Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


Regs

4064 posts

Uber Geek

Trusted
Snowflake

#173413 22-May-2015 10:53
Send private message

there are some pretty good rates in the market right now.  can get lower than 5.5% for 5 year rates.  How much lower will it go?  For the first time, i'm actually considering locking in a 5YR rate.. thoughts?




View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2
reven
3668 posts

Uber Geek

Trusted

  #1309745 22-May-2015 10:54
Send private message

whoa 5 years at 5.5%, I hope they stay that low until next year when my current term is up.

 
 
 

Free kids accounts - trade shares and funds (NZ, US) with Sharesies (affiliate link).
timmmay
19757 posts

Uber Geek

Trusted
Lifetime subscriber

  #1309749 22-May-2015 11:05
Send private message

That's a pretty great rate. I suspect things will go lower, at least in floating, but not sure if 5 year will go below that.

Dynamic
3632 posts

Uber Geek

ID Verified
Trusted
Lifetime subscriber

  #1309759 22-May-2015 11:07
Send private message

My experience is that there is always room to negotiate and banks will sharpen their pencil - especially if you are talking to a competitor.




“Don't believe anything you read on the net. Except this. Well, including this, I suppose.” Douglas Adams

 

Referral links to services I use, really like, and may be rewarded if you sign up:
PocketSmith for budgeting and personal finance management.  A great Kiwi company.




Sounddude
I fix stuff!
1903 posts

Uber Geek

Trusted
2degrees
Lifetime subscriber

  #1309763 22-May-2015 11:10
Send private message

I have 1 year left on a 2 year mortgage. Anyone broken a term before? how much did it sting?

Interested to know if I would save money by breaking and resigning on a much lower rate.


 

dclegg
2805 posts

Uber Geek

Trusted

  #1309764 22-May-2015 11:12
Send private message

We recently locked in for 2 years, as we will soon have some consolidation work to do with our mortgage, due to the unknown costs of a full reclad.

The bank sent us a letter stating they'd be able to do 2 years @ 5.39. Gave them a call, and they reduced that to 5.24%. They also gave us a better rate on the variable portion of our mortgage.

So my advice is to give your existing bank a call and get them to sharpen their pencils a bit. They seem very negotiable at the moment :-)

Dynamic
3632 posts

Uber Geek

ID Verified
Trusted
Lifetime subscriber

  #1309766 22-May-2015 11:14
Send private message

Sounddude: I have 1 year left on a 2 year mortgage. Anyone broken a term before? how much did it sting?

Interested to know if I would save money by breaking and resigning on a much lower rate. 

4-ish years ago I did the calculations and paid a $1500 break fee to save $2500 in interest.  The Mrs found that a little hard to swallow but when we went over the calculations she could see the sense




“Don't believe anything you read on the net. Except this. Well, including this, I suppose.” Douglas Adams

 

Referral links to services I use, really like, and may be rewarded if you sign up:
PocketSmith for budgeting and personal finance management.  A great Kiwi company.


n4

n4
959 posts

Ultimate Geek


  #1309768 22-May-2015 11:18
Send private message

Just about to transfer the mortgage from ANZ to SBS - 5 years at 4.99%. ANZ could not match (even to within 0.2%). Saving me at least $3-400 a month.




Samsung Note20 Ultra, on 2degrees




jonb
1758 posts

Uber Geek

Trusted

  #1309818 22-May-2015 11:48
Send private message

timmmay: That's a pretty great rate. I suspect things will go lower, at least in floating, but not sure if 5 year will go below that.


Floating is significantly higher than equivalent short term rates at the moment. I'm on a discounted floating rate of 6.4% with ASB but will be changing to a fixed term shortly.

dclegg
2805 posts

Uber Geek

Trusted

  #1309820 22-May-2015 11:50
Send private message

jonb: 

Floating is significantly higher than equivalent short term rates at the moment. I'm on a discounted floating rate of 6.4% with ASB but will be changing to a fixed term shortly.


