Interest rates

[Dean@Massiveaction]

For those of you interested, an associate of mine who owns an exchange currency business advised me yesterday that the Reserve Bank was very likely to raise rates by .25 next week. Wholesale money markets are apparently already factoring this in. If you are sorting out mortgages it might pay to get them locked down this week.

[tricky]

I have.
At 7.8% (3 years) and 7.9% (2 years).
ouch!

[tim360]

7.65% for 3 years... used an employee discount arrangement my wife's company has with a bank

[hawkeye]

7.45% for five years with NZ Home Loans (Interest Only)

[SuperDad]

7.45% for five years with NZ Home Loans (Interest Only)

My broker tells me that banks run their best margins on the long term rates, so they are more flexible when it comes to giving discounts on 3 and (especially 5) year terms.

Paul.

[Rolf]

Also watch out for other costs such as solicitor, loan fees, monthly account fees etc etc.
It often pays to negotiate these and not only concentrate on a lower rate.

My bank didn't want to lower their rate by a further 0.1% recently (ok it was a reduced rate already...), but they were happy to pay $800 towards solicitor costs and waive all fees - which came to a bit more than the extra 0.1% would have saved me :-)

[freefall]

7.85% for two years with Bank Direct, changing from ASB - no fees. Had to ask for it, but it was better than the mortgage brokers could get for me :-)

Marion

[Jumpin]

Well, are you a speculator or an investor..... :-)