We can help you find the right mortgage to suit your needs now, and into the future, whether this is your first home, second home or an investment or rental property. Auckland Financial Solutions can also assist if you need to re-finance your current mortgage.
Auckland Financial Services is committed to helping you:
Save interest on your mortgage
Repay your mortgage quickly
Buy your first home
Secure your investment property
Secure re-financing as required
The different types of mortgages available can be confusing. Here we explain the different loan types in New Zealand. For more information contact (link to Contact Us) Auckland Financial Solutions today.
Table Mortgage – a traditional mortgage where the repayments are spread over the team of the loan – 10, 20,25, 30 years. The repayment are the same over the term, subject to interest rate conditions.
Fixed Rate – a loan where there is a guarantee the the interest rate will be unchanged for a specific amount of time – from 6 months to 5 years.
Interest Only Mortgage – a loan where all your repayments for interest only and the loan balance remains the same.
Revolving Credit Mortgage – a flexible mortgage which can combine with your savings account or cheque accounts. All salary and rental income is paid into this account and all mortgage payments and direct debits come out of it.
Floating Mortgage – a loan with a variable rate with increases and decreases usually determined by the Reserve Bank.
Spilt Facility – a loan where there is portion on either fixed and/or variable interest and a portion on Revolving Credit.
Reducing Loan – a loan where you pay the principal and interest to enable you to pay off the loan.
‘If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.’
-Jim Rohn
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