mortgage interest rates..whats ??.....
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Topic: mortgage interest rates..whats ??.....
Posted By: BaAsKa
Subject: mortgage interest rates..whats ??.....
Date Posted: 24 February 2010 at 12:44pm
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whats a good rate right now??
has anyone here had to refix lately?? Ours is due for refixing on the 13th of march... I was just looking at the bank website and for 18 month fixed is 6.6%........IS THAT GOOD???? We are with national and want to stay here if pos..... |
Replies:
Posted By: Zaylah
Date Posted: 24 February 2010 at 12:52pm
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Unfortunately they do seem to have started going back up again.
Anyway, http://www.goodreturns.co.nz/mortgage-rates.html - this site seems to have the latest mortgage rates for most/all places. Hope it helps! Oh - and if you find a rate cheaper somewhere else, your bank will probably match it. ------------- http://lilypie.com" rel="nofollow"> 
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Posted By: Bizzy
Date Posted: 24 February 2010 at 1:00pm
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cool, thanks for that site! ------------- http://www.myfitnesspal.com/weight-loss-ticker"> 
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Posted By: caliandjack
Date Posted: 24 February 2010 at 1:07pm
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We re-fixed 9 months ago, and only for short periods 1-2 years as the shorter terms are the lower rates. ------------- http://lilypie.com" rel="nofollow">   [/url] Angel June 2012 |
Posted By: BaAsKa
Date Posted: 24 February 2010 at 1:13pm
| our current rate is 8.7%!!!! from september 08!! |
Posted By: kebakat
Date Posted: 24 February 2010 at 1:14pm
| Thats depressing that they are starting to head up again, ours is due in June and we have been on a nasty rate |
Posted By: clover
Date Posted: 24 February 2010 at 1:22pm
| I've got mine split 3 ways, 5.59% variable, 6.9% & 7.something. 6.6% is pretty good but you do have to think about where it will be after the 18 months. |
Posted By: ohanlon82
Date Posted: 24 February 2010 at 1:32pm
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We did ours last March and got it fixed for 3 years at 5.99%
They are talking as if they will start to go up mid this year... We were paying 7.6 so just left the payments at that so we can get rid of it quicker... or if we fix again when it comes up wont get so much of a shock. ------------- http://lb2f.lilypie.com/TikiPic.php/RPaODBg.jpg |
Posted By: BaAsKa
Date Posted: 24 February 2010 at 1:32pm
| how do i found out about where itl be in 18 months??? |
Posted By: BaAsKa
Date Posted: 24 February 2010 at 1:35pm
| was anyone else on a higher rate from 08 like me???? - 8.7%...... |
Posted By: caliandjack
Date Posted: 24 February 2010 at 1:38pm
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Gaze into your crystal ball  seriously though if anyone knew what would happen in the future we'd all be rich.  ------------- http://lilypie.com" rel="nofollow"> [/url] Angel June 2012 |
BaAsKa wrote:Posted By: minik8e
Date Posted: 24 February 2010 at 1:52pm
We're on 9.3%, and it's fixed until next Feb. It was the lowest rate at the time that we bought (Feb 08). I will be happy if it's at 7-8% next Feb and not back up at 9.3% 
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Posted By: peachy
Date Posted: 24 February 2010 at 2:00pm
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We have our home mortgage split 3 ways, some on 5.9%, some on 6.1%, both of these are fixed for two years and some on floating. We have had it operating like this for 6 years now and it works well for us!
I just enquired last week with ASB for an additional fairly large mortgage and they quoted me 5.75% which was pretty good I thought! Who knows what they will be in the next few years, thats the gamble you have to be prepared to take! ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: kebakat
Date Posted: 24 February 2010 at 2:18pm
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We have been on 9.06%, can't wait to go down!
Whats the reasoning behind you guys splitting it up like that? |
Posted By: BeLoved
Date Posted: 24 February 2010 at 2:21pm
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We are coming off fixed in March as well and we are on a rate that is over 8% and its a BIG mortgage.
We have been advised by our broker to just leave it on floating and wait to see what happens before we fix again. The floating rate is the lowest rate by far, plus it will give us a chance to save a bit of extra cash as the difference in payments could be as much as $300 a fortnight, which would really help out with the renos we have to do. |
Posted By: caliandjack
Date Posted: 24 February 2010 at 2:35pm
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We split ours too, with most of it fixed and part of it on capped, it was so we could pay extra if we wanted too, in the end we havn't used that facility, but it was great when interest rates were dropping and our mortgage was going lower. We now have 10,000 available in that account if we need it for renos etc without having to refinance. We kept our repayments the same as when we started, so have paid a large portion of our principal off, helps that I'm still working, also means we can reduce our repayments to as little as $600 a fortnight if we need to. ------------- http://lilypie.com" rel="nofollow"> [/url] Angel June 2012 |
Posted By: Zaylah
Date Posted: 24 February 2010 at 3:01pm
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We are on 8.99% and fixed term finishes end of May this year. I was silly and got it fixed for 2years 9months - and it was literally only a few weeks later when they started dropping down and got to something ridiculous like 4.5% not much later.
