• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Results 1 to 8 of 8
  1. #1
    Join Date
    May 2015
    Posts
    254

    Default Mortgage brokers

    Do every mortgage brokers have different methods of helping clients reduce their home loans fast.
    I think, most mortgage brokers advice clients to put some loans on fixed and some on revolving to reduce debt faster.

    What are your thoughts and what methods do they use? Does it work every time.
    If not what can be done differently to reduce debt faster.

  2. #2
    Join Date
    Aug 2003
    Posts
    7,670

    Default

    Are you a mortgage broker? It's not just brokers that can assist. Use a financial advisor, accountant and educate yourself e.g. sites like sorted.org has great info, use an online calculator to work out term, time to pay off etc.

    Pay down principal would be a strategy - not all loans (if any) on interest only. I read somewhere just paying one extra payment per year is a huge help in reducing years off debt.

    cheers,

    Donna
    PropertyTalk Blog - property articles

    BusinessBlogs - the best business articles are found here



  3. #3
    Join Date
    Mar 2009
    Posts
    149

    Default

    there is always some guru spruiking his seminar on how to pay off your mortgage in five minutes. they mostly say the same thing.
    put most on 6 months and a portion on revolvi g. get your wages and any other income paid directly into that account. never keep money anywhere else only keep it in the revolving account. get a no fees credit card with a 90 day interest free period and pay all your bills with it. set it up so it gets paid off automatically each cycle from the revolving account so you never pay interest on the card, it becomes a free loan. every time the fixed portion rolls over have a damn good think about how much money you need and transfer as much as you can afford from the revolving account then fix again. rinse and repeat. the tricks are fine tuning the amounts in each portion to match your income, spending and ability to save and not going crazy with the credit card. i've done that for 15 years and never paid so much as one cent in credit card interest. realistically you'll shave 10 years off a 30 year mortgage maybe. obviously depends on how big the debt is and how much you make, and how much your wife likes shoes. i've put a few friends onto that strategy and they all seem to think it will get them paid off about 10 years early.

  4. #4
    Join Date
    May 2015
    Posts
    254

    Default

    Sounds so simple. What if you have already fixed it and placed portions of it in revolving and you have mid year financial crisis and need to use money. And the only choice is to use money from revolving.

  5. #5
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,629

    Default

    Hi Primal,

    I'm not trying to hassle mortgage brokers, but in general mortgage brokers and bankers want you to borrow more and more, and will help you borrow more and more. They don't want you to repay your debt, they want you to get more debt, as that is ultimately how they get paid.

    NZHL have a good product and do focus on trying to get your debt down, so maybe have a chat to them.

    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.

  6. #6
    Join Date
    May 2015
    Posts
    254

    Default

    What do you think of Hannah McQueen from https://www.enableme.co.nz.
    I saw this ad yesterday on Facebook.

  7. #7
    Join Date
    May 2015
    Posts
    254

    Default

    Currently I am with global finance and last time when my mortgage was about to expire they just called and renewed it. Rate was good at that time.
    Btw, how good is nzhl.

  8. #8
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
    Posts
    826

    Default

    Quote Originally Posted by primal View Post
    What do you think of Hannah McQueen from https://www.enableme.co.nz.
    I saw this ad yesterday on Facebook.
    They have a seminar in Parnell tomorow.
    If you go along let us all know what they are like.


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Mortgage Brokers or DIY
    By QSLDLC in forum Finance, legal and tax (NZ)
    Replies: 8
    Last Post: 07-08-2018, 07:15 PM
  2. Mortgage Brokers in Dunedin?
    By ming777 in forum Finance, legal and tax (NZ)
    Replies: 2
    Last Post: 22-01-2016, 09:00 PM
  3. Charges by mortgage brokers
    By primal in forum Finance, legal and tax (NZ)
    Replies: 7
    Last Post: 16-10-2015, 09:18 AM
  4. Changing Mortgage Brokers
    By Adman25 in forum Finance, legal and tax (NZ)
    Replies: 7
    Last Post: 15-09-2015, 01:10 PM
  5. Any good mortgage brokers?
    By Onsprada in forum Property Investment (NZ)
    Replies: 9
    Last Post: 12-10-2011, 10:00 PM
  6. On value of Mortgage Brokers...
    By Judge in forum Property Investment (NZ)
    Replies: 18
    Last Post: 09-11-2007, 08:55 PM
  7. Mortgage Brokers and Retainers
    By Joma in forum Finance, legal and tax (NZ)
    Replies: 11
    Last Post: 18-05-2006, 08:55 PM
  8. Sovereign and Mortgage brokers
    By Ivanhoe in forum Finance, legal and tax (NZ)
    Replies: 17
    Last Post: 07-10-2005, 01:55 PM
  9. 25 cheap ways to keep your house cooler
    By muppet in forum Property Investment (USA)
    Replies: 0
    Last Post: 26-07-2005, 07:12 PM
  10. Mortgage brokers fee!
    By Nobleone in forum General (NZ)
    Replies: 18
    Last Post: 17-02-2005, 11:45 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •