Finance & Strategy Expert

Looking to buy

Rebecca asks:

We are looking to buy in Ashburton, around the $250,000 to $300,000 price range and have a 20% deposit. I am currently trying to decide which provider to get a pre-approved loan with. This is where I have become completely stuck. We are investing for long term gain, but would like to be able to use the equity to purchase future property. In this case is it better to have an interest only loan? And keep our savings for further properties. Or is it best to pay off more of the loan and then use the equity for future properties? In either case what is the best way to go with interest, fixed or floating? And what about the off-set loans? I am currently in a well paying job where this option would be good, but I only plan to stay in this job for this year. Would it then cost to change the loan to a different set up? I also am a non-tax resident currently, what effect would this have on the property? Or would buying effect my tax status?

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Returning to NZ

Luke asks:

We are New Zealand citizens living in the Gold Coast and are looking at moving back to Christchurch. We own a house in the Gold Coast (with a mortgage on it) and are going to rent it out, can we use the equity in it to buy a house in New Zealand?

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Loan options

Dothers asks:

A mortgage broker who only deals with one bank had my loan (10% deposit) approved by with standard conditions (including misc fees) and floating interest rate. Another mortgage broker, recommended by my colleague, has offered to negotiate with most lenders (including the bank the first broker deals with) on my behalf. I don't want to jeopardise the current loan approval in place but I am not happy with loan conditions. How risky would it be to switch mortgage brokers or shop around for loan to get a better deal. Thanks a lot.

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