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Interest Rates Are Going Up, What To Do Next · Making Cents

• 0:02
  Hey,
• 0:02
  team,
• 0:02
  it's
• 0:03
  Francis.
• 0:04
  Look.
• 0:04
  Coming
• 0:04
  to
• 0:04
  you
• 0:05
  as
• 0:05
  a
• 0:05
  little
• 0:05
  bit
• 0:06
  of
• 0:06
  the
• 0:06
  bad
• 0:06
  news
• 0:06
  fairy.
• 0:07
  Once
• 0:07
  again
• 0:08
  with
• 0:08
  a
• 0:08
  warning.
• 0:09
  The
• 0:09
  low
• 0:10
  interest
• 0:10
  rate
• 0:10
  era
• 0:11
  had
• 0:11
  a
• 0:11
  good
• 0:11
  run,
• 0:12
  but
• 0:13
  it's
• 0:13
  dumb
• 0:13
  now.
• 0:14
  There's
• 0:14
  conflict
• 0:15
  in
• 0:15
  the
• 0:15
  Middle
• 0:15
  east,
• 0:15
  pushing
• 0:16
  up
• 0:16
  oil
• 0:16
  prices,
• 0:17
  inflation
• 0:18
  is
• 0:18
  back
• 0:18
  on
• 0:18
  the
• 0:18
  radar
• 0:19
  and
• 0:19
  the
• 0:20
  Reserve
• 0:20
  bank
• 0:20
  is
• 0:20
  making
• 0:21
  increasingly
• 0:21
  pointed
• 0:22
  noises
• 0:22
  about
• 0:23
  rate
• 0:23
  hikes.
• 0:24
  So
• 0:24
  really
• 0:25
  we've
• 0:25
  hit
• 0:25
  a
• 0:25
  point
• 0:25
  where
• 0:26
  the
• 0:26
  question
• 0:26
  isn't
• 0:27
  any
• 0:27
  longer
• 0:28
  will
• 0:28
  mortgage
• 0:29
  rates
• 0:29
  go
• 0:29
  up,
• 0:30
  it's
• 0:31
  how
• 0:31
  fast,
• 0:32
  and
• 0:32
  what
• 0:32
  do
• 0:32
  I
• 0:33
  do
• 0:33
  about
• 0:33
  it?
• 0:34
  We've
• 0:34
  got
• 0:34
  anz,
• 0:35
  which
• 0:35
  is
• 0:35
  our
• 0:35
  biggest
• 0:36
  bank
• 0:36
  now
• 0:36
  expecting
• 0:37
  three
• 0:37
  OCR
• 0:37
  increases
• 0:38
  this
• 0:38
  year.
• 0:39
  They're
• 0:39
  predicting
• 0:39
  as
• 0:39
  early
• 0:40
  as
• 0:40
  July.
• 0:40
  ASB
• 0:41
  is
• 0:41
  penciled
• 0:42
  in
• 0:42
  September
• 0:43
  and
• 0:43
  then
• 0:43
  Informetrics
• 0:44
  has
• 0:44
  said
• 0:44
  maybe
• 0:45
  even
• 0:45
  as
• 0:45
  early
• 0:46
  as
• 0:46
  May.
• 0:47
  Basically
• 0:48
  everyone's
• 0:48
  agreeing
• 0:49
  on
• 0:49
  the
• 0:49
  direction
• 0:50
  up.
• 0:50
  It's
• 0:51
  just
• 0:51
  a
• 0:52
  matter
• 0:52
  of
• 0:52
  when.
• 0:54
  While
• 0:54
  I
• 0:54
  do
• 0:55
  sometimes
• 0:55
  come
• 0:55
  in
• 0:55
  here
• 0:55
  with
• 0:56
  the
• 0:56
  bad
• 0:56
  news
• 0:56
  like
• 0:56
  this,
• 0:57
  the
• 0:57
  point
• 0:57
  is
• 0:57
  always,
• 0:58
  what
• 0:58
  can
• 0:58
  you
• 0:58
  do
• 0:59
  about
• 0:59
  it?
• 0:59
  Where
• 1:00
  to
• 1:00
  from
• 1:01
  here?
• 1:02
  So
• 1:02
  that's
• 1:02
  what
• 1:03
  I
• 1:03
  went
• 1:03
  on
• 1:03
  TVNZ
• 1:04
  Breakfast
• 1:04
  earlier
• 1:05
  this
• 1:05
  week
• 1:05
  to
• 1:05
  talk
• 1:06
  about.
• 1:06
  They
• 1:06
  were
• 1:06
  kind
• 1:07
  enough
• 1:07
  to
• 1:07
  say
• 1:07
  I
• 1:08
  could
• 1:08
  put
• 1:08
  that
• 1:08
  here
• 1:09
  for
• 1:09
  you
• 1:09
  as
• 1:09
  well,
• 1:10
  so
• 1:10
  you
• 1:10
  can
• 1:10
  have
• 1:10
  a
• 1:10
  little
• 1:11
  listen
• 1:11
  to
• 1:11
  that
• 1:11
  conversation
• 1:12
  and
• 1:12
  hopefully
• 1:13
  get
• 1:13
  some
• 1:13
  good
• 1:13
  tips
• 1:14
  and
• 1:14
  tricks.
