There is no need to rush into buying (unless your preapproval is running out!). Yes, it might seem a bit crazy out there at the moment but the pendulum will swing back to buyers over the coming months. Even now, there are still bargains out there, but you won’t find them if you’re not looking
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.
2009
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.
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”.
The days of banks throwing money at us are long gone. In fact, we are almost back to the old days where you had to go cap-in-hand to the bank to literally squeeze money out of their vice- like hands
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