Okay so I am on floating right now.
And I am thinking of fixing a loan latter in the year - say it with BNZ.
On 1/9/11 I say to them, okay I want to go on Fixed for 2 years using the rate you have quoted me.
And I want to start my 2 year term in 60 days.
So mid Aug I start the 2 year term at the quoted rate.
The rate is locked in.
1. Is that how it works ?
2. Is rate lock 60 days or 2 months, is each bank different, what is BNZ, can you negotiate it.
3. What if in 30 days something changes and it looks like rates will stay down longer - can I say arrrrhhh... actually no guys, I want to stay on floating for now and not take up the term loan.
And I am thinking of fixing a loan latter in the year - say it with BNZ.
On 1/9/11 I say to them, okay I want to go on Fixed for 2 years using the rate you have quoted me.
And I want to start my 2 year term in 60 days.
So mid Aug I start the 2 year term at the quoted rate.
The rate is locked in.
1. Is that how it works ?
2. Is rate lock 60 days or 2 months, is each bank different, what is BNZ, can you negotiate it.
3. What if in 30 days something changes and it looks like rates will stay down longer - can I say arrrrhhh... actually no guys, I want to stay on floating for now and not take up the term loan.
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