• 1:14
  Hope
• 1:15
  it
• 1:15
  helps.
• 1:21
  Welcome
• 1:21
  Back
• 1:21
  to
• 1:21
  breakfast.
• 1:21
  80
• 1:22
  minutes
• 1:22
  past
• 1:22
  6.
• 1:22
  Homeowners
• 1:23
  may
• 1:23
  need
• 1:23
  to
• 1:23
  buckle
• 1:24
  up
• 1:24
  as
• 1:24
  interest
• 1:24
  rates
• 1:25
  are
• 1:25
  set
• 1:25
  to
• 1:25
  rise
• 1:26
  again.
• 1:26
  It
• 1:26
  comes
• 1:27
  as
• 1:27
  costs
• 1:27
  continue
• 1:28
  to
• 1:28
  spike,
• 1:28
  with
• 1:29
  conflict
• 1:29
  in
• 1:29
  the
• 1:29
  Middle
• 1:29
  east
• 1:29
  driving
• 1:30
  oil
• 1:30
  prices
• 1:31
  and
• 1:31
  inflation
• 1:31
  higher.
• 1:32
  New
• 1:32
  interest
• 1:32
  rate
• 1:33
  data
• 1:33
  is
• 1:33
  set
• 1:33
  to
• 1:34
  roll
• 1:34
  out
• 1:34
  this
• 1:34
  morning.
• 1:35
  For
• 1:35
  a
• 1:35
  preview
• 1:36
  and
• 1:36
  hopefully
• 1:37
  some
• 1:37
  guidance,
• 1:37
  some
• 1:37
  hope,
• 1:38
  we're
• 1:38
  joined
• 1:38
  by
• 1:38
  independent
• 1:39
  financial
• 1:39
  journalist
• 1:40
  Francis
• 1:40
  Cook.
• 1:40
  Good
• 1:41
  morning.
• 1:41
  What
• 1:42
  can
• 1:42
  we
• 1:42
  expect
• 1:42
  to
• 1:42
  see
• 1:42
  with
• 1:42
  these
• 1:43
  interest
• 1:43
  rate
• 1:43
  rises?
• 1:44
  I
• 1:44
  mean,
• 1:44
  it's
• 1:45
  all
• 1:45
  timing.
• 1:45
  It
• 1:46
  might
• 1:46
  not
• 1:46
  be
• 1:46
  today,
• 1:46
  but
• 1:47
  it
• 1:47
  will
• 1:47
  be
• 1:47
  soon.
• 1:47
  Interest
• 1:48
  rates
• 1:48
  are
• 1:48
  going
• 1:48
  up
• 1:48
  again.
• 1:49
  Basically,
• 1:49
  that's
• 1:50
  what
• 1:50
  all
• 1:50
  of
• 1:50
  the
• 1:51
  smart
• 1:51
  people
• 1:51
  who
• 1:51
  watch
• 1:51
  these
• 1:52
  things
• 1:52
  are.
• 1:53
  Some
• 1:53
  are
• 1:53
  saying
• 1:53
  May,
• 1:53
  some
• 1:53
  are
• 1:54
  saying
• 1:54
  July,
• 1:54
  some
• 1:54
  are
• 1:54
  saying
• 1:54
  September.
• 1:56
  All
• 1:56
  the
• 1:56
  smart
• 1:56
  people
• 1:56
  are
• 1:57
  saying
• 1:57
  we
• 1:57
  are
• 1:57
  going
• 1:58
  to
• 1:58
  get
• 1:58
  interest
• 1:58
  rate
• 1:58
  rises
• 1:59
  from
• 1:59
  here
• 2:00
  in
• 2:00
  one
• 2:00
  direction
• 2:01
  up
• 2:01
  and
• 2:02
  it
• 2:02
  could
• 2:02
  be
• 2:02
  three.
• 2:03
  Lots
• 2:03
  of
• 2:03
  interest
• 2:03
  rate
• 2:04
  rises
• 2:04
  across
• 2:05
  the
• 2:05
  course
• 2:05
  of
• 2:05
  the
• 2:06
  year.
• 2:06
  So
• 2:07
  buckle
• 2:07
  up,
• 2:07
  basically.
• 2:08
  All
• 2:08
  right,
• 2:08
  so
• 2:08
  it's
• 2:09
  potentially
• 2:09
  a
• 2:09
  bit
• 2:09
  of
• 2:09
  a
• 2:09
  perfect
• 2:10
  storm
• 2:10
  of
• 2:10
  pain
• 2:11
  for
• 2:11
  a
• 2:11
  lot
• 2:11
  of
• 2:11
  people.
