OHbaby! Forums : interest rates drop even further https://www.ohbaby.co.nz/forum/ Copyright (c) 2006-2013 Web Wiz Forums - All Rights Reserved. Sat, 04 Apr 2026 15:27:58 +0000 Wed, 10 Dec 2008 17:37:36 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 12.04 360 https://www.ohbaby.co.nz/forum/RSS_post_feed.asp?TID=22954 <![CDATA[OHbaby! Forums]]> https://www.ohbaby.co.nz/forum/forum_images/web_wiz_forums.png https://www.ohbaby.co.nz/forum/ <![CDATA[interest rates drop even further : cuppatea - your rate is good to...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=563645&title=interest-rates-drop-even-further#563645 Author: Chickaboo
Subject: 22954
Posted: 10 December 2008 at 5:37pm

cuppatea - your rate is good to keep - anything in the 6's is good... we are on floating at the mo with our mortgage and on total money (with BNZ) so save money there... I am waiting for the rates to drp more so i can refix for a long term under 7%]]> Wed, 10 Dec 2008 17:37:36 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=563645&title=interest-rates-drop-even-further#563645 <![CDATA[interest rates drop even further : Ours was already fixed at 6.99...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=562907&title=interest-rates-drop-even-further#562907 Author: cuppatea
Subject: 22954
Posted: 09 December 2008 at 10:20pm

Ours was already fixed at 6.99 for 5 years (have 18 months left) At the moment the best rate we could find was for 6.49 for 1 year so not really worth breaking ours, but we are definitely keeping an eye out and watching with interest....hahaha.
I think the less time you have to go the less it costs to break, there is normally a calculation thingy they give you. We broke ours years ago in England for a better deal and that's how they worked it out, so is probably the same here. ]]> Tue, 09 Dec 2008 22:20:12 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=562907&title=interest-rates-drop-even-further#562907 <![CDATA[interest rates drop even further : ours in up for renewal in jan/feb...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=562852&title=interest-rates-drop-even-further#562852 Author: jack_&_charli
Subject: 22954
Posted: 09 December 2008 at 9:21pm

ours in up for renewal in jan/feb so we are really happy about that! ]]> Tue, 09 Dec 2008 21:21:09 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=562852&title=interest-rates-drop-even-further#562852 <![CDATA[interest rates drop even further : We recently broke ours and set...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=562743&title=interest-rates-drop-even-further#562743 Author: busymum
Subject: 22954
Posted: 09 December 2008 at 7:34pm

We recently broke ours and set for a smaller term. You can go to your bank and they can put through figures for you if you need help to decide.]]> Tue, 09 Dec 2008 19:34:05 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=562743&title=interest-rates-drop-even-further#562743 <![CDATA[interest rates drop even further : we broke our fixed rate as well...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=561890&title=interest-rates-drop-even-further#561890 Author: Mum2ET
Subject: 22954
Posted: 08 December 2008 at 8:25pm

we broke our fixed rate as well and it was so worth it. Since we knew they were going to down even further we floated it for a while and then have just fixed for only 6 months, because we think they are going to continue going down for a while.

]]> Mon, 08 Dec 2008 20:25:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=561890&title=interest-rates-drop-even-further#561890 <![CDATA[interest rates drop even further : Hi ladies, re breaking your mortgage,...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=560204&title=interest-rates-drop-even-further#560204 Author: Bree1977
Subject: 22954
Posted: 05 December 2008 at 8:49pm

Hi ladies, re breaking your mortgage, my DH is a financial planner and we have just broken our fixed rates. We had $90K on fixed till May 2009 at 9.75% and $100+K fixed till May 2010 at 9.49% To break this and refix all with Westpac (current bank) on 6.99% for 6 months we have saved over $300 per week in repayments and the breakcost for both the above was $4,132 so within 6 months we are better off. To work out the break cost to get an idea of cost, take the interest rate you are currently on ie 9.5% and take the new fixed rate ie 6.9% that 3% diff. Then multiple this 3% by the amount of your loan x the length of time till your current rate is due to expire. Banks add around $300 admin fee per break cost, but we negotiated to $0.   Predictions for rates to be high 5% to mid 6% between April and Aug 2009.    Also if you do not have the cash to pay up front for the break fee, you can always capitallise this into your loan - of course not always advisable, youd need to work out the sums. Another note for the last number of years NZ floating rates have been higher than fixed - this is against the world wide norm. It is predicted you will see floating rates being lower than fixed and evidence of this is already out there ie 6 months fixed rates are cheaper then 2 year which are cheaper than 5 year fixed rates. There are soo many ways to save on mortgages, not only by the rate,, but the structure and how you pay your mortgage - find a good broker and work some numbers. Good luck! ]]> Fri, 05 Dec 2008 20:49:35 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=560204&title=interest-rates-drop-even-further#560204 <![CDATA[interest rates drop even further : It&#039;s great news for us, as...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=560007&title=interest-rates-drop-even-further#560007 Author: kabe
Subject: 22954
Posted: 05 December 2008 at 3:12pm

It's great news for us, as we're in the process of buying our first home. We settle on the 30th Jan, so hopefully we'll benefit from one more interest rate drop ]]> Fri, 05 Dec 2008 15:12:13 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=560007&title=interest-rates-drop-even-further#560007 <![CDATA[interest rates drop even further : We broke ours last week but didn&#039;t...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559898&title=interest-rates-drop-even-further#559898 Author: josephnia
Subject: 22954
Posted: 05 December 2008 at 12:37pm

