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247 posts

Master Geek

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# 258534 8-Oct-2019 17:13
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Hi all.


I'm due to be renewing my mortgage, and as it appears that the rates are pretty low now, I'm tempted to lock in a 5-year fixed 4.49% rate, instead of going for a 2-year fixed rate of 4.09%. 
We don't anticipate selling within the next 5 years, and I think it pretty unlikely that we'll be able to pay it off early.


Thoughts? Advice? Should I expect the current rates to stay low for the next couple of years, and therefore lock in a lower 1- or 2-year rate with the expectation of doing the same again when it's term is up?

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4210 posts

Uber Geek


  # 2333085 8-Oct-2019 22:09
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Remember, there is inevitably a different and higher set of rates for low equity mortgages - I’ve hit this before, wondering why a friend’s rates were so much higher than mine. That could explain the relatively high rates being quoted above.


This is pretty obvious if you check this out:



733 posts

Ultimate Geek

  # 2333513 9-Oct-2019 18:11
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Rates / Incentives:




However, What Really Matters IME:


So - while I have said all of the above - IMO this doesn't mean SFA.


What will really make the biggest difference to your mortgage is:


  • DON'T borrow more than you need to.
  • PAY it off as quickly as you can - every loose cent - extra income - new higher paying job ---> pay down your mortgage. (The floating portion is handy for this.)
  • DON'T increase it - esp. for extravagant holidays, over priced cars, useless expensive toys, coke & hookers etc. 
  • THINK carefully about leveraging off it into other property - yes I know its NZ'r s favourite hobby - but again not without risk.



Hope something above helps and good luck with your decision.





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