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
A number of clients tell us they get no-value from having a Business Banking Manager. And yet it wasn’t by choice and they end up paying for it with generally more expensive pricing!
Mortgage rates are forecast to bottom out around June 2009. Short term rates could get as low as 5.50% with longer-term rates getting down to around 6.00%-6.50%. In my opinion that means taking a six month fixed rate now at 6.50%-6.90% is the best option. In six months you can then look to split your mortgage into multiple fixed rates and spread them over 3-5 year fixed terms
2008
Mortgage Rates on the Way Down
Filed under: Housing Market, Interest Rates, Mortgages, NZ Economy
Last week the Reserve Bank dropped the official cash rate (OCR) by 1.00% to 6.50% – and immediately banks decreased their mortgage rates. The best rates out there today amongst the major banks are 7.95% for six months and 7.90% for one year (forget anything past one year). What excites us is to finally see
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