McGaw Financial Solutions

27/09/2022

Good article. Contact if you want business funding

One in two sole traders uses personal savings to manage their cash flow – here’s what they should consider first.

14/09/2022

✨ ~ Foxplan's pearls of wisdom series ~ ✨

Part 1: Are you one of the 228,000 Kiwi's that is part of the 'Buy now, pay later' scheme? 🫣

Buy now, pay later (BNPL) providers short-term, interest-free loans that people can use to buy anything from groceries to clothes and electronics. Recently it was reported that as a nation Kiwi's are racking up over $800 million a year through the BNPL scheme. 😱

As financial advisers our biggest concern is that if you miss a payment you incur a fee and if you're already lacking in the skills to manage your money correctly, this scheme could hugely affect your savings and future financial goals! 🤔💰

👀 Check out our latest article which covers this topic more in-depth and hit the 'Free no obligation chat with an adviser' button on the article to book in a money chat >> https://bit.ly/3QEXSuT

24/01/2022

Great group, if you are wanting something on the coast Dayle, Dave and her team will help you

15/01/2022

If considering going for finance be very careful of spending. This will reflect on what the bank will approve.

Kim Anderson-Robb is one of many people being tripped up by the new changes.

13/01/2022

New lending laws are impacting borrowers. The banks are now going through every bit of spending on bank accounts and credit cards. They are then declining loans if they think you are going out regularly to restaurants, or having takeaways. If you have an application pending or in process please ensure you are careful with your spending.

31/10/2021

The KiwiSaver HomeStart Grant Explained.

Most people cannot access this as they have unrealistic price caps for New Zealand. - Maximum purchase price for existing houses in main part of New Zealand $400000; Auckland $625000; Wellington $550,000; Christchurch $500,000; Waikato $425,000; Nelson,Hamilton City, Napier, Tauranga City, Western Bay of Plenty District, Waipa District, Tasman District $525,000; Waikato District,Dunedin City $425,000.

If you've contributed on a regular basis to KiwiSaver for at least three years, you may be eligible to the KiwiSaver HomeStart grant, with a cash payment of between $3,000 and $10,000 depending on your circumstances and type of home you are buying.

Making Sense of the Eligibility
There are a number of requirements for a HomeStart grant, we outline them below.
You are aged 18 years or over
You currently do not own a home or land
You have never received the HomeStart grant, nor its predecessor, the 'KiwiSaver deposit subsidy'
You are a member of a KiwiSaver scheme, complying fund or exempt employer scheme
You have contributed at least the 'minimum allowable percentage' of your total income to a KiwiSaver scheme, complying fund or exempt employer scheme for at least three years. The minimum allowable contribution percentage is, from 1 April 2013:​
3 percent of your income or
3 percent of the minimum wage for non-earners (based on a 40 hour week) or
3 percent of your yearly benefit for beneficiaries.
​You are the sole buyer and have earned $85,000 or less in TOTAL (before tax) in the last 12 months. If you had a pay rise above $85,000, you might still be eligible as the HomeStart grant considers the total amount earned in 12 months.
If you are two or more buyers, you must have earned a combined income of $130,000 or less in TOTAL (before tax) in the last 12 months.
You have a deposit that is 10 percent or more of the purchase price. The 10 percent deposit includes:​
Funds you can withdraw through the KiwiSaver first-home withdrawal scheme and/or
The HomeStart grant amount you and/or the other purchasers are applying for and
Any additional funds (for example, savings, fixed and term deposits or funds)
Money gifted from a relative - you'll need to fill out a gifting declaration form and submit it to verify the funds.
HomeStart requires that all deposit money must be 'obligation-free', meaning it cannot be borrowed, secured against other property, a family guarantee etc.
You are buying one of the following types of property and land arrangements:
fee simple (i.e. a freehold property)
stratum estate (freehold and leasehold)
cross-lease (freehold and leasehold)
leasehold
Maori land
If you are purchasing the property with other people, it must be in equal shares, i.e. if there are 4 of you, you each own a 1/4 share; for 3 of you it would be a 1/3 share, etc.
The purchase price of the property is within the regional house price cap:

21/10/2021

Good opportunity to buy an escape from Auckland for when we finally can travel

Auction this week!!! 22 Oct 2021 3pm 🔑
185 Paku Drive, Tairua marketed by Adam Fuller

A hidden treasure awaits for you on exclusive Paku Hill in Tairua. Recently renovated, private, low maintenance with exquisite views you never want to leave. Treat yourself this summer to your perfect holiday destination.

For more information, contact Adam Fuller or click the link below:
https://harcourts.co.nz/Property/960725/TRU3865/185-Paku-Drive
Harcourts Real Estate New Zealand

28/09/2021

Investors will be happy with new tax advice. They can offset the interest as a business expense for New Built houses for 20 years. This will encourage funding into new healthy rental properties. It will also probably increase existing housing stocks as investors who have mortgages on the investment properties divest of existing houses and put the funding into new built houses.

The ones that miss out will be the first home buyers having to compete in the new developments with investors.

Mind you with the Kick Start Grant price caps, the Government is not thinking or helping the young people get into their own home.

06/09/2021

Interesting to see how we are getting through lock down. Keep safe those in Auckland and please be careful those in the new level 2

Consumer spending data shows that 'Kiwis are reading, binge-watching and cooking up a storm' during this lockdown.

11/03/2021

Well back to level one. It has been frantic here with lock downs, community cases and a heated property market. The banks unfortunately let staff go during the first lock down and expected a shrinking of the housing market so when it heated up they could not keep up with the volumes of application so things are taking time.

It has been good to see that many of the areas in New Zealand are booming as many New Zealanders have decided to return home and wait out Covid in New Zealand.

Hopefully now the vaccine is on the way we can start to get back to normal.

31/03/2020

I am in my office and available by phone, Zoom or skype.
I can still help if you need for mortgages or insurance.

Keep safe. If you are worried about things call and we will look at options. Do you need to review your insurance? The insurance companies are an essential service and have options if you are undergoing hardship at this time. They are also available to issue new policies, or alter your cover.