Someone mentioned they were able to get a 5 years fixed loan at 6.75% - I wonder if anyone else had his luck and with which bank was it?
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www.PropertyMinder.co.nz
# Property Management
# Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices
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Just have a look at the drop in year on year mortgage approval figures.
www.rbnz.govt.nz/statistics/tables/c16/
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Its not rocket science the internation economy is still depressed with low growth, supply of funds at longer rates is cheap, so longer rates are cheaper reflecting what banks here pay for the funds.
Short term funds controlled by OCR, which is going up, as out ecnonomy is blasting along at 4% and chewing up resources which could therefore run out and cause inflation further down the track unless the RB acts now, floating and short term rates to rise.
Luckily in NZ we have the option the last 5 years of finding cheap money along this range of terms, and its been a dream run, but dont expect it to run like this for ever.
Its a one time phenomena with the lowest rates in decades.
I would be getting in at a good 5 year term if you can find one, or one of the wonderful 3 year rates still availiable.
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Like the reserve bank who work close with the government are going to put rates up to levels that will stifle growth. Its just a cooling down inflation stage, would be very surprised if rates are high in 4 years time or even in 3. The media doing most of the work to cool inflation.
Sure fix for 5 years if you are tightly geared, if not go in one year fixed blocks where all the competition is as recommended
by the guy that runs Squirrel Mortgages (He has held top level positions at nz aussie banks)
Follow your gut is what Conrad Hilton use to go by not govt/media hype, Warren Buffet - do the opposite to the majority.
Economy has a different feel to it than past years when interest rates got out of hand.
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What is the lowest 5 year rate anyone has secured recently?www.PropertyMinder.co.nz
# Property Management
# Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices
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Dollar falls after a rate HIKE?? That's the opposite to every other rate hike in the past and is presumably attributed to accompanying statements made about the rate staying put for a while and the "overvalued dollar". Just watch - the drop in the dollar was nothing but a knee-jerk reaction and it will extend down further than it would normally owing to that. Within a week it'll be back above where it sat before today's rate change. Mark my words.
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