• 2:12
  How
• 2:12
  can
• 2:12
  people
• 2:12
  prepare
• 2:13
  with
• 2:13
  everything
• 2:14
  that's
• 2:14
  going
• 2:14
  on
• 2:14
  right
• 2:15
  now?
• 2:15
  Yeah,
• 2:15
  I
• 2:16
  know.
• 2:16
  I
• 2:17
  feel
• 2:17
  like
• 2:17
  every
• 2:18
  time
• 2:18
  I
• 2:18
  come
• 2:18
  on
• 2:18
  these
• 2:18
  days,
• 2:18
  I'm
• 2:19
  the
• 2:19
  bad
• 2:19
  news
• 2:19
  fairy.
• 2:20
  It's
• 2:20
  not
• 2:20
  great.
• 2:21
  It's
• 2:21
  delivered
• 2:21
  with
• 2:21
  such
• 2:22
  grace.
• 2:22
  So
• 2:22
  don't
• 2:22
  worry
• 2:22
  about
• 2:23
  that.
• 2:25
  Don't
• 2:25
  worry
• 2:25
  about
• 2:25
  that.
• 2:25
  Yeah,
• 2:26
  yeah.
• 2:26
  We
• 2:26
  control
• 2:26
  what
• 2:27
  we
• 2:27
  can
• 2:27
  control.
• 2:27
  Right.
• 2:28
  So
• 2:28
  we
• 2:29
  look
• 2:29
  at
• 2:29
  what's
• 2:29
  going
• 2:29
  on
• 2:29
  and
• 2:30
  we
• 2:30
  say,
• 2:30
  what
• 2:30
  can
• 2:30
  we
• 2:30
  do
• 2:31
  about
• 2:31
  it?
• 2:31
  So
• 2:32
  basically
• 2:33
  it's
• 2:34
  looking
• 2:34
  at
• 2:34
  what
• 2:35
  can
• 2:35
  you
• 2:35
  control
• 2:35
  in
• 2:36
  this
• 2:36
  sort
• 2:36
  of
• 2:36
  situation,
• 2:36
  especially
• 2:37
  if
• 2:37
  you're
• 2:37
  a
• 2:37
  homeowner.
• 2:38
  A
• 2:39
  lot
• 2:39
  of
• 2:39
  people
• 2:39
  have
• 2:39
  been
• 2:39
  hanging
• 2:40
  out
• 2:40
  there
• 2:40
  and
• 2:40
  saying,
• 2:41
  oh,
• 2:41
  maybe
• 2:42
  interest
• 2:42
  rates
• 2:42
  will
• 2:42
  go
• 2:42
  a
• 2:43
  little
• 2:43
  bit
• 2:43
  lower.
• 2:43
  Maybe
• 2:43
  I
• 2:43
  can
• 2:44
  catch
• 2:44
  something
• 2:44
  a
• 2:44
  bit
• 2:44
  better
• 2:44
  for
• 2:45
  the
• 2:45
  mortgage.
• 2:46
  Look,
• 2:47
  nobody
• 2:47
  has
• 2:47
  a
• 2:47
  perfect
• 2:47
  crystal
• 2:48
  ball,
• 2:48
  and
• 2:48
  if
• 2:48
  I
• 2:48
  did,
• 2:48
  I
• 2:49
  would
• 2:49
  be
• 2:49
  much
• 2:49
  richer.
• 2:49
  But
• 2:50
  it
• 2:50
  is
• 2:51
  probably
• 2:51
  the
• 2:51
  bottom
• 2:51
  of
• 2:52
  the
• 2:52
  interest
• 2:52
  rate
• 2:52
  cycle
• 2:53
  now.
• 2:53
  So
• 2:53
  if
• 2:53
  you
• 2:53
  haven't
• 2:53
  talked
• 2:54
  to
• 2:54
  your
• 2:54
  bank
• 2:54
  or
• 2:54
  you
• 2:54
  haven't
• 2:55
  talked
• 2:55
  to
• 2:55
  a
• 2:55
  mortgage
• 2:55
  advisor,
• 2:56
  that
• 2:56
  was
• 2:57
  a
• 2:57
  really
• 2:57
  great
• 2:57
  time
• 2:58
  to
• 2:58
  start
• 2:58
  those
• 2:59
  conversations.
• 2:59
  And
• 3:00
  it's
• 3:00
  not
• 3:00
  always
• 3:00
  just
• 3:01
  about
• 3:01
  the
• 3:02
  lowest
• 3:02
  interest
• 3:02
  rate
• 3:02
  you
• 3:03
  can
• 3:03
  find.
• 3:03
  It's
• 3:03
  sometimes
• 3:04
  the
• 3:04
  structure
• 3:05
  as
• 3:05
  well
• 3:05
  and
• 3:06
  making
• 3:06
  sure
• 3:06
  that
• 3:06
  that
• 3:06
  is
• 3:06
  really
• 3:07
  optimized
• 3:07
  for
• 3:07
  your
• 3:07
  life.
