Hi there. Video is interesting. Say for example 20k revolving credit and you only have 5k added from income. In case of emergency, could you use all credit limit which is 20k or you could only use 5k? Thanks! 🙂
Love your channel, thanks for sharing your knowledge, I greatly appreciated as I'm working on paying off my Mortgage faster hopefully in the next 3 years, I do share my debt free journey on my channel with the hope that someone out there will use the advise to get out of debt, looking forward to be Mortgage free, fingers crossed, Love and blessings from New Zealand.
Can you simply ask your bank that you want a revolving credit loan or are there extra calculations taken on board that you need to qualify to be able to get revolving credit loan?
if i have R/C for $10k and put the money from saving cash $8k, is that mean I pay off the mortgage down to $2k? I dont understand why R/C makes repayment faster.
you save money from paying less interest than standard fixed repayments, so with an R/C account you only pay interest on the difference (in your case $2k)
What about interest rate? There’s no way I could get a loan in rc at less than my mortgage rate, 1.8%. We pay an extra $138 mo in my 15 year fixed rate and we will pay it off over a year sooner. 14 payments sooner.
Nice video. Obviously with most banks floating is a coupe hundred basis points higher than 1 year fixed. Is there a calculation than can be made to determine at what point the higher interest rate paid on a revolving credit facility can be offset by the ability to pay down more principle than a fixed term? I would imagine if you have a $100k revolving credit facility and only manage to save $30k into it over the year then it would have been more beneficial to have that $100k in a fixed term at 200 basis points lower interest rate?
wish i saw this 2 months ago, thank you so much for making this video!
Loving all your Vids Blandon. Nice Work
With one you know what you need to pay and the other you can dip into it but I'd prefer fixed mortgage.
Hi there. Video is interesting. Say for example 20k revolving credit and you only have 5k added from income. In case of emergency, could you use all credit limit which is 20k or you could only use 5k? Thanks! 🙂
Best to get a mortgage adviser to help you with this! If you don't have one, check out mhq.co.nz - it's free! 😄
R/C facility's gd for capital payments while floating prior to re fix, anything extra accumulated smash! That capital down for your algorithm!
Preach it!
Love your channel, thanks for sharing your knowledge, I greatly appreciated as I'm working on paying off my Mortgage faster hopefully in the next 3 years, I do share my debt free journey on my channel with the hope that someone out there will use the advise to get out of debt, looking forward to be Mortgage free, fingers crossed, Love and blessings from New Zealand.
Keep up the good work Sania!
Can you simply ask your bank that you want a revolving credit loan or are there extra calculations taken on board that you need to qualify to be able to get revolving credit loan?
bugger I have just refixed (2 weeks ago ) . I should have left some floating on an RC account.
it's never too late to speak to an adviser to see restructure is possible. :) support@mhq.co.nz
if i have R/C for $10k and put the money from saving cash $8k, is that mean I pay off the mortgage down to $2k?
I dont understand why R/C makes repayment faster.
you save money from paying less interest than standard fixed repayments, so with an R/C account you only pay interest on the difference (in your case $2k)
What about interest rate? There’s no way I could get a loan in rc at less than my mortgage rate, 1.8%. We pay an extra $138 mo in my 15 year fixed rate and we will pay it off over a year sooner. 14 payments sooner.
Nice video. Obviously with most banks floating is a coupe hundred basis points higher than 1 year fixed. Is there a calculation than can be made to determine at what point the higher interest rate paid on a revolving credit facility can be offset by the ability to pay down more principle than a fixed term? I would imagine if you have a $100k revolving credit facility and only manage to save $30k into it over the year then it would have been more beneficial to have that $100k in a fixed term at 200 basis points lower interest rate?
If you just give or take project 1 year savings and have that as your revolving credit you shouldn’t go wrong.
Wow! Asian spiderman! Didn't know Chinese had a version 😁
There is a Chinese version… for absolutely everything my friend hahah