interest rates

[Belinda]

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?

[roseneath_rat]

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.

[revdev]

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

[Monkeyboy]

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

[sandle]

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

[Monkeyboy]

Well done Sandle. That is a great call.

[Bodmin]

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

[Jumpin]

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.