• 3:08
  So
• 3:09
  really,
• 3:09
  it
• 3:09
  is
• 3:09
  a
• 3:09
  good
• 3:10
  time
• 3:10
  to
• 3:10
  be
• 3:10
  having
• 3:10
  those
• 3:10
  conversations
• 3:11
  and
• 3:11
  making
• 3:11
  sure
• 3:12
  you're
• 3:12
  in
• 3:12
  a
• 3:12
  little
• 3:13
  bit
• 3:13
  of
• 3:13
  financial
• 3:13
  lockdown.
• 3:13
  Okay,
• 3:14
  so
• 3:14
  when
• 3:14
  you
• 3:14
  look
• 3:14
  at
• 3:14
  the
• 3:14
  structure
• 3:15
  and
• 3:15
  you're
• 3:16
  looking
• 3:16
  at
• 3:16
  perhaps
• 3:17
  floating
• 3:17
  part
• 3:18
  of
• 3:18
  your
• 3:18
  mortgage,
• 3:19
  if
• 3:19
  you
• 3:19
  are
• 3:19
  a
• 3:19
  little
• 3:20
  bit
• 3:20
  put
• 3:20
  off
• 3:20
  by
• 3:20
  what
• 3:21
  is
• 3:21
  going
• 3:21
  to
• 3:21
  be,
• 3:23
  what
• 3:24
  can
• 3:24
  you
• 3:24
  say
• 3:24
  to
• 3:25
  those
• 3:25
  people
• 3:25
  to
• 3:25
  allay
• 3:25
  their
• 3:26
  fears?
• 3:26
  What
• 3:26
  can
• 3:26
  they
• 3:27
  do?
• 3:27
  Yeah,
• 3:27
  so
• 3:28
  there's
• 3:28
  a
• 3:28
  few
• 3:28
  things
• 3:28
  you
• 3:28
  can
• 3:28
  do
• 3:29
  at
• 3:29
  a
• 3:29
  time
• 3:29
  like
• 3:29
  this.
• 3:29
  For
• 3:30
  starters,
• 3:30
  shop
• 3:30
  around.
• 3:31
  Because
• 3:31
  there's
• 3:32
  the
• 3:32
  advertised
• 3:32
  rate
• 3:33
  and
• 3:33
  then
• 3:33
  there's
• 3:33
  the
• 3:33
  rate
• 3:33
  you
• 3:34
  can
• 3:34
  get.
• 3:34
  So
• 3:34
  if
• 3:35
  you've
• 3:35
  got
• 3:35
  at
• 3:35
  least
• 3:35
  sort
• 3:36
  of
• 3:36
  20%
• 3:36
  equity
• 3:37
  in
• 3:37
  your
• 3:37
  mortgage,
• 3:39
  in
• 3:39
  your
• 3:39
  home,
• 3:39
  then
• 3:40
  you
• 3:40
  can
• 3:40
  probably
• 3:41
  negotiate
• 3:41
  a
• 3:41
  bit
• 3:41
  with
• 3:41
  the
• 3:42
  bank
• 3:42
  and
• 3:42
  get
• 3:42
  a
• 3:42
  good
• 3:43
  deal.
• 3:43
  And
• 3:44
  we
• 3:44
  are
• 3:44
  notorious
• 3:45
  here
• 3:45
  in
• 3:45
  New
• 3:45
  Zealand
• 3:46
  for
• 3:46
  not
• 3:46
  negotiating
• 3:47
  and
• 3:47
  not
• 3:47
  moving,
• 3:48
  not
• 3:48
  shopping
• 3:48
  around.
• 3:49
  It's
• 3:49
  one
• 3:49
  of
• 3:49
  the
• 3:50
  reasons
• 3:50
  that
• 3:50
  we
• 3:50
  do
• 3:50
  pay
• 3:50
  higher
• 3:51
  prices
• 3:51
  for
• 3:51
  things.
• 3:52
  So
• 3:52
  have
• 3:53
  a
• 3:53
  little
• 3:53
  look
• 3:53
  around
• 3:54
  what
• 3:54
  different
• 3:54
  banks
• 3:54
  are
• 3:55
  offering.
• 3:55
  Just
• 3:55
  send
• 3:56
  in
• 3:56
  a
• 3:56
  couple
• 3:56
  of
• 3:56
  requests.
• 3:57
  It
• 3:57
  can
• 3:57
  be
• 3:57
  as
• 3:57
  simple
• 3:57
  as
• 3:58
  by
• 3:58
  email.
• 3:58
  Ask
• 3:59
  them,
• 3:59
  you
• 3:59
  know,
• 3:59
  what's
• 4:00
  the
• 4:00
  best
• 4:00
  rate
• 4:00
  you
• 4:00
  could
• 4:00
  give
• 4:00
  me?
• 4:01
  Take
• 4:01
  it
• 4:01
  back
• 4:01
  to
• 4:02
  your
• 4:02
  bank
• 4:02
  and
• 4:02
  say,
• 4:02
  can
• 4:02
  you
• 4:03
  match
• 4:03
  this?
