Eightfold Financial Services Group

24/12/2022

Merry Christmas from the team at Eightfold. Thanks to all our wonderful customers and suppliers for the amazing support in 2022.

15/08/2021

For those of you who haven't heard, we've got a new property finance specialist in our Eightfold team. Rob Collins returns back to New Zealand after a long stint with Sirius Property Finance, one of the UK's leading property finance brokers. If you need help with your development or investment, let us know. Here's a bit about Rob (paywalled NBR).

https://www.nbr.co.nz/node/231282

Rob Collins joins the team at the financial services group.

24/02/2021

Congratulations to our amazing team of Eightfold advisers for the collective effort in winning an Excellence Award at the NZ Mortgage Awards.

Find out which firms scooped the brokerage of the year titles across a variety of categories

30/03/2020

Many will face hard financial decisions in the coming months. Home loan payments are one of our biggest costs. Eightfold and our banks are ready to help you.

We're keeping an eye on the banks daily updates so we can stay best placed to advise you on your options. We're here to care and just a call away. Click below for more info.

Find out how the banks are assisting clients facing financial hardship through loss of income due to Covid-19. What are your options, where to seek help. %

25/03/2020

Our team is having this discussion daily at the moment with clients and is happy to talk to you. Feel free to contact us in considering your options and remember that any loan payment deferred is a payment you’ll make up in the future. We don’t have full details yet as to how the government scheme will work but consider it something like a student loan.

Take care: A mortgage holiday could lead to more pain in future because interest still accrues.

Take care: A mortgage holiday could lead to more pain in future because interest still accrues.

23/03/2020

Financial Hardship - Home Loan Options

With the Covid-19 Pandemic, many people are experiencing difficult times and uncertainty. This includes loss of income and the lack of ability to continue to meet home loan repayments.

Every person’s situation (and bank) is different and we do expect further announcements from the banks outlining their support plans but in the meantime here are some things you can do to take the pressure off and be assured we are here to help and advise.

Change your repayments
If you are paying more than the minimum amount, you can reduce your repayments back to the minimum amount immediately. This can usually be done through Internet Banking. Remember, there may be a cost if you later decide to increase these repayments during the fixed rate period.

Interest-only period
This may be available temporarily where you can still show that you can service your home loan on a reduced household income. A full application will be required and accompanying documentation to support this request will also be required. Not all Banks are offering this option as yet.

Mortgage repayment holiday
This may be available for customers needing to take a break from your home loan repayments for a period of up to 3 months. The Bank will continue to charge interest during this period but will defer the payments (and interest) to the end of the holiday. Ultimately this adds an additional cost to the home loan, but the short-term cash flow benefit may assist. Importantly repayment holidays are generally for 90 days only so you need to consider whether now is the time to apply or not. Usually customers need to apply directly to your Bank for a repayment holiday (i.e. not through your Broker). Please note that self-employed may need to provide additional supporting information (financials and updated business strategy) when applying. Each Bank has a different process and criteria for applying for a repayment holiday.

Insurance
If you have Mortgage Protection, Income Protection or Business Interruption Insurance then you should discuss this with your Insurance Broker.

We will keep you updated as we receive advice on any new bank support packages over the coming days.

The key is to communicate early and provide any information that is required for the Banks to be able to assist. For self-employed and business owners you may need to show that you have taken or are considering steps to reduce costs where possible and provide the banks with up to date management accounts and financial reporting.

Please do not hesitate to contact us if you have any questions. We're here to help,

19/03/2020

Here's a link to information based around questions we're being asked by clients in regards to mortgages and insurance. We'll continue to provide Eightfold insights as they come to hand.

19 March 2020     Hi ,   Over the last week we’ve seen global disruption from Covid-19 driving the Reserve Bank and Government to put measures in place to support the economy in weathering any potential down turn. This week our Reserve Bank announced that it would be dropping the ...

23/12/2019

Wishing you a Merry Christmas and a Happy New Year from the team at Eightfold. Thanking you for all your support in 2019. Safe holidays.

12/06/2019

How would you replace your income if you couldn't work?

Kiwis insure their cars and homes but not their income.

31/05/2019

OPINION: We've discovered problems with the house we're trying to sell.

31/05/2019

This is an issue we see a lot of when clients do due diligence on buying a family home or investment property. It's often minor but can be a factor in the bankability of the property so not something to be ignored. It's also something to think about if you're selling a property you've owned for a while that might have unconsented add-ons like a deck or deck roofing. Often easy to fix. Not something you want to upset the sales process. Talk to Eightfold if you need help.

OPINION: We've discovered problems with the house we're trying to sell.

07/05/2019

Top of mind for any bank management team at the moment will be the Reserve Bank of New Zealand’s proposal to increase the amount of capital New Zealand banks must hold and the impact this could have on the bank performance and shareholder. The focus on balance sheet management, cost of capital and...