Finance & Strategy Expert
We have two rental properties but only one is cashflow positive. Both are on interest only mortgages. Our own house is already mortgage free. If we have extra cash, would you recommend that we pay it towards the rental mortgages or put it in a term deposit of around a 4.10% interest rate? Thanks.
Hello there, my partner and I have a house in Green Bay and are looking to add a minor dwelling. We would move in it and rent our three-bedroom bungalow house. We have been approved a $150,000 loan on top of our existing mortgage with the BNZ for it. What is the best way to set up the mortgage repayments? The numbers are property QV about $550,000, we still owe $243,000 on a 25-year mortgage with no other debts and rental income would be $480 to $500 per week. Should we get revolving facility at 5.99% versus 5.74% floating or fixing some? Should we pay back as much as possible in 15 years rather than 25? Should we see a mortgage broker instead of our existing bank? We own a new landscape business but no salary out of it just yet. We have bought most of our tools. I get the main income from my main employment of about $70,000 per annum. We have an accountant to do our tax returns. If there are too many question could you please recommend us a financial adviser? Thank you for your help. Kind regards.
We have four properties at present, three rentals with yields of 6.5% to 8.5%. We have our own newly acquired home also. We are quite stretched financially with our new personal home investment and are paying interest only across the board. Our plan was to sell one of our high maintenance capital growth rental properties which we have owned for more than 10 years, is in our own name and was initially a family home so we don't expect to pay capital gains tax (CGT) on selling. Our main question is that we are wondering whether to sell this summer (2013/2014) or next summer (2014/2015). We had thought to sell 2014/2015, as we would hope that prices may increase by then (house is in Nelson), but with the new LVR restrictions we are wondering if this will still happen, and if it is even worth holding an extra year. House is in $330,000 arena. Do you think even with the new restrictions prices will still climb significantly outside of Auckland? And could there be any potential for CGT to alter and be a risk for us? Appreciated thanks.