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Thread: interest rates

  1. #1

    Default interest rates

    Looking at refixing a mortgage soon on a property with a 205k loan in LAQC.Any advice? Are many others refixing before the end of the year?Not keen on longterm fixes at high rates (>7.5), but also not keen on short-term >8%!!!Anyone with a solution?

  2. #2
    Join Date
    Jun 2005
    Location
    Wellington
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    1,112

    Default

    With fairly spartan information to hand about your individual circumstances its hard to say.

    My preferences if I were doing the same thing:
    1. Relatively short-term fixed rates (eg 1-2 years)
    2. Negotiating a preferential rate
    3. Locking it in early through a reserve-rate agreement, as there is upwards pressure on short term rates at the moment.

    Good luck & let us know what you decide on.

  3. #3
    Join Date
    Jan 2005
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    Hi Belinda,

    Do you have other mortgages also?

    The reason I say this is that I tend to look not only at the interest rate (if I can get it under 8% I'll take it), but also when the renewal dates would be in relation to other loans. i.e. spreading the risk

    All the best
    G

  4. #4
    Join Date
    Jul 2005
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    Christchurch
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    735

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    8% for 2 years isn't bad at the moment.
    8.2% for 6 or 12months.
    Thats about the best you can get at the moment

  5. #5

    Default

    i got 7.4% goto bnz and bargin hunt that was for 7 years tho!

  6. #6
    Join Date
    Jul 2005
    Location
    Christchurch
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    Default

    Well done Sandle. That is a great call.

  7. #7

    Default Be prepared to negotiate

    I just got 7.99 for two years from my bank by using BNZ as a benchmark. I also have the mortgage on our house split so half is due now and the other half next year, as revdev says it spreads the risk.

    I am considering doing the same with the LAQC's mortgages as well.

    Cheers

    Paul

  8. #8
    Join Date
    Jun 2006
    Location
    Hutt City
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    Default

    Quote Originally Posted by sandle View Post
    i got 7.4% goto bnz and bargin hunt that was for 7 years tho!
    That's awesome. Gotta love that. I didnt know they did 7 years.


 

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