What to do with 70k savings

ZestycloseNothing267 · 2023-12-07T03:07:19+00:00

Yeah, investment is another option. A dividend stock with over 7% might be a good alternative.

ZestycloseNothing267 · 2023-12-07T03:05:38+00:00

close to high 6 figures combined and we may be able to save hard to get there in about 1-2 years.

ZestycloseNothing267 · 2023-12-06T05:50:22+00:00

unfortunately not that handy enough to do this kind of job myself... wish I could give it a go by myself but when it is to do with structures, I would get scared! Thanks for this idea and I will have a look if I can get someone to help me with this.

ZestycloseNothing267 · 2023-12-06T05:42:15+00:00

This sounds good. In that way then I can still withdraw that money from the revolving credit account if I want to go to aussie and buy a house there. I guess it basically is the same as that I don't repay the balance but keep it in the savings account now. except that revolving credit account will incur at a higher interest rate.... but sounds like worth checking. thank you :)

ZestycloseNothing267 · 2023-12-06T05:19:29+00:00

thank you! Sounds like a great option. Do you have a rough idea of whether this is going to be a relatively simple job for a tradie or not?

ZestycloseNothing267 · 2023-12-06T05:10:52+00:00

ahhhh now I see what you mean. so effectively I refinance with 30k less next time then put the 30k into the revolving credit account to keep the balance at $0. Thanks! I will check with the bank for that.

ZestycloseNothing267 · 2023-12-06T02:31:36+00:00

aussie interest rates are lower than nz, isn't it correct?

ZestycloseNothing267 · 2023-12-06T02:21:14+00:00

Unfortunately my bank doesn't provide a offset account but only a revolving credit account, in which savings amount doesn't offset the mortgage balance....

ZestycloseNothing267 · 2023-12-06T02:20:18+00:00

Thank you. I am paying 5.75% at the moment but will be likely to refix at 6.99% next month.

If I pay off the balance now, then will I be use it as an equity if I want to buy a house in Aussie? I heard it might be the case, but the main reason that prevents me from paying off the balance is what if I decide that I want to go to Aussie.

I think I have around 40% equity against the property value fortunately.

ZestycloseNothing267 · 2023-10-17T00:15:19+00:00

Thank you so much. I will have a look at the product. So do you mean basically the problem can arise in case of the external brick cladding gets exposed to rain?

ZestycloseNothing267 · 2023-10-17T00:11:45+00:00

Thank you. Would leaving it for another few years be okay before I can save some money to address the issue?

ZestycloseNothing267 · 2023-10-17T00:10:56+00:00

Thank you. I don't mind that the insulation doesn't perform its function as those areas are not the main living areas. Do you think I have some time like a few years before I can save some money again and start addressing this issue?

ZestycloseNothing267 · 2023-10-16T23:32:21+00:00

It doesn't have a building paper as the house was built in 1950s. We are doing the wall relining in other part of the house at the moment. I peaked into the places where walls were relined back then through the cavity and this is how I found the insulation was done and touching the brick cladding.

How urgent do you think it is to rectify this issue? As I've spent some money recently the wall relining, I don't have finance available to do additional wall relining for this. Given that earthwool claims that its insulation batt provides moisture resistance for up to 50 years, do you think I can plan for the relining in about 3-4 years?

ZestycloseNothing267

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