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HomeNewsDavid Koch makes Sunrise confession about his own finances amid rate rises

David Koch makes Sunrise confession about his own finances amid rate rises

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Sunrise host and financial guru David Koch made something of a sheepish confession about his own finances during today’s episode of the breakfast TV show.

Kochie was speaking to guest Sally Tindall about how Australian mortgage holders can steel themselves against the Reserve Bank’s continued interest rate rises.

RateCity research director Ms Tindall advised anyone experiencing mortgage stress to talk to their bank first to discuss their options and “make an informed decision”.

“That word, ‘informed’. I reckon the first step is to go and check how much you’re paying on your loan,” Koch said.

“I’m meant to be an expert … Two weeks ago, I went and checked mine. I was paying 6 per cent!”

“Kochie, you can do better than that,” Ms Tindall teased.

“I went to the bank and said, ‘I need a discount.’ Three-quarters of a per cent, they cut. In one go! And I’ve asked for a discount before and thought, ‘Oh, I must still be on a great rate.’ But go and check what you’re paying.”

It is a surprising confession from Kochie, given his long public career as a financial expert. Before taking on hosting duties at Sunrise, he created financial titles including Business Magazine, New Accountant and Money Management magazine.

His numerous published books include Kochie’s 11-Step Money Plan For A Better Life, Money Basics For Tough Times and Financial Survival For Australians.

Koch and wife Libby bought their home in Newport, on Sydney’s northern beaches, for $4.65 million.

Elsewhere in the chat, Ms Tindall called any interest rate cut that mortgage holders are able to secure from their bank “the gift that keeps on giving”.

“Not only does it drop your repayments in the next instalment, but it also does that for the life of your loan, provided you keep that discount,” she said.

The on-air discussion comes in the wake of the RBA lifting rates to 3.35 per cent last week from a record low of 0.1 per cent in April 2022.

Meanwhile, Koch recently warned the public that scammers have been using his image on social media to lure unsuspecting people into clicking on dodgy links.

“Beware … 2023 and the financial scams keep on coming more than ever,” Koch wrote on Instagram, sharing multiple images of dodgy ads that purported to reveal “how he makes his money” and other financial tips, but instead led those who click on them to scam websites.

Read related topics:Reserve Bank

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