• 4:03
  And
• 4:03
  if
• 4:03
  that
• 4:03
  sounds
• 4:04
  like
• 4:04
  a
• 4:04
  lot
• 4:04
  of
• 4:04
  legwork,
• 4:05
  then
• 4:06
  maybe
• 4:06
  ask
• 4:06
  a
• 4:06
  mortgage
• 4:07
  advisor.
• 4:07
  But
• 4:07
  if
• 4:07
  you
• 4:07
  think
• 4:08
  about
• 4:08
  that,
• 4:09
  might
• 4:09
  take
• 4:09
  you
• 4:10
  a
• 4:10
  couple
• 4:10
  of
• 4:10
  hours
• 4:11
  of
• 4:12
  research
• 4:12
  and
• 4:12
  sending
• 4:13
  in
• 4:13
  requests
• 4:14
  and
• 4:14
  it
• 4:14
  could
• 4:14
  save
• 4:14
  you
• 4:15
  thousands,
• 4:15
  which
• 4:16
  is
• 4:16
  a
• 4:16
  really
• 4:16
  good
• 4:16
  hourly
• 4:17
  rate.
• 4:17
  So
• 4:17
  if
• 4:17
  you're
• 4:17
  feeling
• 4:18
  a
• 4:18
  bit
• 4:18
  reluctant
• 4:18
  to
• 4:18
  do
• 4:18
  it,
• 4:19
  think
• 4:19
  of
• 4:19
  the
• 4:19
  hourly
• 4:19
  rate.
• 4:20
  It's
• 4:20
  a
• 4:20
  great
• 4:20
  one.
• 4:21
  What
• 4:21
  about
• 4:21
  the
• 4:21
  admin?
• 4:22
  What
• 4:22
  if
• 4:22
  people
• 4:22
  are
• 4:22
  thinking,
• 4:23
  oh,
• 4:23
  but
• 4:23
  the
• 4:24
  thought
• 4:24
  of
• 4:24
  changing
• 4:24
  banks,
• 4:25
  it
• 4:25
  seems
• 4:25
  like
• 4:25
  a
• 4:25
  lot
• 4:25
  of
• 4:25
  work.
• 4:26
  Well,
• 4:27
  open
• 4:27
  banking
• 4:28
  came
• 4:28
  in
• 4:28
  from
• 4:29
  the
• 4:29
  tail
• 4:29
  end
• 4:29
  of
• 4:29
  last
• 4:30
  year
• 4:30
  and
• 4:30
  it
• 4:30
  does
• 4:30
  make
• 4:31
  things
• 4:31
  like
• 4:31
  that
• 4:32
  a
• 4:32
  bit
• 4:32
  easier.
• 4:33
  So
• 4:33
  it
• 4:34
  has
• 4:34
  been
• 4:34
  a
• 4:34
  real
• 4:34
  pain
• 4:35
  before.
• 4:36
  Whereas
• 4:37
  now
• 4:37
  if
• 4:37
  you're
• 4:38
  trying
• 4:38
  to
• 4:38
  switch
• 4:38
  banks,
• 4:38
  it's
• 4:39
  a
• 4:39
  lot
• 4:39
  easier
• 4:39
  to
• 4:39
  do
• 4:40
  that.
• 4:40
  But
• 4:40
  also
• 4:40
  just
• 4:41
  hold
• 4:41
  your
• 4:41
  bank's
• 4:42
  feet
• 4:42
  to
• 4:42
  the
• 4:42
  fire
• 4:42
  and
• 4:42
  ask
• 4:43
  them
• 4:43
  to
• 4:43
  match
• 4:43
  things.
• 4:43
  They
• 4:43
  almost
• 4:44
  always
• 4:44
  do.
• 4:44
  They
• 4:44
  don't
• 4:44
  want
• 4:44
  to
• 4:45
  lose
• 4:45
  customers.
• 4:45
  What
• 4:45
  about
• 4:46
  if
• 4:46
  you're
• 4:46
  looking
• 4:46
  at
• 4:46
  break
• 4:47
  fees
• 4:48
  when
• 4:48
  it
• 4:48
  comes
• 4:48
  time
• 4:48
  to
• 4:49
  redoing
• 4:49
  your
• 4:50
  mortgage,
• 4:50
  say,
• 4:50
  and
• 4:51
  you're
• 4:51
  looking
• 4:51
  at
• 4:51
  the
• 4:51
  interest
• 4:51
  rates,
• 4:52
  is
• 4:52
  it
• 4:53
  always
• 4:53
  going
• 4:53
  to
• 4:53
  be
• 4:53
  expensive
• 4:54
  to
• 4:54
  have
• 4:54
  to
• 4:55
  have
• 4:55
  a
• 4:55
  break
• 4:55
  fee
• 4:56
  or
• 4:56
  can
• 4:56
  actually
• 4:56
  sometimes
• 4:57
  the
• 4:57
  banks
• 4:57
  come
• 4:57
  to
• 4:58
  the
• 4:58
  party
• 4:58
  and
• 4:58
  help
• 4:58
  you
• 4:58
  out
• 4:59
  a
• 4:59
  little
• 4:59
  bit
• 4:59
  there?
