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 Mortgage Rates?
Should we leave it floating or fix it?
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
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 Originally Posted by Dr_Who
Should we leave it floating or fix it?
If you can afford to gamble leave it floating if not fix it. Times of turmoil coming up with finace houses going under who knows what to expect. macdunk
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falling interest rates are a sure thing...
If your not into sure things, then go fixed...
.^sc
BITCOIN certified rat poop. NSA created, Expensive to send, slow, can only trade on cex, no autonomy, spaghetti code, has been hacked, accidental Backdoor brc20s whoops, no one building on it, alienated all cryptos against it, volume is fake, few whales control large supply... it will perform though
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Member
I'm a big fan of fixed...I like knowing exactly what my outgoings are.
The best part is that when gearing and loan duration is very conservative.....the difference is ALMOST negligable
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ASB is predicting another RB 50 point cut in OCT. Maybe a good idea to float till the oct RB annoucement?
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
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definately floating for the next year...
.^sc
BITCOIN certified rat poop. NSA created, Expensive to send, slow, can only trade on cex, no autonomy, spaghetti code, has been hacked, accidental Backdoor brc20s whoops, no one building on it, alienated all cryptos against it, volume is fake, few whales control large supply... it will perform though
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Junior Member
Are the banks actually dropping the floating rate at the moment. This is 0.75% in a couple of months and I haven't see a large move in many rates at all yet.
Although I haven't been keeping the best watch on it.
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With global financial market turmoil I can see our RB dropping rates another 50 points in Oct.
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
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Member
Just had a look at ASB site....as an example
Floating rate currently 10.25%
Fixed one year 8.95%
Difference 1.3%
Are floating rates going to come back by more than 1.3% in the next year?
Maybe fix for a year then re evaluate...or wait until October announcement then fix?
Probably depends on the size of your mortgage as to how much the potential savings might be.
I like to know what I am paying back....just a personal preference when my main income is a fixed salary.
discl...don't currently have a mortgage
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Westpac were 10.95 floating and didnt budge when the OCR came down 25bp but have supposedley lowered the rate to 10.45 now the RB lowered another 50 bp - but we are yet to see it. For some reason they wait for a while until various internal processes take place and notification of customers. Haha I reckon this is just a cunning plan to ream us for a few more weeks. Take the rates down straight away I say, its just the flick of a switch after all.
I was forced to renew in April and took out a 1 year at 9.7 for the fixed component (I think that was the highest they went to - but I had no choice to wait). But although rates have started to head down since then I'm not overly confident they will go to low with the credit crunch still gathering momentum.
The big question is inflation or deflation?
For clarity, nothing I say is advice....
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