Australia Finance

Jun 12 2017

Interest Rates #credit #loans

#home loans interest rates

How New Zealand Home Loans works

  • Interest payable is calculated daily on the net total household debt. In most cases, savings accounts earn a lower interest rate than the rate households are paying to service debt and salaries are going into a transactional account that earns them no interest. Under the New Zealand Home Loan structure, savings and salaries have the effect of earning the household the same amount of interest as they pay to service the mortgage.
  • Unlike a traditional revolving credit mortgage. the householder is not able to draw down the portion of the mortgage that has been paid off.
  • New Zealand Home Loan clients receive one-on-one advice and support from a consultant during the process of setting up the mortgage, followed by on-going support and reviews throughout their relationship, to ensure they stay on track to meet their day-to-day commitments and their wider, longer term financial goals.
  • A simple-to-use and easy to understand software package, called debtnav. helps clients manage their day-to-day finances and track their progress towards their goals.
  • New Zealand Home Loans can arrange comprehensive insurance to give homeowners a safety net to protect their finances and their families, including income protection, life, and home and contents.

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