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Some professions such as chartered accountants, doctors etc get 1% of the floating rate. So this is probably a good starting point.
If you are looking at a large amount, have you thought about fixing for 6 months or 1 year, as will probably be a lot cheaper! Generally people say, I want it floating, but then 2 years later they are still floating and have spent 1/2 to 1% extra!
RossBook a free chat here
Ross Barnett - Property Accountant
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Some banks provide discount on rates if you work in some of the larger companies such as Vodafone, Datacom etcwww.PropertyMinder.co.nz
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Hi Wayne, my comment was meaning OCR will likely reduce 11th Aug which will result in lower rates available soon.
Caught up with some ANZ business bankers this week, they agree OCR will likely reduce, question is more how much will get passed on to borrowers..
With RB news today re LVR changes will reduce overall buyer demand (excluding foreign buyers/investors) with cheaper rates but less buyer demand there is no added fuel to fire.
I wonder what effect LVR changes will have on values / selling prices over coming months.. Surely AKL market has now hit or passed 12pm... Interesting times ahead..
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What are people getting for 5 years. I got 4.75% several months ago, which still feels good however I'm thinking of breaking ahead of the next OCR announcement because the bank has signalled their intent to lower rates with today's move.Free online Property Investment Course from iFindProperty, a residential investment property agency.
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Originally posted by Grads View PostHi Wayne, my comment was meaning OCR will likely reduce 11th Aug which will result in lower rates available soon.
Caught up with some ANZ business bankers this week, they agree OCR will likely reduce, question is more how much will get passed on to borrowers..
With RB news today re LVR changes will reduce overall buyer demand (excluding foreign buyers/investors) with cheaper rates but less buyer demand there is no added fuel to fire.
The big question is how much gets passed on and how far up the term change it goes.
The past few have mostly increased the banks margins.
You'd expect the floating rate to be affected immediately and possibly the 6 month rate.
Longer rates are more driven from overseas since that is where most of the money comes from.
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At the moment, I don't see when rates would be able to increase. The global economy is so bad that the RBNZ won't be able to increase rates here in the near future.You can find me at: Energise Web Design
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