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Personal Finance New Zealand

r/PersonalFinanceNZ

14

Posted by6 hours ago

Is it better to invest or pay of mortgage?

I recently switched jobs which has given me quite a decent salary increase. I was wondering if it’s better to pay down my mortgage faster or save up and invest. I have about $10k on floating that I want to pay off asap.

I also want to travel and work overseas next year as I never got the chance because I finished uni right before the pandemic. My plan is to rent out my house enough that it would just cover mortgage and rates.

14

27 comments

Vote

Posted by1 hour ago

Pay Rise - To ask or not to ask that is the question

Advice please. Shall I ask for a pay rise?

I’ve been at a company for 12mths we all have a review coming up. My boss is extremely careful with money & is successful.

Shall I ask for a pay rise? I’m thinking 5%.

Two months ago I took on a secondary income so I’m working retail Saturday’s on top of my 9-5 job. When I told my main employer this she wasn’t thrilled and said will it make any difference? Oblivious I thought.

What would you do?

Vote

6 comments

2

Posted by3 hours ago

Bright line

Just a question about capital gains tax. Wife and i bought some land a couple years ago and finally settled on it this month. Not sure if still wanting to build there as so much time has passed since we made the plan to build. I think that the land would still sell for about as much as we bought it for potentially 5% more based on other similar sections in the subdivision. But to get it sold quicker we don't mind if it sells for 10% less because life's too short to be stressing about money. If we sold with a profit we would obviously pay a tax on the profit. If we sell at a loss can we use it to offset our income tax? Obviously will run it passed an accountant if we did decide to sell but because we're not sure about our plans just getting general advice around the topic. Thanks

2

1 comment

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Posted by12 minutes ago

ANZ discontinuing Mastercard EFTPOS card and Replacing it with a Debit Card

I just got a letter from ANZ telling me they are discontinuing my Mastercard EFTPOS card and replacing it with a Visa debit card. Apparently I can also opt for an ANZ EFTPOS card instead if I prefer.

It seems a little strange given my EFTPOS card doesn't mention Mastercard anywhere on the card, just ANZ, but okay.

It also seems a little strange to me as a debit card will likely mean I use my credit card a lot less and ANZ don't generally do things out of the kindness of their corporate heart.

So is there anything I should be aware of with a debit card?

What does ANZ get out of this change?

Does a debit card attract the similar merchant fees as a credit card and therefore incur a surcharge in some stores or is it just when you use Paywave?

Any other things I should be aware of?

Thanks!

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1 comment

12

Posted by16 hours ago

My mum wants to sell her house is this a good idea in today's market?

Housing

My mum (50F) wants to sell her house as it's too large for her to maintain the property (3 bedroom, 2 bathroom,1 garage), she wants more money for retirement and she's considering only working part time as her job is physically demanding

She lives in the blenheim area and the property is estimated to be worth $620,000 and she wants to downsize to a single story 2 bedroom house.

(I currently know nothing about housing or the property market)

(For context me and my brother both lice wt home and pay $200 per week in board)

I can't even reply to comments due to downvotes, go figure

I heard that house prices were decreasing this year so I was wondering if it's better to wait for the next boom cycle or sell now?

12

78 comments

14

Posted by18 hours ago

How do credit card companies decide what your credit card limit should be?

I need to apply to increase our credit card limit because we are about to make some large purchases from overseas for our wedding. The last time I applied for an increase, it was declined. They didn’t give a reason, but it doesn’t make any sense to me. We have a $5k limit, and have a combined income of around $140k. After expenses we have $4k left a month, which goes into saving for our wedding/house. We’ve never missed a payment, never paid interest. One of us has a student loan that’s being paid off. No other debt.

I applied for an increase to $7.5k so not even anything that crazy, but it was declined.

As many of the purchases as possible will be spread over different months over the next year. But there’s one $9k purchase that can’t be split up and has limited payment options. Plus I really want the insane amount of rewards I’d get for making this purchase on my credit card.

Any tips or ideas on how I could get an increase to $10k approved? Can I ask for a temporary increase just to make this purchase?

EDIT TO ADD: thank you all so much. I had no idea you can just transfer extra $$$ to a credit card and then make a purchase bigger than your actual limit. I will definitely be doing this - problem solved! Thanks again!

14

74 comments

121

Posted by1 day ago

For those interested in recent property sales in Auckland, Wellington & Christchurch

Housing

OC

Happy weekend to all.

Continuing on previous weeks, the weekly update for the week ending 9 June 2023 on Auckland's property market (covering auction clearances, inventory levels etc), Christchurch and Wellington's property market is here - and it contains all the tables which you can access directly.

:)

DISCLAIMER: For those who think that the information is fake (we all know you don't think that way 😂) or hate the transparency, this post is absolutely NOT FOR YOU. Just scroll by because there are also other posts out there that might make your day better.

Hope people find the information useful before making any property decisions.

All comments and observations always very welcome. And if you found the useful, feel free to share it with someone you may know who is in the market to buy or sell.

121

89 comments

About Community

A place to discuss personal finance for New Zealanders. Discuss savings, investments, KiwiSaver, debt management, home loans, student loans, insurance, and anything else personal finance-related.

Created Jul 6, 2015

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