holy shit, i've been stewing over things today to see if it's worth getting another mortage in these times to buy a holiday home.Been mortage free for the last 8 years and its a nice feeling of freedom,although mortages don't seem to worry some folk !!
http://www.stuff.co.nz/business/4002149/Inside-the-230m-Serepisos-real-estate-empire THE PROPERTY PORTFOLIO
ASB Tower, 2-4 Hunter St, Wellington CBD
The leasehold building on its own has a rating valuation of $25.3 million. First mortgage to ANZ Bank and a second mortgage to Allied Farmers Investments.
95 Customhouse Quay, CBD
An office building on a leasehold title. The building has a rating valuation of $22.7m. It is mortgaged to ASB bank with a second to Marac Finance.
72 Tory St, Te Aro
The Century City Apartments complex which includes the Grand Mercure Hotel. A Serepisos company owns 200 units. Financing is spread among several banks and finance companies, including Bank of Scotland International, South Canterbury Finance and Marac, which hold mortgages over individual units.
332 Lambton Quay, CBD
Apartments in the old Prudential Assurance Building. A Serepisos company owns 37 units. Several financiers have mortgages on individual units.
96 Cuba St, CBD
The Farmers department store building, with a rating valuation of $13.3m. It is mortgaged to Bank of Scotland International and has a second mortgage to South Canterbury Finance.
53-65 Dixon St, CBD
Retail premises with a rating valuation of $13.8m. Has a first mortgage to Bank of Scotland International and a second to South Canterbury Finance.
79 Dixon St, CBD
Rating valuation $1.5m. Mortgaged to Bank of Scotland International and South Canterbury Finance.
10-14 Hutt Rd and 15 The Esplanade, Petone
Three adjoining properties with combined rating valuations of $8.6m and mortgaged to Kiwibank with a second mortgage to Marac Finance.
3-25 Victoria St, Petone
The high-tech IBM building, bordering The Esplanade, on several titles with combined rating valuations of $44.95m. Mortgaged to Bank of Scotland International with a second mortgage to South Canterbury Finance.
11-21 Holland St, Te Aro
Commercial premises with combined rating valuations of $1.19m. Mortgaged to Public Trust.
Suburban Residential Properties
Serepisos listed as sole owner of eight residential properties and a joint owner of an additional five with combined rating valuations of $12.85m. These include a home in Queenstown and a lifestyle block at Akatarawa. All are mortgaged.