• 4:59
  Well,
• 5:00
  yeah,
• 5:00
  exactly.
• 5:00
  They
• 5:00
  can
• 5:01
  sometimes.
• 5:01
  So
• 5:01
  sometimes
• 5:02
  in
• 5:02
  order
• 5:02
  to
• 5:02
  lure
• 5:03
  you
• 5:03
  across,
• 5:04
  this
• 5:04
  is
• 5:04
  why
• 5:04
  banks
• 5:05
  will
• 5:05
  give
• 5:05
  things
• 5:05
  like
• 5:05
  the
• 5:06
  cashbacks.
• 5:06
  They
• 5:06
  give
• 5:07
  you
• 5:07
  those,
• 5:07
  you
• 5:07
  know,
• 5:08
  sometimes
• 5:08
  several
• 5:08
  thousand
• 5:09
  dollar
• 5:09
  payments
• 5:10
  to
• 5:10
  lure
• 5:10
  you
• 5:11
  across
• 5:11
  to
• 5:11
  them.
• 5:12
  But
• 5:12
  you
• 5:12
  can
• 5:13
  also,
• 5:13
  you
• 5:13
  know,
• 5:13
  this
• 5:13
  is
• 5:13
  where
• 5:13
  a
• 5:14
  mortgage
• 5:14
  advisor
• 5:14
  can
• 5:15
  really
• 5:15
  shine.
• 5:15
  And
• 5:15
  I
• 5:15
  think
• 5:16
  a
• 5:16
  lot
• 5:16
  of
• 5:16
  people
• 5:16
  forget
• 5:16
  a
• 5:17
  mortgage
• 5:17
  advisor
• 5:17
  is
• 5:17
  free
• 5:18
  to
• 5:18
  you.
• 5:18
  They
• 5:19
  pure
• 5:20
  standard,
• 5:20
  they
• 5:21
  charge
• 5:21
  the
• 5:21
  banks
• 5:21
  for
• 5:22
  that.
• 5:22
  You
• 5:22
  really
• 5:22
  don't
• 5:23
  get
• 5:23
  much
• 5:23
  at
• 5:23
  all
• 5:24
  in
• 5:24
  the
• 5:24
  way
• 5:24
  of
• 5:24
  costs.
• 5:24
  You
• 5:25
  can
• 5:25
  go
• 5:25
  there,
• 5:25
  get
• 5:25
  some
• 5:25
  free
• 5:25
  advice,
• 5:26
  they
• 5:26
  look
• 5:26
  at
• 5:26
  your
• 5:26
  situation
• 5:27
  and
• 5:27
  they
• 5:27
  help
• 5:27
  you
• 5:27
  figure
• 5:28
  out
• 5:28
  the
• 5:28
  best
• 5:29
  deal
• 5:29
  for
• 5:29
  you.
• 5:29
  So
• 5:29
  if
• 5:30
  you're
• 5:30
  worried
• 5:30
  about
• 5:30
  something
• 5:30
  like
• 5:31
  a
• 5:31
  break
• 5:31
  fee
• 5:32
  going
• 5:32
  and
• 5:32
  talking
• 5:32
  to
• 5:33
  a
• 5:33
  mortgage
• 5:33
  advisor
• 5:34
  can
• 5:34
  really
• 5:35
  help
• 5:35
  there
• 5:35
  as
• 5:36
  well,
• 5:36
  I
• 5:36
  would
• 5:36
  say
• 5:36
  as
• 5:37
  well.
• 5:37
  You
• 5:37
  know,
• 5:37
  you
• 5:37
  mentioned
• 5:38
  before
• 5:38
  about
• 5:38
  floating,
• 5:39
  which
• 5:39
  can
• 5:40
  be
• 5:40
  a
• 5:40
  great
• 5:40
  way
• 5:40
  to
• 5:41
  give
• 5:41
  yourself
• 5:41
  some
• 5:41
  flexibility.
• 5:42
  If
• 5:42
  you're
• 5:43
  in
• 5:43
  the
• 5:43
  type
• 5:43
  of
• 5:44
  job
• 5:44
  where
• 5:44
  you
• 5:44
  get
• 5:44
  bonuses
• 5:45
  or
• 5:46
  you
• 5:46
  know,
• 5:46
  you're
• 5:46
  freelancing
• 5:47
  and
• 5:47
  your
• 5:47
  money
• 5:48
  can
• 5:48
  be
• 5:48
  a
• 5:48
  bit
• 5:48
  lumpy,
• 5:49
  you're
• 5:49
  trying
• 5:49
  to
• 5:49
  pay
• 5:49
  off
• 5:49
  extra
• 5:49
  on
• 5:50
  the
• 5:50
  mortgage,
• 5:50
  then
• 5:51
  okay,
• 5:51
  floating
• 5:52
  can
• 5:52
  work
• 5:52
  to
• 5:53
  pay
• 5:53
  off
• 5:53
  a
• 5:53
  little
• 5:53
  extra
• 5:54
  on
• 5:54
  the
• 5:54
  mortgage,
• 5:54
  but
• 5:55
  it
• 5:55
  is
• 5:55
  almost
• 5:56
  always
• 5:56
  the
• 5:56
  most
• 5:56
  expensive
• 5:57
  option.
