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A Holding Pattern in Spring

29/10/2016

 
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The housing market and the Government’s response to it remains in a holding pattern while everyone waits to see if the Reserve Bank’s new lending restrictions have anything more than a temporary effect.

The bank’s first two rounds of Loan to Value Ratio Restrictions in November 2013 and November 2015 slowed the Auckland housing market for a matter of months each time, before it roared back to life in the following February-March sales seasons.

The jury is out on whether this third round of restrictions that applied formally from October 1 and have been in operation since mid-July will be anything more than a speed bump. Real Estate Institute figures on sales volumes and prices for September certainly confirmed a slight cooling of activity through August and September in Auckland, although the ‘Halo Effect’ is still burning brightly in cities further afield, particularly beyond Hamilton and Tauranga. These Auckland satellite cities have also seen a slight cooling. But it’s still too early to say if the speed bump will have turned into a ditch or a brick wall. There are plenty of other housing market drivers that are positive for prices.

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How to cut down your monster mortgage fast

5/10/2016

 
by Diana Clement (NZ Herald)
​Many Kiwis who think it's impossible to live on their current income are frittering a bigger chunk of it away than they realise. If it feels like torture, reposition your thinking to cherish the home you're working to pay off.

• Budget
When I say there is no magic, a budget coupled with a big dollop of personal honesty is the nearest thing to it.

Budgeting frees up inefficient spending to direct at paying down principal. It works because you have to learn to limit spending on certain categories rather than treating your income as one big pot of money. It will mean exercising restraint and choosing luxuries carefully.

• Talk about it
Managing money has a big psychological component and talking to someone about it can help you to ride out the worst years until inflation and principal repayments reduce the debt to a more manageable level.

Discuss creative ways to find more money, and look for solutions to your financial worries. Those conversations should include how your household can redirect spending. And remember, owning your own home has always required financial sacrifice for a few years.

• Divert pay rises and bonuses to your mortgage
Every time your pay goes up, divert the additional income to your mortgage. This is a very effective method of paying off the mortgage faster. Make sure you do the same with bonuses.

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