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Originally posted by muppet
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Thats a good rate muppet, are you going to take it? -
That is pretty good, but I think it has LVR conditions on it.Comment
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ANZ National less than 85%
Kiwibank less than 70%Comment
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Pretty good deal i think. I would certainly consider putting 30% of my total lending on 5.99% for four years. Only problem is if u refinanced you'd have to pay break fees and all that stuff. - i may refinance in 2 years.Comment
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Best interest rate for long term
Hi All,
I have an IP coming off a 5 year term which was @ 7.95%. Term was 5 years. Can anyone tell me the best rate I can get for a 4 year term.
Currently on interest only and want to start paying principle now to reduce the loan. Loan comes off term in march.
Thanks
FHComment
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Kiwibank's 5.99% for 4 years, minimum of 30% equity?Comment
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^^^ pretty good rate for 4 years in my opinion. Check out Interest.co.nz Generally has every single rate all on one page and updated to today's rate. Next best is ASB's 6.70% over 4 years.
Just remember, 4 years is a long time and anything can happen. Certainly wouldn't put 100% of lending on fixed. Depending on Europe and China things will get better or worse... toss a coin.Comment
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Forecast is rate might not move untill end of 2013 lets say if you stay at 5.75 on floating and then ocr rises 3.5 max you would be looking at 8.5-9 then if you rate average for 4 yrs - 7.1 % p.a.Comment
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What do you mean by 30% equity? The best rate I have seen so far is from ASB @ 6.7% which I thought was good, but 5.99! WOW.Originally posted by AMR View Post
FHComment
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This is what I need to get right, I am in a good position now with interest rate as opposed to 5 years ago when I fixed. I have 176k loan, would it be best to fix say 140k and chuck the rest on floating?Originally posted by sbw View Post
Any ideas?
FHComment
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Tony Alexander[chief economist for BNZ]recommends floating in todays interest climate.[you can google for his newsletter] i think you decision to get rid of the debt is very wise-the sooner the better--It could get ugly out there at any time.Comment
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Skid, yes we could not do anything till now as we fixed for 5 years on a fairly high rate so now we are able to go P&I while still paying the same amount. The upside
of coarse is the rent has increased also which puts us in a better position income wise. Just need some capital gain now!
FHComment
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They'll only loan you 70% of the property's value.Originally posted by freezinhot View Post
Someone more knowledgeable than me: could you get away with taking the other 30% from a revolving credit with another bank, secured against another property? I don't see why not...Comment
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This link should help - its a summary of rates per lender.
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You've been paying over the odds on interest rates for the past 5 years, so why jump in and immediately begin paying over the odds again for another 4 years?
I'd put it all on floating, and continue paying it off as fast as you can (if that's what you want), you'l pay it off even faster on floating than you would on fixed.
If you go fixed you're immediately paying another 1.2% more than you would be on floating.
The way I see it, if you go floating you are GUARANTEED to be saving money right now and virtually guaranteed to be saving money for the next year at least. If you go fixed you are GUARANTEED to be losing money from day one, and you have a POSSIBILITY to be saving some money 1 or 2 or 3 years down the track. Yes, it's a gamble whichever way you look at it, but to willingly pay more interest on your loan from day one is silly imho, more so because you have been doing it for the past 5 years already.
The time of fixed rates has come to an end now...Comment
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