00

jeffqv wrote:

Seek a broker for wider options

.

keys - 2021-06-30 20:55:00

loose.unit8 wrote:

The system isn't bad but it's so simple (I think they explain it poorly on purpose so people think it's magic). You can do it yourself at any other bank without the premium interest rate that NZHL charge.

I found NZHL people to be generally unresponsive and when I went to purchase a new house they wasted my time and around $2k of my money because they repeatedly did not advise me correctly as to what was possible to borrow against.

Hence I could. not. wait. to break my mortgage and get away from NZHL.

Another business that is ultimately a State Owned Entity. No wonder communication is so poor.

brouser3 - 2021-07-01 09:44:00

I have reached out a couple of times to nzhl but i still don't feel we quite understand. I think I'm fairly illiterate when it comes to money so it's on me, not them. I'm working on improving that though. Will find a broker and have a chat.

totalimp - 2021-07-01 09:55:00