Cover art for podcast NZ Guide To Financial Freedom

NZ Guide To Financial Freedom

302 EpisodesProduced by Ryan J Melton & Greg MoyleWebsite

Everything you need to know about business, money, and life. https://ryanjmelton.co.nz/

4:23

Ep 157: Mortgages - Revolving Credit

"Revolving credit loans work like a giant overdraft. Your pay goes straight into the account and bills are paid out of the account when they’re due. By keeping the loan as low as possible at any time, you pay less interest because lenders calculate interest daily.
You can make lump-sum repayments and redraw money up to your limit. Some revolving credit mortgages gradually reduce the credit limit to help you pay off the mortgage.
Application fees on revolving credit home loans can be up to $500. There can be a fee for the day-to-day banking. transactions you do through the account.
Advantages:

If you're well organised, you can pay off your mortgage faster. This also suits people with uneven income as there are no fixed repayments.

Putting surplus funds into this account rather than a separate savings account will give bigger interest savings and also avoids the tax on the savings account interest.

Disadvantages:

It needs discipline! It can be tempting to always spend up to the credit limit and stay in debt longer." Source: https://sorted.org.nz/guides/home-buying/mortgage-types/

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