A career driven by the desire to help Kiwi thrive
Following her role in On the Ladder with Kiwibank, we asked Banking Specialist Normita Beeching for her insights, and what it takes to achieve your property goals. This is helping Kiwi on the ladder.
Kia ora Normita, what advice would you give to those who may be struggling to get into their first home?
The first step is to find a specialist that you trust, like a banker, who takes the time to understand your goals and who can help you to manage your finances to reach your goals. This specialist can help to make you more aware of what you’ve got coming in and going out. They can also talk you through all the expenses you’ll need to cover when you own a house, like rates, maintenance, and insurance.
Personally, I like to get to know my customers first through great conversations. By having open and honest discussions we can determine what’s feasible and the best options for you.
What are your top tips for Kiwi looking to buy their next home?
- Do your research and seek advice. Don’t rush important decisions.
- Be realistic and honest with yourself. Depending on the property, ask yourself questions like:
- Can I really afford that loan payment of X every fortnight?
- How does that compare to my current rent?
- Can I really commute every day to and from that location?
- Can I really live in that apartment?
- Can I afford to keep that big house well maintained?
- Lastly, enjoy the ride! House hunting, especially with someone else, is not always easy. You may have different likes and dislikes, or you may not find a house that meets your standards. These are normal ups and downs of the journey. There is always a house out there for you. Just keep looking.
A lot of people think it’s not possible to get on the property ladder but when you talk to a specialist and go through your finances, there’s usually a way to achieve your goals. It might involve saving more for a deposit and budgeting, but it can be possible.Normita Beeching, Banking Specialist at Kiwibank
What’s your fondest memory of helping someone into their first home?
I worked with a couple who had recently moved to New Zealand from the Philippines. They thought that Auckland was very expensive and that they’d never be able to afford a house. When I sat down with them to discuss their finances, we realised that it was going to be possible.
They were a couple with no dependents and they were willing to have flatmates to help pay the mortgage, which meant they were able to buy a house. I was over the moon that they were able to reach a goal that they never thought possible.
Are you able to share a memorable experience where you've helped a customer leverage equity in their home to reach other financial goals?
One couple I worked with wanted to buy a rental property but felt scared about it because they thought they didn’t earn enough. Together we did the research and found that they could cover the investment loan payments using the rent earned and part of their normal savings. Since they would soon be finished paying off the loan on the house they lived in, they would then be able to divert funds back into their savings.
I also have customers who topped up their own home loan so that they could gift their daughter with part of a deposit to buy her first house. In this case, the equity was not used for their own financial goals, but it helped them to achieve their goal of seeing their daughter in her own home.
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