NZ Business Owners

357 EpisodesProduced by Ryan J MeltonWebsite

Step into the world of NZ Business Owners, where we explore the complexities of life and entrepreneurship in New Zealand.From the deep-seated beliefs and values that guide these entrepreneurs to the strategies they use to navigate the twists and turns of success, we dive into the depths of the human… read more

July 6th, 2021•3:35

Ep 156: Mortgages - Reducing balance (non-table) loans

Reducing or straight line mortgages repay the same amount of principal with each repayment, but a reducing amount of interest each time. These are quite rare in New Zealand. Payments start high, but reduce (in a straight line) over time. Fees are similar to table loans.

Advantages:

We pay less interest overall than with a table loan because early payments include a higher repayment of principal.
These may suit borrowers who expect their income to drop, for example, if one partner plans to give up work in a few years’ time.

Disadvantages:

If we can manage higher payments, it would be better to take a table loan with payments high for the whole term, so we pay less interest"

Source: https://sorted.org.nz/guides/home-buying/mortgage-types/

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