“I’m meant to be an expert”: David Koch reveals unexpected info about finances
Sunrise host and financial guru David ‘Kochie’ Koch spilt some unexpected information about his own finances recently.
Sunrise had Sally Tindall on as a guest, and Kochie spoke to her about how Australian mortgage holders can protect themselves against the Reserve Bank’s continued interest rate rises.
RateCity research director Ms Tindall advised anyone with stress surrounding their mortgage to speak to their bank first to discuss all their options, allowing them to “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,” Kochie 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 joked.
“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.”
Kochie has had a long public career as a financial expert, so this confession came as a surprise to viewers. Before becoming a host on Sunrise, he created financial titles, including Business Magazine, New Accountant and Money Management magazine.
Kochie is also a published author, writing multiple books on finance, including Kochie’s 11-Step Money Plan For A Better Life, Money Basics For Tough Times and Financial Survival For Australians.
Ms Tindall called any interest rate that mortgage holders can 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 told Kochie.
The on-air chat comes in the wake of the RBA lifting interest rates to 3.35% last week from a record low of 0.1% back in April 2022.
Kochie had also recently warned viewers that scammers have been using his images on social media to lure unsuspecting users into clicking on risky 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.”
Photo credit: Getty