Davo36, thanks for the comment. To answer your questions
I agree the sale price has nothing to do with my financial position, it depends mainly on market though some buyers can look for distressed buyers and they bargain hard. I have been managing to pay the mortgage though at the expense of my kiwisaver and feel good that we didn't sell it despite the fanancial situation because the rise in property price has increased our equity in the property as well.
The rent from the property doesn't cover the mortgage
So the property is on the market but not going to sell cheap as long as we can meet mortgage payment without going into more debt.
I met with the bank last week and pleaded for refinancing the mortgage in order to have lower interest rate, the bank considered it but few minutes ago told me the 40% equity wlet me down. So they are looking at consolidating into personal loan with about 12% interest rate and I agreed they have tried. That's looks like the way forward and my forward. My plan now is to kill the debt as advised by Anthonycat in the first comment above. Really appreciate everyone's comments. I also find the comment by MonkeyBoy helpful as it made me to ask the bank why punishing me by taking away from me even the credit card with 8k limit, zero fees and balance transfer interest of 2%. They said because I didn't check with them when I saw the facility on my account. They said 99.9% of people will ask them. So they thought I spent the money that was mistakenly loaded into my account. I managed to convince them that I thought they knew what they were doing as they must have seen my income goes to paying bills and more than half to paying card debts. Moreso, I let them know I knew what the facility was. It is a credit facility. I checked their interest rate and knew it is a facility to repay, not a money into my account just like that. So they were convinced I thought it was a miracle and they became lenient with me.
I agree the sale price has nothing to do with my financial position, it depends mainly on market though some buyers can look for distressed buyers and they bargain hard. I have been managing to pay the mortgage though at the expense of my kiwisaver and feel good that we didn't sell it despite the fanancial situation because the rise in property price has increased our equity in the property as well.
The rent from the property doesn't cover the mortgage
So the property is on the market but not going to sell cheap as long as we can meet mortgage payment without going into more debt.
I met with the bank last week and pleaded for refinancing the mortgage in order to have lower interest rate, the bank considered it but few minutes ago told me the 40% equity wlet me down. So they are looking at consolidating into personal loan with about 12% interest rate and I agreed they have tried. That's looks like the way forward and my forward. My plan now is to kill the debt as advised by Anthonycat in the first comment above. Really appreciate everyone's comments. I also find the comment by MonkeyBoy helpful as it made me to ask the bank why punishing me by taking away from me even the credit card with 8k limit, zero fees and balance transfer interest of 2%. They said because I didn't check with them when I saw the facility on my account. They said 99.9% of people will ask them. So they thought I spent the money that was mistakenly loaded into my account. I managed to convince them that I thought they knew what they were doing as they must have seen my income goes to paying bills and more than half to paying card debts. Moreso, I let them know I knew what the facility was. It is a credit facility. I checked their interest rate and knew it is a facility to repay, not a money into my account just like that. So they were convinced I thought it was a miracle and they became lenient with me.
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