Last week saw the Official Cash Rate fall again, which is great news for property owners, especially as they are predicted to fall again.
Joy Coughlan of Investor Mortgages Limited advises:-
In NZ the cheapest mortgage borrowing is by fixing for a term (floating being more expensive) but the flipside of certainty with fixing is inflexibility, and if you want to break it for some reason, it can cost you. It’s important to consider your personal circumstances when deciding how long to fix for.
If you are locked in on more expensive rates, it can be worthwhile getting an estimate on the break cost, and then working out what you would spend to break, compared to what you would save by taking a cheaper rate.
One size doesn’t fit all so important to get the right advice!
We highly recommend Joy to assist with break quote and analysis. The service is at no charge to you because as a mortgage broker Joy is remunerated by the bank.
Feel free to contact Joy directly:-
Investor Mortgages Limited
027 223 3572
Phone: 03 344 6000