Originally posted by JBM
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Originally posted by Toasty View PostI recently fixed a couple of hundred thousand at 4.69% for 3 years. Just felt right going a bit longer. I have a few coming up this year from 4.05% rates so things are probably going to be slightly more expensive. I am considering longer terms of 3 years plus even though I am normally a 2 year fixed kind of guy. No real strategy other than gaining a bit of certainty.
My new strategy is a good 6 month rate, or possibly 1 year.
And then keep rolling it over till, or IF, rates increase.
Then break it and leap into the better 3 year rate.
But I guess you need to be fast on your feet for that kind of strategy.
Rolling a 6 month or 1 year rate, now, for 1 or 2 years, may get you past the period 2022/2023 when god knows what rates will be.
If Auckland property market (the one that drives all of NZ markets) picks up around America's Cup time, 2021 or 2022 what will the OCR go to then ?
Actually you may be timing it rather good.
If you can fix early 2021 before Auckland market takes off again.
Interesting crystal ball gazing isn't it.
I still have a 5.85 5 Year Fixed mortgage on the go, 608k to June 2018.
Back in 2013 I was super excited to be under 6%, it was Amazing !!!!!!!!
Even my 6.8% loan a while back, I was so excited, to just be under 7%
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Originally posted by Bluekiwi View PostThen break it and leap into the better 3 year rate.
But I guess you need to be fast on your feet for that kind of strategy.
You don't want to break for the blip!
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Originally posted by Toasty View PostI recently fixed a couple of hundred thousand at 4.69% for 3 years. Just felt right going a bit longer. I have a few coming up this year from 4.05% rates so things are probably going to be slightly more expensive. I am considering longer terms of 3 years plus even though I am normally a 2 year fixed kind of guy. No real strategy other than gaining a bit of certainty.
We have done exactly the same today, 4.74% after coming off a one year at 4.05%
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Having some issues with getting a deal.
Rates offered were 5.6% Floating, 4.69% 1 year, 4.88% 2 years, 5.10% 3 years
Using a broker, currently have 1 freehold and 1 currently being built but the cash to pay it outright, then using equity and remaining cash I have approval for 1072k for two additional properties, one existing and one to be built at 62% lending.
Westpac are currently the only ones really coming to the table, due to my income being overseas and on a construction loan. (Live in NZ work in Australia) but won't discount or cash back due to relying on offshore income.
Alternatively any suggestions, or is that pretty much the best i'll get in my situation?
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Reserve Bank warns mortgage holders of risk of sharp rise in borrowing costs
8 Feb 2018
Originally posted by StuffBorrowers should brace for the risk of a sharp rise in interest rates, with recent sharemarket turmoil a "warning sign" of volatility to come. While the Reserve Bank has again signalled that it expects the official cash rate (OCR) to stay at the current record low of 1.75 per cent for more than another year as inflation stays low, acting governor Grant Spencer said the financial system was easily spooked by unexpected news.
Back in 3 months to check on this prediction.Last edited by Perry; 09-02-2018, 11:01 AM.
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1 year rate cuts just the beginning.
The competitive instinct by banks is getting more intense for home loan business.
This afternoon (Friday, February 9, 201 Westpac has matched BNZ's 4.39% one year 'special'. This is Westpac's second mortgage rate change this week.
That comes after a flurry of changes to eighteen month and two year rates earlier, others targeting a 4.44% rate.
And all the while, the drift lower gets closer to the HSBC Premier rate markers which have been the lowest offers in the market by some distance and for some time.
Now the difference between BNZ and Westpac's 4.39% one year rate and HSCB Premier's 4.19% is down to 20 bps and within the discount discretion that may be available at some institutions.
Further, Kiwibank has re-opened the advertised cash-back option with a $2,000 offer that will run until March 4, 2018.
Westpac makes second home loan rate change this week, matches BNZ with 4.39% for one year fixed. Rivals seek new ways to be competitive
More to come. Bond rates are indicating mortgage rates under the 4%.
Finally joining the real world after being ripped for years.
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Originally posted by JBM View PostLOL ^^^man u are a tool
yeah mate my last 30mill purchase got free Iphone
He's in a much bigger way than the rest of us with many millions of dollars of property owned. So I think perhaps he thinks others here are in the same position, when most on here would have 1-2 houses.Squadly dinky do!
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Didn't need to wait three months, at all.
Another long ago prediction.
And yet here we are, today (12/2/1
Reserve Bank chief economist: if growth lags, we're cutting interest rates, the banks don't get that
Originally posted by StuffIn an interview in the Reserve Bank's headquarters in Wellington, McDermott, repeatedly said if the economy was not growing fast enough to generate inflation, the bank will cut the official cash rate.
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a bank trying to get back business offered 4.15% +$500 on a tiny, low risk loan
current bank would only go to 4.35
but it's going to be cheaper to just pay it off than pay the $1200 lawyers fees to switch security
then look for another 1yr deal about 4.2% (50% LVR) when the next opportunity presents itself
as Perry points out above
interest rates are still more likely to fall
than rise
Last edited by eri; 12-02-2018, 05:26 PM.have you defeated them?
your demons
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