Us Kiwi’s have made the most of peer-to-peer as a way of life for some time now, adopting services such as UBER, Airbnb and Airtasker and enjoying better value all round.

Neil Roberts Joint CEO of Harmoney says it has been very rewarding watching Kiwis embrace the Harmoney peer-to-peer lending marketplace.

“The growth has been fantastic, but the passion that comes from our community and their continued support for Harmoney is perhaps the most rewarding of all.”

Thanks half a billion

Harmoney want to say a big THANK YOU to all their Harmoney lenders and borrowers who’ve embraced Kiwi ingenuity and helped Harmoney lend more than $500 million through the platform in just under three years!

Collectively they have been able to help more than 30,000 Kiwis make their everyday finances that little bit more manageable and make things happen.

The post Lending and borrowing the Kiwi way appeared first on Credit Simple NZ.

Technology has become a crucial part of our everyday lives. Whether it’s talking, texting, catching up with family on social media or searching for the latest recipe to cook for dinner. However technology is increasingly becoming more expensive.

Here are some tips to save money.

1. Understand your bills

Understand the plan you are currently on. What are the fees and charges?

Go through your bills and make sure you understand what the items are you are being charged for. If you don’t understand a line item on the bill call up your provider to get clarification or consider if you could remove any features. Alternatively, it might be time to switch providers altogether.

2. Research and Negotiate Your bill

Once you understand your bill, research other plans on the market. Are there better deals out there where you could be saving?

We have great offers on in your Credit Simple dashboard that might save you money. You can see them here. You can also try to negotiate with your current provider. Even if there isn’t another ISP in your area, it may be possible to ask for a bill reduction by citing your excellent payment history and complaining about service failures and slow speeds, if relevant. If they won’t meet your demands, go ahead and consider if a switch is right for you.

3. Avoid Late Fees (or call to cancel them)

All those little fees do add up. So it’s important that you pay your bills on time. However, we understand that from time to time life happens to get in the way and you may miss a payment deadline. You may be able to call your provider and request to have that late fee forgiven in certain circumstances. Another tip to avoid late fees is to set up a direct deposit.

4. Free calls – VoIP Services

Voice over Internet Protocol (VoIP) is a fancy term for the type of online services that allow you to make phone calls through an internet connection, such as Facetime, Whatsapp or Skype.  Sometimes, you can even chat for free using these services—especially if it’s a local call. All three services have an application you can download on your mobile phones.

Got any tips that have worked with for you. Share them with the credit simple community: Marketing@creditsimple.com.au

The post Tips to save everyday on technology appeared first on Credit Simple NZ.

So you’ve got a big bad black mark on your credit record and you want a mortgage? Don’t worry, all is not lost.

Banks like to lend to people who they believe have the disposable income and the will to pay them back. If your credit score is bad and there are a few sneaky black marks on it they might think that you’re not such a good bet.

Banks have to be responsible

What’s more, our banks are also governed by a little piece of legislation called the Responsible Lending Code. The gist of that law is that banks aren’t allowed to lend to you if you can’t afford to pay them back. They have to err on the side of caution when lending or find themselves in hot water. The law is designed to protect you from yourself and also lenders from being driven by the almighty dollar rather than your welfare. Sometimes rules like this backfire, meaning that potentially worthy customers can’t borrow.

The good news is that for many people in your situation there is still hope. You might even be able to clean up your credit score at the same time as paying a mortgage.

How to qualify for a home loan with bad credit

Where there’s a will, there’s a way says mortgage broker Jeff Royle of iLender. Steps to take if you find that your bank won’t lend include the following.

Be honest with yourself
Even though most people blame others for their black marks, the reality is that it’s often down to the way you’ve managed your finances. Take ownership. This will help you clean up your credit, but also approach lenders in the right frame of mind.

Tell the truth to the bank
Royle points out that banks aren’t happy if they catch you hiding your defaults. He’s seen borrowers turned down when the bank stumbles upon their credit black marks. Honestly is the best policy.

Get a broker
Mortgage brokers go into bat on your behalf and sometimes plead your case if your loan application is borderline. They can also be quite clever in how they package you to the lender. That’s not lying, but emphasising the positive aspects of your application. “It can be a jigsaw where seven of the eight pieces are good and one is not,” says Royle. They take these pieces and paint a picture of you that the bank might understand. Mortgage brokers also use a panel of banks, non-bank lenders and finance companies, and know which are most likely to accept borrowers in your position. Each lender has its own rules and it may be that you will be accepted by one, but not the others.

Turn over a new leaf
If painting a picture doesn’t work there are other options to improve the odds of approval. A good mortgage broker will school you in how to become a good financial citizen in the eyes of the bank. After six months of consistently good financial behaviour the lender may reconsider your position.

Clean up your credit
Start by paying off any outstanding debts that have led to defaults. Then ask the lenders to mark them as paid. Royle points out that some credit providers such as ACC, utilities companies and government departments load defaults quickly.

Get a bigger deposit
Thanks to the government’s loan to value ratio (LVR) rules you already need to stump up a pretty sizeable deposit. The higher your deposit, however, the less likely you are to be stretching your financial resources, which makes you more acceptable as a borrower.

Borrow from a non-bank
Mortgage brokers such as Royle have access to non-bank lenders and finance companies that both offer home loans. These loans can be more expensive, but not always. In the short term they can be a life saver and once you’re on the housing ladder you can often refinance into a bank six months or a year down the track, says Royle.

Finally, if you do get a home loan, make absolutely sure you never miss a payment, even if it means going without luxuries such as lunches out, new technology or whatever your poison is. If you pay each and every month on time you’ll soon start to build up your score making it easy to borrow next time or refinance. Start budgeting so that you never ever miss a payment and learn to spend within your means.

The post How to overcome bad credit and get a home loan appeared first on Credit Simple NZ.