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246 posts

Master Geek

#208601 19-Feb-2017 07:49
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It looks like almost all the banks are raising mortgage interest rates again, despite the OCR not changing.

HSBC have a special 3.99% for 18 months which is tempting but who knows where we will be in 18months?

TSB offer 10 years fixed at 5.75% while BNZ offer 7 years fixed at 6.15%

Our fixed rate is coming to an end next month so I'm wondering how long to fix for this time.

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1446 posts

Uber Geek

  #1723032 20-Feb-2017 14:58
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We've just re-doc'd our loan, borrowing extra to do some work on our house.  With a new valuation recognising the rising value of our house we have been able to move off low-equity rates into something much lower.  With BNZ, we have a nominal amount in TotalMoney, with our combined accounts offsetting the interest on that portion.  The floating rate of 5.79% (less a discount through a WorksPerks package) is effectively zero for at least a little while as we wait to pay off the bills for the building work.  The rest of the loan is fixed for 18 months at 4.75% (again, discounted).  I'm happy with that.  There might be slightly cheaper rates out there, or we could have haggled and played off other banks against them, but in the end customer service and satisfaction are important to me.  I've been very happy with our bank and banking advisor, and it's worth a few dollars here or there to maintain a good banking relationship.

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