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Interest rate update - May 2014

Rate rises but positive news

Nothing ever stands still when it comes to interest rates and the last couple of weeks have been no different with minor tweaks from most banks.

With the Official Cash Rate increasing last month the banks were tipped to increase fixed interest rates again but these have remained steady and we have even seen decreases in some places. The reason for this is that the trading banks have already increased their fixed rates considerably since the end of 2013, because of predicted rises in the OCR this year. However Graham Wheeler from the Reserve Bank has indicated that the increases may not be as fast and as hard as thought.

All major banks have increased the floating rate in line with the OCR increase and this is generally sitting around 6.25% with the main banks.  However you should be receiving a discounted interest rate which is much less than this. Get in touch with us if you are not.

The softening in the increases for fixed rate loans have meant some excellent discounts have been available.  Especially in the longer terms over two years.  Depending on your personal situation, the two and three year fixed rates look especially attractive at the moment.

As always, we favour the approach of finding the best interest rate to fit your personal situation and a rate that is aligned to your financial goals. Get in touch with us and we can arrange to fix your loan, free of charge and usually for a much cheaper interest rate than advertised by your bank.

Adam and the My Mortgage team


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