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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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Council votes against Unitary Plan! Will SHAs come to the rescue?

Written by Saurabh Gupta on February 26th, 2016.      0 comments

On 24th February 2016, after an extraordinary 7 hour meeting the Auckland Council voted to reject the Unitary Plan's housing density proposals known as the “out of scope” changes. The vote means the council will withdraw "out of scope" changes i.e. zoning changes which would have allowed terraced or multi-tier housing in more suburbs.
Mortgage Broker on Auckland Unitary Plan
A Government appointed independent hearings panel will now determine what the zoning will look like and give recommendations to the Council in July.

According to Newshub, Economist Shamubeel Eaqub said that the decision showed the council was incapable of making vital change. He said that it meant that wealthy land owners in leafy suburbs were given preference at the cost of a younger generation for whom buying their first home in those suburbs might remain a dream.

The good news is that in another development, 14 new Special Housing Areas (SHA) were announced on 11th February. They will provide more than 4500 new homes across Auckland. The total number of SHAs in Auckland is now 120, with more than 52,000 new homes. Launched in October 2013, SHAs allow qualifying developments in these areas can be streamlined and fast-tracked.

High demand for housing also means that builders are already trying to develop more multi-tiered housing. They are developing new apartment projects with a starting price of around $400,000 in suburbs such as Avondale and New Lynn.

First home buyers may want to be prepared as these new homes come into the market and save for their deposit. While those looking for investment properties may want to tread carefully and build up equity for the right opportunity.

Over the last 3-4 months we have seen that First Home Buyers have come back in the market to buy their property. Out of every 10 queries we find that approximately 4 are from first home buyers.

If you are looking to buy your first home or planning for one, call us for a free consultation to know how much mortgage you can get. 

Get your free consultation today! Call Global Financial Services on 09 255 5500.



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