• 5:57
  Don't
• 5:58
  forget
• 5:58
  that
• 5:58
  you
• 5:58
  can
• 5:58
  split
• 5:59
  up
• 5:59
  your
• 5:59
  mortgage.
• 6:00
  You
• 6:00
  know,
• 6:00
  you
• 6:00
  can
• 6:00
  have
• 6:00
  someone
• 6:01
  floating,
• 6:01
  some
• 6:02
  on
• 6:02
  a
• 6:02
  one
• 6:02
  year
• 6:02
  rate,
• 6:03
  some
• 6:03
  on
• 6:03
  a
• 6:03
  two
• 6:03
  year
• 6:04
  rate.
• 6:04
  If
• 6:04
  you
• 6:04
  have
• 6:04
  just
• 6:04
  a
• 6:05
  little
• 6:05
  bit
• 6:05
  on
• 6:05
  floating
• 6:05
  to
• 6:05
  let
• 6:06
  you
• 6:06
  pay
• 6:06
  it
• 6:06
  off
• 6:06
  faster.
• 6:07
  Brilliant.
• 6:07
  Love
• 6:08
  that.
• 6:08
  Always
• 6:08
  worth
• 6:08
  doing.
• 6:09
  And
• 6:09
  then
• 6:09
  if
• 6:09
  you
• 6:09
  have
• 6:10
  someone
• 6:10
  a
• 6:10
  one
• 6:10
  year
• 6:10
  rate,
• 6:11
  some
• 6:11
  on
• 6:11
  a
• 6:11
  two
• 6:11
  year
• 6:11
  rate
• 6:12
  or
• 6:12
  split
• 6:13
  across
• 6:13
  times
• 6:13
  like
• 6:14
  that,
• 6:14
  you
• 6:14
  can
• 6:15
  be
• 6:15
  a
• 6:15
  little
• 6:15
  bit
• 6:16
  spreading
• 6:16
  your
• 6:17
  risk.
• 6:17
  As
• 6:17
  we're
• 6:17
  going
• 6:18
  into
• 6:18
  some
• 6:19
  mildly
• 6:19
  chaotic
• 6:20
  money
• 6:20
  times,
• 6:21
  you
• 6:21
  are
• 6:21
  spreading
• 6:22
  your
• 6:22
  risk
• 6:22
  of
• 6:23
  interest
• 6:23
  rates
• 6:24
  changing
• 6:24
  and
• 6:24
  how
• 6:24
  things
• 6:25
  might
• 6:25
  go
• 6:25
  there
• 6:26
  so
• 6:26
  that
• 6:26
  everything
• 6:26
  doesn't
• 6:27
  all
• 6:27
  change
• 6:27
  at
• 6:28
  once
• 6:28
  in
• 6:28
  the
• 6:28
  future.
• 6:29
  Because
• 6:29
  it's
• 6:30
  a
• 6:30
  bit
• 6:30
  of
• 6:31
  a
• 6:31
  wobbly
• 6:31
  time
• 6:31
  economically.
• 6:33
  Is
• 6:33
  it
• 6:33
  a
• 6:33
  case
• 6:33
  of
• 6:33
  everyone
• 6:34
  just
• 6:34
  having
• 6:34
  to
• 6:34
  hunker
• 6:34
  down
• 6:35
  and
• 6:35
  get
• 6:35
  through
• 6:35
  it?
• 6:35
  Or
• 6:35
  actually
• 6:36
  is
• 6:36
  there
• 6:36
  opportunity
• 6:36
  there
• 6:37
  for
• 6:37
  people
• 6:38
  to
• 6:38
  capitalise?
• 6:39
  I
• 6:39
  do
• 6:39
  think
• 6:39
  if
• 6:39
  you
• 6:40
  have
• 6:40
  a
• 6:40
  little
• 6:40
  bit
• 6:40
  of
• 6:40
  a
• 6:40
  strategy
• 6:41
  at
• 6:41
  a
• 6:41
  time
• 6:41
  like
• 6:42
  this,
• 6:42
  you
• 6:42
  can
• 6:43
  get
• 6:43
  ahead.
• 6:44
  It
• 6:44
  is
• 6:45
  always
• 6:45
  about
• 6:45
  trying
• 6:46
  to
• 6:46
  take
• 6:46
  in
• 6:46
  the
• 6:46
  best
• 6:46
  information
• 6:47
  and
• 6:47
  get
• 6:47
  that
• 6:48
  strategy
• 6:48
  in
• 6:48
  place.
