ASB move 1 to 5 year fixed rates up

[mortgage broker]

Will be interesting to see if other banks follow, the biggest increase have been on the 1 to 2 year rates I feel. Westpac and KiwiBank moved its 6 month rate in the past week.

http://www.interest.co.nz/borrowing/mortgages/?100

[donna]

I got in just in time phew!

Cheers,

Donna

[Tan]

I got in just in time phew!

Me too! My theory is that I am now an excellent judge of rate changes. (had to say that while I can )

[shanecarruthers]

I've been on less than 5% for a longtime now, so any change is going to be huge adjustment.

[phillipat]

I personally dont see the rates being increased for very long. Just take a look at the world's economies. Who are we kidding here in NZ to think that we can be the only one's in the world stupid enough to starting hiking rates big time? Reminds me of all the advisors who were telling everyone to fix rates two years ago, because they were going to be at 8% by the end of 2010

[shanecarruthers]

Who are we kidding here in NZ to think that we can be the only one's in the world stupid enough to starting hiking rates big time?

Tell the banks that

[phillipat]

I'm sure all the rates be back on the decline within 6-9 months. So I, for one wouldn't be fixing anything. Been there done that after previously listening to all the so called 'fortune rate tellers'

[shanecarruthers]

Yip I intend to float until the end of the year at least.

[drelly]

Another vote for floating at the moment. Unless the USD exchange rate drops, I don't see any room for rate rises. I'm watching closely though!!

[WGN ex-property manager]

Bollard will dial out the emergency .5% drop, but beyond that He'll need a steel pair of kahuna's to tighten any more.

[One]

Poor banks

Shuttleworth said it had been a tough year for the main banks.
ANZ National, ASB, Bank of New Zealand, Westpac and Kiwibank saw their collective core profits rise just 2 per cent to $2.3 billion in the first half of their financial years compared to the previous six months.

http://www.stuff.co.nz/business/mone...gage-rates-low

Only a 2% increase in profit in 6 months? To only $2.3 billion? I'm so sorry for them.

[donna]

Umm a bummer! However it will more than likely result in redundancies like HSBC getting rid of 15,000 and a British bank = 10,000 (not small numbers aye).

So in that regard I guess it's probably better for us when the banks are making a good profit.

Cheers,

Donna

[shanecarruthers]

"The latest Reserve Bank figures show that, as of June, $94.637 billion, or 56 per cent, of the country's total $169.118 billion worth of home loans were on floating rates.
A further $45.192 billion was fixed for terms with less than a year to run and another $21.092 billion was fixed for terms due to rollover within two years.
That means 95 per cent of home loans by value are currently floating or on fixed terms up for renewal within two years." Interest.co.nz

[Tan]

That means 95 per cent of home loans by value are currently floating or on fixed terms up for renewal within two years." Interest.co.nz

According to my guru Tony A in Thursday's weekly overview:

You are in the company of probably over 99% of other people sitting on a floating rate

[CJ]

Based on what happened Friday, I am thinking they jumped the gun again.

Happy to be all floating at the moment.