We broke ours last week but didn't have to pay anything because the rate we were on was lower than the one we are on now although that will change very shortly I'm so glad we did it when we did because we had another 3 years left of our fixed term. Predictions are that they might come down as low as 6% next year - fingers crossed!]]> Fri, 05 Dec 2008 12:37:21 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559898&title=interest-rates-drop-even-further#559898 <![CDATA[interest rates drop even further : We broke ours yesterday. It cost...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559887&title=interest-rates-drop-even-further#559887 Author: peanut butter
Subject: 22954
Posted: 05 December 2008 at 12:15pm

We broke ours yesterday.  It cost $5000 to break.  At the moment we are floating and will refix sometime in the new year.  Basically we worked out that if we can refix for anything under 7% we will be ahead.  Its risky but not too bad....I hope]]> Fri, 05 Dec 2008 12:15:12 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559887&title=interest-rates-drop-even-further#559887 <![CDATA[interest rates drop even further : If you&#039;d save 40k by breaking...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559883&title=interest-rates-drop-even-further#559883 Author: T_Rex
Subject: 22954
Posted: 05 December 2008 at 12:11pm

If you'd save 40k by breaking the contract then thats close to what it would cost you to break it - no way would it be only $1500. We looked at this last time it dropped, and decided just to draw down off our flexi portion to put the maximum lump sum allowed without fees onto our fixed portion (our flexi rate is now lower than our fixed). The only way you'd save money by breaking a fixed term loan would be if you paid the fees based on todays rates, and then floated your mortgage for a bit until the rates dropped even further before you re-fixed. Its worth ringing your bank to find out your options though, they can give you the exact figures. Sucks though, watching the rates drop way below what you are stuck on!]]> Fri, 05 Dec 2008 12:11:53 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559883&title=interest-rates-drop-even-further#559883 <![CDATA[interest rates drop even further : We have broken our fixed term,...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559882&title=interest-rates-drop-even-further#559882 Author: caraMel
Subject: 22954
Posted: 05 December 2008 at 12:10pm

We have broken our fixed term, we worked out it will save us at least the cost of breaking it if not double, so it will be worthwhile for us. Yay!]]> Fri, 05 Dec 2008 12:10:03 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559882&title=interest-rates-drop-even-further#559882 <![CDATA[interest rates drop even further : Some peoples contract to break...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559857&title=interest-rates-drop-even-further#559857 Author: IVFGirl1111
Subject: 22954
Posted: 05 December 2008 at 11:42am

Some peoples contract to break would cost them $30k!

I remember a few years ago when the banks paid YOU if you broke the contract!]]> Fri, 05 Dec 2008 11:42:18 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559857&title=interest-rates-drop-even-further#559857 <![CDATA[interest rates drop even further : We won&#039;t save quite that...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559851&title=interest-rates-drop-even-further#559851 Author: kebakat
Subject: 22954
Posted: 05 December 2008 at 11:33am

We won't save quite that much, but we will wait and see what happens over the first half of next year and then approach our bank when the rates are looking their best]]> Fri, 05 Dec 2008 11:33:52 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559851&title=interest-rates-drop-even-further#559851 <![CDATA[interest rates drop even further : yeah they were talking this morning...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559849&title=interest-rates-drop-even-further#559849 Author: ohanlon82
Subject: 22954
Posted: 05 December 2008 at 11:31am

yeah they were talking this morning on the news about refixing etc..
saying it may be worth while to break you agreements

We are stoked ours is up in March - so we are probably just going to float from then on and see what happens.. then when we get a rate we like fix it in]]> Fri, 05 Dec 2008 11:31:41 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559849&title=interest-rates-drop-even-further#559849 <![CDATA[interest rates drop even further : Stacey Id keep an eye on them...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559848&title=interest-rates-drop-even-further#559848 Author: NovemberMum
Subject: 22954
Posted: 05 December 2008 at 11:29am

Stacey Id keep an eye on them and maybe look at refixing..would depend of course on the cost but say it will cost you $1500 to refix but you would say save $40k in interest it would be worth it.]]> Fri, 05 Dec 2008 11:29:22 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559848&title=interest-rates-drop-even-further#559848 <![CDATA[interest rates drop even further : It&#039;s depressing watching...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559846&title=interest-rates-drop-even-further#559846 Author: kebakat
Subject: 22954
Posted: 05 December 2008 at 11:26am

It's depressing watching the interest rates drop when you are on a fixed term. The media keep spouting on about how its great for all home buyers when in fact it's not really. Most people are on fixed terms so there is no benefit unless yours is up for renewel. We have another 18 months to go on ours ]]> Fri, 05 Dec 2008 11:26:07 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559846&title=interest-rates-drop-even-further#559846 <![CDATA[interest rates drop even further : just had a look at ASB website...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559842&title=interest-rates-drop-even-further#559842 Author: NovemberMum
Subject: 22954
Posted: 05 December 2008 at 11:22am

just had a look at ASB website and their floating rate is 7.95% a few days ago it was 8.7% (small part of our mortgage is on floating)

we are keeping an eye on their fixed rates and if they drop significantly (like 2-3%) we are looking at renegotiating of course it will depend how much it will cost us to refix..we are fixed for another 2 and a bit years. ]]> Fri, 05 Dec 2008 11:22:38 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22954&PID=559842&title=interest-rates-drop-even-further#559842