2009
What Rate is Best? Post-OCR Rate Update
Filed under: Interest Rates, Mortgages, NZ Economy
On March 12, the Reserve Bank decreased the official cash rate (OCR) by 0.50%, from 3.50% to 3.00%. It is a dynamic world out there so we’ll keep amending this blog entry as banks respond to the OCR change.
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Weighing Up the Costs: Buy Now or Wait for Next Year?
Filed under: Housing Market, Interest Rates, Mortgages, NZ Economy
Don’t get too focused on the absolute interest rate. Simply being able to buy, and buying well, are where you will make money in the property market at the moment.
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You should look to start locking in five-year fixed rates from April onwards. Don’t leave it too late and don’t be too greedy. We’ve always said, “If the five-year rate gets below 6.00%, don’t even bother thinking about it, just lock it in”.
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If you do not know what you are doing (and you feel your bankers don’t either) then take personal responsibility and either do the research yourself or find someone who is qualified to help. Otherwise it could cost you thousands in extra interest over the life of the mortgage
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I’m Not Participating in This Recession
Filed under: Interest Rates, Life and Income Protection, NZ Economy
The next year won’t be easy, but us Kiwis are made of tough stuff. Maybe this global crisis is New Zealand’s opportunity to sneak back up the OECD ladder. For all those pessimists out there, it is time to roll up your sleeves and do something about it. We are a very small fish in a very big pond. Even if the pond shrinks, it is still a very big pond!
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