• 6:48
  Which
• 6:48
  is
• 6:48
  why
• 6:49
  I
• 6:49
  say
• 6:49
  things
• 6:49
  like
• 6:49
  talking
• 6:49
  to
• 6:50
  a
• 6:50
  mortgage
• 6:50
  advis
• 6:51
  great,
• 6:51
  but
• 6:51
  I
• 6:51
  think
• 6:52
  as
• 6:52
  well
• 6:52
  make
• 6:52
  sure
• 6:52
  those
• 6:53
  financial
• 6:53
  foundations
• 6:53
  are
• 6:54
  in
• 6:54
  place.
• 6:54
  They're
• 6:55
  so
• 6:55
  unsexy
• 6:56
  that
• 6:56
  we
• 6:56
  can
• 6:56
  avoid
• 6:57
  them
• 6:57
  and
• 6:57
  not
• 6:57
  look
• 6:58
  at
• 6:58
  them.
• 6:58
  But
• 6:58
  you
• 6:59
  know,
• 6:59
  if
• 6:59
  you
• 6:59
  have
• 6:59
  got
• 7:00
  a
• 7:00
  good
• 7:00
  emergency
• 7:01
  savings
• 7:01
  account,
• 7:02
  that
• 7:02
  can
• 7:03
  be
• 7:03
  the
• 7:03
  best.
• 7:03
  At
• 7:04
  a
• 7:04
  time
• 7:04
  like
• 7:04
  this,
• 7:04
  having
• 7:05
  a
• 7:05
  brilliant
• 7:05
  mortgage
• 7:06
  structure
• 7:06
  is
• 7:06
  great,
• 7:07
  but
• 7:07
  if
• 7:07
  you
• 7:07
  can't
• 7:07
  pay
• 7:08
  it,
• 7:08
  it's
• 7:08
  not
• 7:08
  going
• 7:08
  to
• 7:08
  help.
• 7:09
  So
• 7:09
  if
• 7:09
  you
• 7:10
  have
• 7:10
  a
• 7:10
  good
• 7:10
  three
• 7:11
  months
• 7:11
  of
• 7:12
  your
• 7:12
  just
• 7:13
  basic
• 7:13
  costs,
• 7:14
  it
• 7:14
  doesn't
• 7:14
  have
• 7:14
  to
• 7:14
  be
• 7:15
  all
• 7:15
  of
• 7:15
  your
• 7:15
  bills,
• 7:16
  but
• 7:16
  the
• 7:17
  bills
• 7:17
  that
• 7:17
  you
• 7:17
  have
• 7:17
  to
• 7:17
  pay,
• 7:18
  you
• 7:18
  could
• 7:18
  pay
• 7:18
  them
• 7:18
  for
• 7:19
  three
• 7:19
  months.
• 7:19
  That
• 7:20
  is
• 7:20
  going
• 7:20
  to
• 7:20
  be
• 7:20
  really
• 7:21
  key
• 7:21
  at
• 7:21
  a
• 7:21
  time
• 7:21
  like
• 7:21
  this.
• 7:22
  It's
• 7:22
  also
• 7:22
  going
• 7:22
  to
• 7:22
  give
• 7:22
  you
• 7:23
  mental
• 7:23
  peace
• 7:23
  of
• 7:23
  mind
• 7:24
  and
• 7:24
  taking
• 7:25
  that
• 7:25
  stress
• 7:25
  response
• 7:26
  out
• 7:26
  of
• 7:26
  your
• 7:26
  money
• 7:27
  helps
• 7:27
  you
• 7:27
  make
• 7:28
  clearer
• 7:28
  decisions
• 7:28
  and
• 7:29
  helps
• 7:29
  you
• 7:29
  look
• 7:29
  ahead
• 7:30
  a
• 7:30
  bit
• 7:30
  better
• 7:30
  at
• 7:30
  a
• 7:30
  time
• 7:31
  like
• 7:31
  this.
• 7:31
  Francis
• 7:31
  Cook,
• 7:32
  independent
• 7:32
  financial
• 7:33
  journalist.
• 7:33
  Always
• 7:33
  a
• 7:33
  pleasure
• 7:34
  to
• 7:34
  have
• 7:34
  you
• 7:34
  on
• 7:34
  and
• 7:35
  your
• 7:35
  articles
• 7:35
  are
• 7:35
  on
• 7:36
  onenews.co
• 7:36
  nz.
• 7:38
  This
• 7:38
  podcast
• 7:39
  can
• 7:39
  only
• 7:39
  give
• 7:39
  you
• 7:39
  general
• 7:40
  information
• 7:40
  about
• 7:41
  how
• 7:41
  things
• 7:41
  work.
• 7:42
  In
• 7:42
  most
• 7:42
  situations.
• 7:43
  It's
• 7:44
  not
• 7:44
  individual
• 7:44
  financial
• 7:45
  advice.
• 7:46
  If
• 7:46
  you're
• 7:46
  after
• 7:46
  that,
• 7:47
  a
• 7:47
  financial
• 7:47
  advisor
• 7:48
  is
• 7:48
  always
• 7:48
  the
• 7:49
  best
• 7:49
  bet.