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Send your questions to susan.edmunds@rnz.co.nz
I don't have a 20 percent deposit and I've been told that it's going to be hard for me to get a home loan pre-approval. But what can I do if I want to buy a house at auction?
You're correct that it can be harder to get a pre-approval for a home loan if you don't have a 20 percent deposit - often you need to have a "live deal" - an offer accepted, conditional on finance.
Banks have limits on the amount of lending that they can do to buyers with small deposits, so they have to make sure they manage the flow and know they will stay below their caps.
But Loan Market mortgage adviser Karen Tatterson says you can still look at properties that are going to auction.
"We can get a pre-approval for the low-equity borrower to bid at auction. The pre-approval is only for the auction property and is withdrawn if they are not
the successful bidders. Naturally they will need to complete all of their due diligence which includes building inspection, registered valuation, LIM and solicitor's review of the agreement. In this regard it can be expensive if they miss out on multiple properties."
How does payment work if you work part of a stat day? I work 12-hour shifts and I'm rostered on the stat day. If I don't work I get 12 hours' pay. If I work I get 12 hours' pay at time-and-a-half and day in lieu. Happy with that. Problem is, what do I get paid if I work part of the day? If I work four hours then go home?
In this situation you should get a day in lieu for the whole day - for your normal 12 hours - and time-and-a-half pay for the hours you work. You shouldn't end up worse off from turning up to work.
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