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Should I even pay off mortgage completely?

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  • Should I even pay off mortgage completely?

    Hi everyone.

    I currently have a modest amount of mortgage left to pay (Below 6 figures) - I currently live in my house with a border but have used it as a rental in the past when I’ve lived overseas and that may happen again in the future one day.

    What I would like to know is under current NZ and property tax laws - is it even worth paying off my mortgage completely?

    Can anyone share the pros and cons in their opinions or know of any previous discussions on the topic they could link me to?

    Thanks everyone!
    Last edited by Perry; 27-04-2021, 01:36 PM. Reason: fixed typo

  • #2
    Hard for anyone here to say what they’d do f they were you, as they don’t know enough about your circumstances.

    You’re aware of the tax non deductibility rules coming in?

    I suggest only you know if paying interest continuously (should you decide to not pay down the remaining principal) is a good idea or not.

    What do you see as the benefit to keeping it?

    Cheers

    Donna
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    • #3
      Originally posted by Fenix View Post
      What I would like to know is under current NZ and property tax laws - is it even worth paying off my mortgage completely?
      First consideration is the possibility of a change of government and the possible reversal of what you describe.

      Another oddity you may not have thought of: you can pay off a mortgage and yet leave it on the title (with zero liability). That way, some later borrowing is less expensive.

      My perspective is that being debt-free is safer, if that can be reasonably achieved.

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