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Credit Simple

What is a mortgage broker?

A mortgage broker is a financial adviser that specialises in home loans. They guide you through the home-buying process by gauging your needs, assessing your financial situation, suggesting the appropriate loan structure and introducing you to multiple lenders that may have what you’re looking for. In essence, they provide expert advice on a highly complicated financial investment. What does a mortgage broker do? Mortgage brokers maintain relationships with a suite of mortgage lenders and are familiar with all of the…

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Don’t let your partner’s debt problems become your problems

Romantic partnerships come in all shapes and sizes, from marriages to de facto relationships to casual relationships and everything in between. No matter what the relationship, it’s possible to end up in the shallow end if your significant other (SO) is drowning in debt or has poor spending habits. Here are some common ways your partner can burden you with their debt and how you might avoid it. 1. You try to take out a joint loan with your partner,…

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How to fix your credit score in 5 easy steps

New Zealand banks don’t just include negative incidents on their reports to the credit bureaus, but they also include positive ones. That means there are ways to fix your credit score even after a few late payments or even a default knocks you back. Here are the steps you’ll need to take to fix your credit rating and get it pointing in the right direction. 1. Know thy credit score It’s hard to get from point A to point B…

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Knowing what affects your credit score will give you the power to improve it

In the old days, only negative borrowing patterns – think late payments and defaults – could affect your credit score, also known as your credit rating. However, in 2012, New Zealand implemented a scheme called Comprehensive Credit Reporting (CCR). That means positive borrowing patterns – like making your payments on time – can help your score tick back upward. The positive and negative factors that affect your credit score Before we jump into the nitty gritty, this infographic should give…

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What is a good credit score in New Zealand?

What is a good credit score in New Zealand? Your credit score, which is sometimes referred to as your credit rating, can range from 0 to either 1,000 or 1,200 depending on the credit bureau calculating it. In all cases, the higher the score, the better. To make it easier to visualise, we’ve provided the table below to help you understand what constitutes a good credit rating in New Zealand – bureau by bureau. If you want to see how…

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Does it pay to be a loyal customer?

You don’t get much in this life unless you ask. That’s definitely the case with your bank, your insurance company and utility companies. There’s a lot of money to be made there. And if we’re lazy, companies can maximise their profits. Don’t let that be you. By playing hard to get, or by ‘rate tarting’ (that’s shopping around for a better rate), you can have your loyalty rewarded. Understand your spending Before you storm into your bank or phone your…

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How to build an emergency fund (and why you need one)

Last week I paid for an upcoming ski holiday in Canada. The trip isn’t until January but it has to be paid in advance. Skiing in Canada is my idea of nirvana, so it wasn’t too painful to see the thousands of dollars flowing out of my account; after all, it’s going to a good cause. But this week, my car decided it needed a wheelbearing replaced plus a wheel alignment and new spark plugs. Then my dentist informed me…

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Lotto balls in tubes
Eight ways to waste your money

We all throw money down the gurgler. But some Kiwis have far higher chances of getting a Darwin Award for stupidity by paying too much idiot tax than others. Technically ‘idiot tax’ is spending on Lotto. Your odds of winning Powerball in New Zealand are 1 in 38 million per line. Yet the same money invested in a KiwiSaver growth fund from the age of 25 to 65 would add up to $128,000 after tax. Stop wasting your hard-earned money…

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New Zealand Notes and Coins
How to conjure up money from nothing

Do you want to conjure money up from nowhere? It can be done. Cheapskates spend almost NOTHING. They pop to the toilet when it’s their round to buy the drinks and trawl local free sites for unwanted pet bunnies to eat. Well perhaps not bunnies, even though it’s been done. But here are some cheapskate ideas to ratchet down your spending big time before your debts affect your credit score: Become a Freegan. It’s amazing how much free food you…

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Funding your first set of wheels
Funding your first car – what you need to know before getting a car loan

Buying yourself a set of wheels is expensive. If you’ve saved the cash to buy the car, that’s great. But realistically, most young people have to borrow money to buy a car. If that’s you, brush up on a few things before you sign on the dotted line. Save Saving up and paying cash is the cheapest way to buy a car. Ask around and you’ll find friends who have done it. Surprising, huh? Downgrade your expectations We know you…

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