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Mortgage-holders face rising interest rates for first time in six years
3:10 PM Sunday Dec 11, 2016
Some mortgage holders are breaking their fixed terms early to lock in longer term rates before they rise further, says a broker.
Bank rates for three, four and five year fixed term mortgages have risen in recent weeks reflecting higher borrowing costs for banks in the international money market.
Banks are having to borrow more money on the international market to fund their lending because of a slow-down in retail deposit growth.
Bruce Patten, a mortgage broker with Loan Market in Auckland, said rising rates had resulted in some people taking action now.
"We are getting a lot of people that are now starting to look at breaking early to get onto a lower rate."
Patten said people wanting to get certainty on how much they would be paying for their mortgage for the next few years
should consider fixing for three years while he said investors should look at three-to-five-year terms.
"There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx
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Originally posted by Beano View PostHas anyone received cash for commercial loans below $50m ?
Looking at a $40m loan The interest will be 4.2pc floating but they are asking for a fee of $6k
Our understanding is that commercial interest rates are generally higher than residential interest rates.www.PropertyMinder.co.nz
# Property Management
# Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices
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Originally posted by JBM View Posttalking with westpac today offered me 5.19% floating 4.25% fixed 1-2yr + cash ..not sure how much yet total leading 360k
Sovereign just offered us 4.35% for 2 years then the day after it went up to 4.39% >_< We only fixed for 1 year at 4.19% as we have plenty of "wriggle-room" at the moment so happy to take the risk.www.PropertyMinder.co.nz
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# Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices
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I think BNZ is lower, I got 4.35 for 3. 2 yrs might be 4.25. OK so it was a whopping $50K.... that'll get me a latte every other month.Free online Property Investment Course from iFindProperty, a residential investment property agency.
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Originally posted by propertybuyingNZ View PostI can not change bank so I'm stuck with these rates. Just wanted to see if Im getting any discount at allwww.PropertyMinder.co.nz
# Property Management
# Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices
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I do not want to spread panic, but here is a copy paste from an email from my BNZ bank manager:
Banks have fallen out of love with Residential Investors. Rather than discounting rates ANZ and Westpac are charging a 0.25% premium and no doubt we will follow before long.
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Originally posted by Judge View PostI do not want to spread panic, but here is a copy paste from an email from my BNZ bank manager:
"Banks have fallen out of love with Residential Investors. Rather than discounting rates ANZ and Westpac are charging a 0.25% premium and no doubt we will follow before long."
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