Hi all, I decided to make my own thread to get this post a little extra attention as I need replies ASAP as the offer will likely be presented tomorrow.
I currently have a loan with NZ Home Loans - A revolving credit type mortgage (Originally it was 200k, I've paid off 50k so far (redraw is around 40 something thousand).
It is split with half on a 2 year fixed rate at 5.49% which comes off 18/03/14 (Just after the next OCR announcement, bugger).
The other half is floating and I have a .55 percent discount which is good until May 2015 - So it applies, whatever the headline Floating rate is.
I have been talking with my mortgage man who has given very sage advice over the years, and I trust and respect his opinion.
He said based on recently approved deals around my mortgage size he could most-likely get me 1 year for 5.39 or 2 years for 6%... and might be able to get me off a break fee.
Provided the break fee will not apply to my fixed term, is this a worthwhile deal - and would you take 1 or 2 years?
I'm leaning towards two years because by the time it is up I should have paid off enough of the floating to start attacking the other half.
Should I keep the other 75k floating, despite knowing that it will go up in March and likely throughout the next year.
Thoughts and opinions very appreciated!
I currently have a loan with NZ Home Loans - A revolving credit type mortgage (Originally it was 200k, I've paid off 50k so far (redraw is around 40 something thousand).
It is split with half on a 2 year fixed rate at 5.49% which comes off 18/03/14 (Just after the next OCR announcement, bugger).
The other half is floating and I have a .55 percent discount which is good until May 2015 - So it applies, whatever the headline Floating rate is.
I have been talking with my mortgage man who has given very sage advice over the years, and I trust and respect his opinion.
He said based on recently approved deals around my mortgage size he could most-likely get me 1 year for 5.39 or 2 years for 6%... and might be able to get me off a break fee.
Provided the break fee will not apply to my fixed term, is this a worthwhile deal - and would you take 1 or 2 years?
I'm leaning towards two years because by the time it is up I should have paid off enough of the floating to start attacking the other half.
Should I keep the other 75k floating, despite knowing that it will go up in March and likely throughout the next year.
Thoughts and opinions very appreciated!
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