We were paying extra off for most of the time too which I'm glad about, as now we can have a 3-month mortgage holiday if we need to once triplets arrive. Is a nice little safety net. ------------- http://lilypie.com" rel="nofollow">
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Posted By: flakesitchyfeet
Date Posted: 24 February 2010 at 3:12pm
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Ours is floating, we are with BNZ on 'totalmoney', so interest is offset over all accs, so If we have 10K in the accounts and a 150K mortgage (for example), We are charged interest only on the 140K. Least I think thats how it works We pay over the minimal repayment which means that we can borrow back without affecting our repayments, which is useful as it's a new property and landscaping seems to go on forever. We'll lose the flexibility a bit when we fix though
ANYWAYS what I actually was trying to say is that we've been recommended to float for 6months or so, before looking at fixing again. You can float for as little or as long as you like, and then you can get the best of both worlds, if that makes sense. |
Posted By: sweetpea
Date Posted: 24 February 2010 at 3:24pm
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Ours is 7.95% for 5 years we refixed it 2007. Fixed rates will come down again when floating go back up they are never the same level fixed is where analysts expect the floating rates to move to in the fixed time period. If that makes any sense. Definately fix it for term that you can afford and that suits you. ATM banks are making money on fixed and not as much on floating if that makes any sense. ------------- http://daisypath.com"> 
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Posted By: maysie
Date Posted: 24 February 2010 at 4:03pm
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We have been floating on 6.39% since Oct. Will probably fix for 2 years next month, hopefully the rates don't change too much in that time. I really doubt they will go back up to the 9% mark but it's impossible to know for sure. If we fixed today for 2 years it would be at 7.15% so yours is a good rate :) I think you just have to consider where you will be at over say, 3 - 5 years and go from there. ------------- http://lilypie.com"> 
http://lilypie.com"> 
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Posted By: emz
Date Posted: 24 February 2010 at 8:42pm
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We just refixed (about a month ago I think) at 6.74 for 18 months (that has a .15% low equity penalty, so actual rate 6.59). I did a LOT of research before doing this and found it to be the best rate for the best time. Most people I talked to said 18-24 months is the best value atm, capped is better than floating.
Reading articles over the net from various institutions, the common thread is that the OCR will probably rise in June, which is why rates (esp longer term ones) are increasing. The floating rate will then begin its rise to match current fixed rates and fixed rates (2 and 3 years) will hover around 6.5-7.5% for a while. Obviously it's all speculation but we did do a lot of research and went with our decision based on this. we like watching interest.co.nz - was very useful to see rates and watch them for a few months before we re-fixed. |
Posted By: KiwiL
Date Posted: 24 February 2010 at 8:44pm
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We're 100% floating and our rate is 5.59%pa (BNZ Total Money). We don't have any intention of fixing in the very near future.
Tony Alexander does a good economic commentary and has some predictions for where he sees rates going, but of course it is crystal ball stuff. You can find him on the BNZ website. |
Posted By: BaAsKa
Date Posted: 24 February 2010 at 10:00pm
oh thanks emz! that was very helpful to know 
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Posted By: kabe
Date Posted: 25 February 2010 at 8:54am
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I like this http://www.interest.co.nz/mortgages.asp - site too.
Ours is split three ways, with 1/3 on floating. It's quite a good idea to spread your risk as who knows what's going to happen in the next 5 years. ------------- http://alterna-tickers.com"> 
http://lilypie.com"> 
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Posted By: BaAsKa
Date Posted: 26 February 2010 at 6:57pm
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can someone explain the benifits of spliting a mortgage please ..........
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Posted By: snooze
Date Posted: 26 February 2010 at 7:43pm
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I will attempt to explain it.. (feel free to correct me anyone) Basically if you have a 250k loan it is a good idea to have something like 100k fixed for 1 year and 150K fixed for two/three or something like that in case of rate rises/falls.. imagine fixing 250k for say 2 or 3 years at a high interest rate (say 9%)and watching as interest rates drop... at least this way you can capture some of the fluctuations..... of course it an work the other way too with rates rising.
Some people feel more comfortable having the whole lot fixed on one rate and knowing certainty within their budget for the next few years... I would only do that if it was a bargain say 5.15% or something. We have just bought a new place and re-fixed our loans we have some on 1 year rate and some on a 18 month rate. Hopefully this will hedge our bets a bit. Luckily we haven't gone too wrong so far :-) ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: T_Rex
Date Posted: 27 February 2010 at 1:36pm
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Yep Snooze pretty much summed it up. It means if you make what ends up being a bad call (fixing for ages at a high rate like you and I both did in 2008 ) it doesn't affect your whole mortgage, because hopefully the way you've fixed/floated the rest turns out better.
Of course the flipside is that if you've made a really great call, you won't benefit over the whole mortgage either. We'll be splitting ours when it comes off fixed in November. ------------- http://lilypie.com">  http://lilypie.com">
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