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New Zealand; a land of opportunity but not without risk.

No matter what background we have or what country we or our forebears come from, there is no doubt New Zealand offers opportunities to those prepared to work for them. This pioneering spirit in a modern world has become more often referred to as our entrepreneurial spirit…where grit and determination meets execution! We can spend time working for ‘the man', building our know-how and experience or we are already experienced business people from other places, and one day we think, ‘I could do this myself. Take my dream, start a business, (or start again), employ some help. I don't want an empire, I just want to work for myself and get a lifestyle out of it for me and my family.'

This attitude is so common that small to medium sized enterprises (SMEs) in New Zealand employing five or fewer people now number over 430,000, employing more than 560,000 people representing immeasurable worth to the national economy (GDP). But there's a threat lurking beneath these impressive statistics: research tells us that New Zealanders are underinsured compared with other countries, with only about a third of the investment other OECD nations put into protecting the livelihoods of the people producing this GDP. At GFS there is too often evidence that business owners, many of whom are the key person in the business, frequently lack some or all of the cover they need.

This is in part because many see insurance as expenditure rather than protecting their dream. One role of GFS is to show people than insurance is not a cost, but on the contrary a vital element of financial wellbeing. A second role is to provide products and services that facilitate that wellbeing.

The diagram shows all the parties at risk in ‘The Circle of Life'. The business is underpinned by its key people, who are subject to general life risks - accident or illness that could leave them temporarily or permanently unable to contribute to the business.

That financial impact flows on to the owner/s of the business (often also a key person), who is responsible for the debt, both visible and invisible. Some owners think they don't need business or key person cover because they don't see any outstanding debt - they wholly own the business and the business assets such as vehicles and so on.

However, that's just the visible debt. The cost of exiting is invisible - if you suddenly had to close the business, what would it cost you to pay all current utility bills, rates, holiday pay and other entitlements? What about your lease commitments too? Too often these issues can be overlooked.

Then there are the families; the people supported by the business. What does the owner's lifestyle cost? What about their staff's lifestyles? Who and what is dependent on the business, and what happens if that revenue stream drops or stops? But of course, ‘the circle of life' only completes because the business also is dependent on the very people needed to drive revenue.

The advice GFS offer their clients looks to deal with this value chain. Certainly, it is the responsibility of business owners and key people to seek advice to get the cover they need. But GFS bear equal responsibility, in that they must help to simplify this process and support their clients transfer of any financial liability they are uncomfortable with should a life risk event strike. Getting the insurance you need should not be complicated or expensive relative to the risks you face – Talk to GFS today about how they can help you.

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Buying a first home in Auckland!

Written by Saurabh Gupta on January 29th, 2016.      0 comments

Saving for your first home deposit but the prices keep going up?

With house prices on fire, the deposit is getting increasingly out of reach for first home buyers. This is especially true for Auckland.

With a median house price of $748,700, and a $77,500 median household income, Auckland is the fifth most unaffordable city as per the much quoted Demographia Survey of 367 international cities in US, Canada, UK, Ireland, Japan, Hong Kong (China), Singapore, Australia and New Zealand.

As per the Home Loan affordability by, a buying a first home in New Zealand is most unaffordable in Auckland. It takes 60.7% of the median take‐home pay of a young family to service a mortgage of a median priced home in Auckland as of December 2015.
The good news…
Mortgage for buying a first home in Auckland

The good news is that Auckland Council has set itself a target of bringing down the median price so that price to income ratio is reduces to 5 by 2030 from the current 9.7. It is taking a number of steps to achieve it and quickening the pace, after receiving much criticism on the slow response by it.

In recent months, residential sales volume in Auckland declined in December 2015 by 18.6% compared to December 2015. Yes, declined. As per the recent ASB's housing confidence survey, expectations around rising Auckland house prices have plummeted due to new housing measures introduced in 2015.

Moreover, Auckland Council is frantically working behind the scenes to change the residential zoning to accommodate for multi-storied buildings, terrace houses and apartments. The council has recently released new zoning maps for 43 suburbs and is set to release more maps in the coming weeks and months.

Know your options…
There may be a number of questions on your mind related to how much deposit you need and how much mortgage can you get, such as:
  • How much deposit you actually need?
  • What sources of deposit can you use? E.g. Equity from parental property, Kiwisaver, etc.
  • Which banks might be willing to lend to you given your unique circumstances?
  • Any lenders other than banks who could help you pay a mortgage instead of rent?
You may want to contact us to know your options rather than doing all the math yourself.
Get your free consultation today! Call Global Financial Services on 09 255 5500.



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