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Is your Home Loan still floating? We need to talk!

If you've got a home loan which is sitting on floating and you've been getting around to fixing it... or perhaps a fixed loan expired and has just rolled on to floating then this message is really important. 

The difference between the floating rate ~5.30% at the moment and short term fixed rates ~3.59% is almost 2%.  It's huge!

So, what does that mean in real terms?

If you've got a $250,000 loan which is floating and you fixed it today you would save $3,000 in interest in the next year alone. That's crazy, right!

It's the equivalent of going from a 30 year loan term on $250K lending to a 21 year loan term by paying no extra money.

Are interest rates still going down though?

Great question. Most economists suggest that the Reserve Bank will be dropping the official cash rate (OCR) again in the next few months and again in the future so that is something to think about but even a 12 month or 6 month fix will save you a lot of money in the meantime ready for a longer fix down the track. There are options so give us a call and we'd be happy to discuss. 

I need to do this! How do I get that cheap fixed rate?

That's the simple part.  Just email us on office@mymortgage.co.nz or click this link and send us a message.

All we need is your loan account number and we can negotiate some fixed rate options for you. We'll recommend the right fixed rate for you and take care of fixing that loan, all free of charge.

Of course at the same time we'll make sure your bank is offering you the best deal and if not, we'll work to negotiate it for you.  If they're still not coming to the party then we'll find a bank who will show you some love! 

As always, feel free to get in touch if you'd like to discuss anything home loan related. It's not just great interest rates we give, it's also advice on structuring a mortgage to suit you and of course taking the hassle out of arranging the best home loan

We look forwarding to hearing from you soon

Adam, Claire and the My Mortgage Team