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Thread: Interest Rates

  1. #5031

    Default

    How much debt?

    I am personally locking 80% away for 5 years and 20% on whatever seems like a good idea in the moment.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

  2. #5032
    Join Date
    May 2015
    Posts
    255

    Default

    Lots of banks or finance company always ask if you have a credit card when you want a loan. What are the advantages in regards to that.

  3. #5033
    Join Date
    Sep 2013
    Location
    Auckland
    Posts
    3,885

    Default

    Quote Originally Posted by primal View Post
    Lots of banks or finance company always ask if you have a credit card when you want a loan. What are the advantages in regards to that.
    Having a high credit card limit credit card is an disadvantage when getting a new loan.

    High credit card limit limits your new loan amount. Also high limit may raise alarm bell regarding your spending habits, especially if you have multiple credit cards. The credit manager/banker will look at your credit card spending habits in more detail.

  4. #5034
    Join Date
    May 2015
    Posts
    255

    Default

    Can you recover the interest charged when using credit card.

  5. #5035
    Join Date
    Sep 2003
    Location
    High up above and deep down under
    Posts
    10,915

    Default

    Interest rates appear to be rising.
    http://www.interest.co.nz/borrowing
    Rates from 2 to 5 yrs up.
    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

  6. #5036
    Join Date
    Jun 2004
    Posts
    10,453

    Default

    Quote Originally Posted by primal View Post
    Can you recover the interest charged when using credit card.
    I expect it would depend on what you used it for.
    You never recover all the interest - only the tax. Pay a $1 to save 30c

  7. #5037

    Default

    Quote Originally Posted by primal View Post
    Lots of banks or finance company always ask if you have a credit card when you want a loan. What are the advantages in regards to that.
    It's a credit risk. If you have a $20K limit card you are free to rack up $20K of 18% debt, which makes it harder to pay off your house.

    or

    They want to sell you a credit card.
    Free online Property Investment Course from iFindProperty, a residential investment property agency.

  8. #5038
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,637

    Default

    Quote Originally Posted by ammar View Post
    my fixed term mortgage is due next march, in the media there is talk now about rate increase, I am thinking of even breaking it now and pay the penalty of $800 and then fixing it for one year or two years ? my current rate is 5.25% and for one year it will be 4.25%.

    what do you advice ?

    Thank you
    Why 1 or 2 years?
    Do you have other borrowing and what terms are they on?

    Ross
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  9. #5039
    Join Date
    Jun 2010
    Posts
    230

    Default

    Quote Originally Posted by Rosco View Post
    Why 1 or 2 years?
    Do you have other borrowing and what terms are they on?

    Ross
    I do not have another borrowing. 1 or 2 because it is the cheapest ?

  10. #5040

    Default

    Quote Originally Posted by ammar View Post
    I do not have another borrowing. 1 or 2 because it is the cheapest ?
    can you define cheapest? - will you have all your debt paid off in the 1-2 years of the fixed term period?


 

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