We were on 6.44% with our floating loan. But when calling the bank to renegotiate our expiring fixed loan rate, we were offered 5.8%.

lurker
805 posts

Ultimate Geek

Lifetime subscriber

  #1309862 22-May-2015 13:10
Send private message

I recently locked in for 5 years at 5.75 after floating for years.
Got things to do, just wanted peace of mind/certainty for the next few years.
Repayments are manageable and I have no intention to move/sell, so decided to commit.
Sure the rate will go down but at the time I was happy with what I got and at least have a few worry-free years if the rate goes back up.

wasabi2k
2092 posts

Uber Geek


  #1309870 22-May-2015 13:25
Send private message

You actually need to ring every bank - make it clear you are looking at moving, have your details handy.

Recently fixed for 2 years at 5.15. Upped our payments at the same time to reduce loan term.

  #1309919 22-May-2015 14:08
Send private message

n4: Just about to transfer the mortgage from ANZ to SBS - 5 years at 4.99%. ANZ could not match (even to within 0.2%). Saving me at least $3-400 a month.


Wow that is a very good deal. 5 Years is a long period to fix but I don't mind doing that at that rate. Any specific / special discount you got? The website did not advertise that special any longer. 

n4

n4
959 posts

Ultimate Geek


  #1309945 22-May-2015 14:44
Send private message

maxeon:
n4: Just about to transfer the mortgage from ANZ to SBS - 5 years at 4.99%. ANZ could not match (even to within 0.2%). Saving me at least $3-400 a month.


Wow that is a very good deal. 5 Years is a long period to fix but I don't mind doing that at that rate. Any specific / special discount you got? The website did not advertise that special any longer. 


No I signed up when the special was on offer - deal goes through on Monday. Yes was a bit nips at committing for five years but have no plans to move and assume I can roll it over to a new house if and when it comes to that.




Samsung Note20 Ultra, on 2degrees


reven
3668 posts

Uber Geek

Trusted

  #1309946 22-May-2015 14:45
Send private message

n4: Just about to transfer the mortgage from ANZ to SBS - 5 years at 4.99%. ANZ could not match (even to within 0.2%). Saving me at least $3-400 a month.


whoa, never heard of that bank, def will be book marking them now :)

n4

n4
959 posts

Ultimate Geek


  #1309949 22-May-2015 14:49
Send private message

reven:
n4: Just about to transfer the mortgage from ANZ to SBS - 5 years at 4.99%. ANZ could not match (even to within 0.2%). Saving me at least $3-400 a month.


whoa, never heard of that bank, def will be book marking them now :)


Yes not 'Tier 1' but at least a local NZ institution so the money stays local.

If you're in the market for a new mortgage you should be checking this site out on a weekly basis - www.interest.co.nz




Samsung Note20 Ultra, on 2degrees


 1 | 2
View this topic in a long page with up to 500 replies per page Create new topic





News and reviews »

One New Zealand Extends 3G Switch-off Date
Posted 11-Apr-2024 08:56


Amazon Echo Hub Review
Posted 10-Apr-2024 18:57


Epson Launches New Versatile A4 Desktop Scanners
Posted 10-Apr-2024 15:31


Motorola Mobility Launches New Android Phones in New Zealand
Posted 10-Apr-2024 14:59


Logitech G Unveils the PRO X 60 Gaming Keyboard
Posted 9-Apr-2024 19:01


Logitech Unveils Signature Slim Keyboard and Combo
Posted 9-Apr-2024 13:33


ExpressVPN Launches Aircove Go Portable Router With Built-in VPN
Posted 26-Mar-2024 21:25


Shure MoveMic Review
Posted 25-Mar-2024 12:47


reMarkable 2 Launches at JB Hi-Fi New Zealand
Posted 20-Mar-2024 08:36


Samsung Galaxy S24 Ultra review
Posted 19-Mar-2024 11:37


Google Nest Wifi Pro Review
Posted 16-Mar-2024 11:28


Samsung Galaxy A55 5G and Galaxy A35 5G
Posted 12-Mar-2024 12:41


Cricut EasyPress Mini Zen Blue launches at Spotlight New Zealand
Posted 12-Mar-2024 12:32


Logitech Introduces MX Brio Webcam
Posted 12-Mar-2024 12:24


HP Unveils Broadest Consumer Portfolio of AI-Enhanced Laptops
Posted 3-Mar-2024 18:09









Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.







GoodSync is the easiest file sync and backup for Windows and Mac