New Zealands leading comparison website.
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Every comparison site has their own quote form. As there’s slightly different questions on each, you may find that your prices differ. The same goes for any offers that might be available, these can vary, so not all sites will have the same promotions available at any one time.
A KiwiSaver is a voluntary savings scheme to help set you up for your retirement. You can make regular contributions from your pay or directly to your scheme provider.
After you reach 65, you become eligible to take all or some of your contributions, your employer’s contributions, the government’s contributions, plus returns. In short, the whole thing.
How fast you open the tap is up to you: keep it off for now and leave your money invested in KiwiSaver, open it slightly to drip-feed some income, or open it right up to spend or invest the entire amount (although you may not be able to rejoin KiwiSaver if you draw it down entirely).
Some provider funds offer a mortgage diversion scheme where some of the employee contributions can be used to make mortgage repayments instead of going towards Kiwisaver after a person has been signed up for 12 months. This is only allowed for repayments on the main home, and not for other properties such as investment or holiday homes. Employer contributions will not be able to be used for the mortgage.
There’s no rush – you can leave your money where it is while you work through all the issues and decide. For example, if you want to make regular withdrawals, there may be a minimum amount required or some fees.
It may be worth talking with a financial adviser about your financial needs and risks, and work out the best course of action to reach your goals. Find out how to find a financial adviser in our guide.
Contact your KiwiSaver provider directly to find out what’s involved and to make arrangements.
Credit cards are a great way to build credit and can provide expanded buying power. Familiarise yourself with what a credit card is, so you can benefit from using one.
There are thousands of credit cards available to consumers, making it hard to settle on just one. Thankfully, most credit cards fall within a handful of categories, so you can narrow down your choices.
- Annual fee: The fee cardholders are charged every year for holding a credit card.
- Balance transfer APR: The interest rate for balance transfers, which may be equal to or greater than the purchase APR.
- Balance transfer fee: Transferring debt from one card to another may cost you 3% to 5% per transfer.
- Cash advance APR: The interest rate you incur if you take out a cash advance, which is often one of the highest APRs you can be charged.
- Cash advance fee: The fee you’re charged for each cash advance, usually 5%.
- Foreign transaction fee: Purchases made outside New Zealand may incur a fee per transaction, usually 3%.
- Late payment fee: When you pay your credit card bill late, you may incur a fee up to $40.
- Minimum payment: The smallest amount of money you have to pay each month to keep your account current. (Learn how making only minimum payments on credit card debt could cost you thousands and take over a decade to repay.)
- Penalty APR: When you pay late, card issuers may penalize you with an interest rate that’s higher than your regular APR.
- Purchase APR: The interest rate you incur for new purchases that aren’t paid in full every billing cycle.
You can make a purchase now and pay it off at a later date.
If you don’t pay your bill in full by the due date, you may incur interest charges and fall into debt.
|Credit cards are widely accepted forms of payment.||Some merchants may limit what type of credit card networks they accept.|
|Paying with a credit card is convenient.||You’re more likely to overspend with credit cards versus cash or debit cards.|
|You can build a good credit score by paying on time and keeping a low balance.||Maxing out your card or missing payments can cause your credit score to drop.|
|Many credit cards offer rewards, welcome bonuses and statement credit benefits.||You may be tempted to overspend in order to earn rewards or perks.|
|If your credit card is stolen, you have limited liability ($50 max) from fraudulent charges.||Credit cards can be skimmed at gas stations, stolen, hacked online or exposed in data breaches.|
Owning and leasing a property can be highly profitable, but finding and managing tenants to help pay the bills can be demanding. Even the easiest of tenants will invariably come with requests, and attending to these queries and maintenance can be both stressful and time-consuming.
Some owners choose and prefer to be involved in every decision that surrounds the management of their property. However, if you like to get stuck in, it can be challenging to hand over the reins to a property manager who typically works best with a hands-off approach.
Managing a property is a time-consuming task. You will find yourself on call 24/7, so be prepared to have your personal time disrupted to tend to a maintenance issue. Not only are you responsible for managing these, but also for payments or lease issues.
A property manager is likely hugely experienced in the management of homes, but also people! So, depending on how long they’ve been involved in the industry, they should have a largely defined process.
The loan term: The ‘term’ of your loan is how long you’ll be borrowing for. You can decide how long you want your loan term to be when you apply
This will be decided by your lender, based on your financial history and your credit rating
Usually, the longer your loan term, the lower your monthly repayments will be – but you’re likely to end up paying more interest overall, so it can end up being more expensive.
Whether you opt for a standard short-term loan product or other types of short-term borrowing like a loan or overdraft, the requirements will be similar:
- 18 or older
- NZ resident
- Proof or regular income
- Proof of address for the past three years
- Details of bank account
- Email and mobile details
- Must not be bankrupt
- Can pass credit and affordability checks
One option that you may want to explore is peer-to-peer lending, which lets you borrow money directly from investors and savers.
Some peer-to-peer lenders allow you to repay early without penalty, so they can work as a short-term option.
When you compare loans with us you can filter your results to see just peer-to-peer loans.
Credit unions are not-for-profit organisations which pool members’ savings and lend them out to other members.
They tend to be quite flexible, so they might allow borrowing of smaller amounts over shorter terms, or early repayment on loans.
You’ll need to be part of the community. And some ask you to save with them for a certain amount of time before taking out a loan.
You can apply for any of the above mortgages as a couple or group of friends (although not all providers will allow more than two people to apply together). If you do decide to do this, bear in mind that you will share the responsibility of making repayments, which means that if your mortgage partner becomes unable or unwilling to pay, you’ll be liable.
