House Prices

Sailing away from stress

Q: This sounds like a dumb question, but I know nothing about finance, and I'd be grateful for your help.

Tuesday, July 12th 2005

My brother-in-law and his wife have two investment properties, plus their own home. All are mortgaged to the hilt.

He is in a very well-paid job, and they lead a fantastic, high-rolling lifestyle.

Their financial philosophy is to use "other people's money", ie, the bank's, to make money for themselves. Several of my partner's workmates operate along similar lines and he now wants us to have a go at it.

I'm unhappy about this, as I do not like getting into debt. We are ordinary, working-class people.

Currently, our only debt is a $40,000 mortgage on our $300,000 house. We have no credit card or hire purchase debt, a small pension plan and $15,000 rainy-day savings.

I enjoy my lifestyle and am quite content, but am I being dull or over-cautious - as my partner says?

Read More - Opens in a new window
Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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