Warning for homeowners
Homeowners warned to expect home loan interest rates to rise to nine percent or more by the New Year
Thursday, September 16th 2004, 4:23PM
by The Landlord
A warning and some advice for home owners who still owe the bank.BNZ Chief economist Tony Alexander is picking two more Reserve Bank rate rises before Christmas, so the floating home load rate will be nudging nine percent.
He says it may even rise beyond that in the new year.
Mr Alexander says there is a way of avoiding much of the pain.
He says the best thing for homeowners to do is to get locked into a two or three year fixed rate mortgage at around 7.5 percent.
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