Buy-to-let (BTL) mortgages are a specialist type of mortgage for those who are or want to be landlords. They have much stricter lending criteria and require even more upfront research than a normal mortgage would warrant, which is why it’s best to seek independent financial advice before choosing to become a landlord.
When deciding how to pay for your mortgage, you generally have one of two options – you can apply for an interest-only deal or opt for full repayment.
Repayment mortgages are designed so that, by the end of the mortgage term – which can range from 25-35 years and beyond – you’ll have paid off the full balance plus interest and will have nothing further to pay. Your repayments will be calculated accordingly, and while they’ll be higher than if you had an interest-only deal, you can be confident that you’ll have paid off everything by the end of the term.
- The shorter your mortgage term is, the cheaper your mortgage will be for the entire term because you’ll pay less interest overall.
- Longer mortgage terms often mean lower monthly repayments, but could cost you more over the length of the mortgage.
Ideally, you should aim to set your mortgage term for as short a period as possible, as that way you won’t pay as much interest – although it does mean higher monthly payments. Conversely, a longer-term mortgage will reduce the monthly payments, but means you pay more overall, as interest will be charged for a longer period.
It’s important to weigh up your options carefully, as your decision will often be based on your current financial situation. However, it could be possible to change your term when it’s time to remortgage, so even if you want to keep your repayments low for the foreseeable future, you could opt for a shorter term when your financial situation changes. Remember, too, that if you find you can pay more, you may be able to make overpayments that can reduce your mortgage term.
- How quickly do they sell homes in New Zealand? What’s their track record with achieving the asking price?
- What is their reasoning behind the value they’re proposing to market your property at?
- Will details of your property be shared with their colleagues? It’s good if more than one person in the office can talk enthusiastically and with knowledge about your property
- What would they do if your property was not selling as quickly or at the price you expected?
- Are they open at weekends? A surprising number of agents only work during the week, and perhaps do half day on Saturday, which means they are less accessible to potential buyers
No two properties are the same. Potential buyers will make an offer based on their knowledge of comparable sales and the emotional value they place on your home.
Regardless of what you might think your property is worth, it is the buyer that ultimately sets the price they are prepared to pay. The method of selling is an important step towards achieving the best result.
As no two properties are the same it is very hard to give an exact time frame for the sale of your home. The Real Estate Industry of New Zealand (REINZ) publishes statistics for ‘average days on the market’ but these do not differentiate one style of property from another so are likely to be skewed by apartment timeframes etc.
To help limit your time on the market it is important to choose the right sale method and target the right buyers for your property.
All of this needs to be decided with the consultative advise of a good real estate Salesperson. Equally important to this is good communication on feedback and progress from your Salesperson. Being informed during the process makes the decisions you need to make as a vendor much easier.
Buyers are looking for properties at all times of the year so if your property is warm and gets good winter sun, why not market it at a time when there is less competition?
Alternately you might have a well-established garden that flourishes in spring so this will be the best time to market your home. Whatever the season, take the time to present your house well to maximise interest and achieve the best possible price.
There is no standard rate or scale of charges for buyer’s agents. It is important that you ask in advance about costs and what services will be provided as a part of this cost. If the buyer’s agent charges a set fee, you should check whether any separate charges are made for expenses.
You need to be accurate and honest when you declare your annual mileage to get car insurance quotes.
Put in a mileage that’s too low and you risk invalidating your cover, which could cause problems if you need to make a claim.
But if you put a higher mileage than you actually drive, you risk paying too much.
According to our research, car insurance is 13% cheaper if your mileage is 9,000 a year compared to 10,000.
The impact of your job title on how much your car insurance costs relates to risk factors. So if your job is seen as higher risk by insurers, this is reflected in your premiums. Don’t change your job title to try to reduce the price of your quotes, unless the alternative title genuinely describes your job accurately. Always be honest – if you lie you could invalidate your cover.
When you get a quote, we’ll help you by estimating what your car’s worth based on its age and mileage – but you can change it if it doesn’t seem right. There are tools online that can help you work out your car’s value. Always give an honest valuation. A ballpark estimate’s okay because insurer’s usually pay out based on average market value.
Here’s 10 things you can do that could help you pay less for your car insurance:
1. Adding a named New Zealand driver can lower prices. But remember, you should always list the person who drives the car most often as the main driver, and any occasional drivers as additional.
2. Increasing your voluntary excess will change prices as you’re willing to a pay more towards any claims. Be sure to consider any compulsory excess listed on a policy as you’ll need to pay the total amount if you make a claim.
3. Build up your no-claims bonus!
4. Pay annually if you can. Most New Zealand insurers will charge interest or an admin fee if you choose to pay monthly and could end up costing you over 16% extra.
5. Watch out for unnecessary add-ons, such as New Zealand breakdown cover or legal assistance, as this will increase the cost of your quote. Only choose the add-ons you need.
6. Picking the correct job title will lower prices as insurers use your occupation as a rating factor when calculating the price of your insurance.
7. Buy your policy early to get the cheapest price. Our data shows the later you leave it, the more you pay for your insurance. At comparity.co.nz we think the best time to buy your car insurance is around 3 weeks before your renewal.
8. Use comparity.co.nz to compare different levels of cover, the most basic cover doesn’t necessarily make it the cheapest. In fact, comprehensive policies can often be cheaper even though you get a higher level of cover.
9. Think about how you use your car and pick the cover that matches your needs. Social use, social & commuting and business use offer different levels of cover depending on how you use your car.
10. Be accurate with your mileage so you’re only paying for KM’s you’re driving. The average yearly mileage is around 6,5002, but think about the types of trips you do and how often you do them. You can even check the mileage between your last MOTs to see how many KM’s you drove in the last 12 months.