Bernard Hickey talks to TV3's John Campbell about interest rates

[jenny_pt]

Bernard Hickey talks to TV3's John Campbell on Monday about why long term mortgage rates are rising despite the Reserve Bank holding or even cutting the Official Cash Rate this Thursday. He also ta...


From: http://www.youtube.com/watch?v=CsgiAN5HzGk

[Jalice888]

WARNING, WARNING, WARNING.

Don't just go and rely on what the person at the bank tells you. At the last decline over 6 years ago I took out a 7 year mortgage for this reason while being guaranteed by the bank representative that it was the only one without a break clause. Shock horror recently when I found with under a year to go they wanted $1320 to break it with under 11 months left, the BNZ Hamilton department manager came to confirm with a big smirk to say I signed it so had no option but to pay the fee - hence we quickly moved to another BNZ office with Hamilton showing too many there not caring about the clients.
Don't fall for the same trap as it can happen anywhere. Take a Dictaphone or have a Lawyer check the details and make sure the current equation for the break fee is shown in the details clearly - banks alter break fees to suit themselves and over the duration too much can be changed to the banks benefit.