My preferred fixed term remains one-year fixed at 5.39% or 18 months at 5.79% – and probably splitting the mortgage between both to give two bites of the cherry.
2009
Why Short-Term Mortgage Rates are Best
Filed under: Interest Rates, Mortgages, NZ Economy
My view is that the highest one-year housing rate in the next five years will be 8.50% based on the OCR getting to 7%. Long-term rates only look attractive if you buy into mortgage rates shooting back up to 9.50% again. In my mind this won’t happen anytime soon and is irrational fear
2009
The Term Deposit Price War: Its Impact on Mortgage Rates
Filed under: Interest Rates, Mortgages
If you can, I’d lock rates in now as they certainly won’t go lower. But rates generally are going to stay low for quite some time
Einstein marveled at the compound effect of interest rates for good reason. Over the life of a $300,000 mortgage you will pay over $360,000 in interest! When you are dealing with such big numbers the cost of getting it wrong can easily run over $80,
Having the right Mortgage Strategy can save you thousands in interest every year let alone over the life of a mortgage. That’s why we think it always pays to get the best possible advice. JB (author of this blog) is the former General Manager Products at ANZ National Bank and has managed over $15 billion
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