Taking a fixed interest position
The latest round of interest rate rises has given fixed mortgage loans another boost. But though many agree that locking in a long-term mortgage is worthwhile, there is more than one way to get your fix, writes Kristina Greene.
Wednesday, September 22nd 2004, 6:54AM
by The Landlord
It could have been worse.Wayne, a Wellington accountant with two central-city properties to his family's name, watches interest rate movements carefully, so the Reserve Bank's decision to lift the official cash rate by 0.25 basis points on September 9 did not surprise him.
The fixed portion of the mortgage loans on his home and rental property had come up for refixing, so Wayne began to weigh options – would he stay with Westpac, or try Kiwibank or ANZ? What conditions were the best, and where would costs be the lowest?
When he visited his broker last week, there were a number of options on offer with different strengths and weaknesses.
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