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Topic # 173413 22-May-2015 10:53
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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?




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  Reply # 1309745 22-May-2015 10:54
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whoa 5 years at 5.5%, I hope they stay that low until next year when my current term is up.

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  Reply # 1309749 22-May-2015 11:05
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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.

 
 
 
 


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  Reply # 1309759 22-May-2015 11:07
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My experience is that there is always room to negotiate and banks will sharpen their pencil - especially if you are talking to a competitor.




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  Reply # 1309763 22-May-2015 11:10
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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.


 

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  Reply # 1309764 22-May-2015 11:12
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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 :-)

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  Reply # 1309766 22-May-2015 11:14
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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




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  Reply # 1309768 22-May-2015 11:18
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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.




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  Reply # 1309818 22-May-2015 11:48
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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.

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  Reply # 1309820 22-May-2015 11:50
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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%.

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  Reply # 1309862 22-May-2015 13:10
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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.

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  Reply # 1309870 22-May-2015 13:25
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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.

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  Reply # 1309919 22-May-2015 14:08
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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. 

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  Reply # 1309945 22-May-2015 14:44
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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.




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  Reply # 1309946 22-May-2015 14:45
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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 :)

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  Reply # 1309949 22-May-2015 14:49
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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




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