Negative bank rates – yeah right!
Jyske, Denmark’s third largest bank, is offering a mortgage rate of -0.5% for 10 years. Not bad at all, but spare a thought for the savers in 20 countries where they have to pay to put their money in five-year government bonds. Both sound like great material for a Tui ad, but in this case it’s true.
It was 31 years ago to the month when I bought my first house in Christchurch. It was one of my proudest moments, even though all I had was a bed, my grandma’s couch and her Thorn colour TV to fill it. I didn’t even have a fridge.
My mortgage rate was 18%. No, that isn’t a typo, 18%. On the other side of the ledger my mum was getting high double digit returns in her bank deposits. Three months later my mortgage went up to 22% and I still hadn’t got a fridge.
Fast forward to 2019 and you can get a mortgage as low as 3.55%. That’s great news for people struggling to get on the housing ladder, especially in Auckland.
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