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Is anyone not nearly mortgage free?

Is anyone not nearly mortgage free?

Old Jan 29th 2008, 10:30 pm
  #46  
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Default Re: Is anyone not nearly mortgage free?

Originally Posted by TeamEmbo
Have you looked to see what rates PSIS, ANZ and Kiwibank are currently offering?
I didn't want to go five years either... particularly with my husband trying to improve his lot with the plumbing exams...

I have been keeping an eagle eye out and bankdirect seem to be the cheapest atm... at least the rate hasn't gone up in the last two quarters!
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Old Jan 29th 2008, 10:35 pm
  #47  
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Default Re: Is anyone not nearly mortgage free?

Kiwibank:
Home Loan Current rates p.a.
Variable 9.99%
Revolving 9.99%
6 month fixed 9.60%
1 year fixed 9.60%
2 year fixed 9.35%
3 year fixed 9.15%
4 year fixed 9.05%
5 year fixed 8.75%

PSIS Bank:
Home Loans
The following annual interest rates apply:
Interest Rate % p.a.
Floating 10.45
Revolving Credit Facility 10.45
Discounted Floating 9.95
Fixed - 6 months 9.65
Fixed - 1 year 9.65
Fixed - 2 years 9.40
Fixed - 3 years 9.15
Fixed - 4 years 9.05
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Old Jan 29th 2008, 10:37 pm
  #48  
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Default Re: Is anyone not nearly mortgage free?

Some banks are also open to a wee bit of negotiation too. We negotiated a lower interest rate than advertised with Sovereign in Auckland. Sadly they don't deal with the South Island
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Old Jan 29th 2008, 10:40 pm
  #49  
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Default Re: Is anyone not nearly mortgage free?

Originally Posted by TeamEmbo
Kiwibank:
Home Loan Current rates p.a.
Variable 9.99%
Revolving 9.99%
6 month fixed 9.60%
1 year fixed 9.60%
2 year fixed 9.35%
3 year fixed 9.15%
4 year fixed 9.05%
5 year fixed 8.75%

PSIS Bank:
Home Loans
The following annual interest rates apply:
Interest Rate % p.a.
Floating 10.45
Revolving Credit Facility 10.45
Discounted Floating 9.95
Fixed - 6 months 9.65
Fixed - 1 year 9.65
Fixed - 2 years 9.40
Fixed - 3 years 9.15
Fixed - 4 years 9.05
So bankdirect's 8.7% is the cheapest then... rats!
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Old Jan 29th 2008, 10:41 pm
  #50  
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Default Re: Is anyone not nearly mortgage free?

Originally Posted by westiepom
Some banks are also open to a wee bit of negotiation too. We negotiated a lower interest rate than advertised with Sovereign in Auckland. Sadly they don't deal with the South Island
Oh I thought Sovereign were countrywide? We've been quoted for Life Assurance by them. Advisor said they were one of the biggest companies in NZ for financing and insurances.
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Old Jan 29th 2008, 10:43 pm
  #51  
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Default Re: Is anyone not nearly mortgage free?

Originally Posted by dlmckay
So bankdirect's 8.7% is the cheapest then... rats!
Yep for the 5 year. But the others are cheaper for 2 year rates, which is what i thought you were more interested in. Kiwibank seem very competitive but I think they only go up to 80% lending.
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Old Jan 29th 2008, 10:50 pm
  #52  
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Default Re: Is anyone not nearly mortgage free?

Quote from Sovereign website
At Sovereign*, we help build and protect a future for you and your family, through our range of financial services.

We offer life insurance, health insurance, home loans, savings and investment services including retirement solutions. All Sovereign products and services are available through third party distributors, such as financial advisers, throughout New Zealand.
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Old Jan 29th 2008, 10:52 pm
  #53  
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Default Re: Is anyone not nearly mortgage free?

I rang them last year when we moved and they said they didn't do mortgages here. As you said, they do insurance so not sure why they can't.... ah well !
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Old Jan 29th 2008, 10:56 pm
  #54  
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Default Re: Is anyone not nearly mortgage free?

Originally Posted by westiepom
I rang them last year when we moved and they said they didn't do mortgages here. As you said, they do insurance so not sure why they can't.... ah well !
Maybe they've only recently changed? The guy we saw just before Christmas said they did and their website seems to advertise they do. Having checked their rates though they're not the cheapest.
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Old Jan 29th 2008, 10:58 pm
  #55  
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Default Re: Is anyone not nearly mortgage free?

May be they just thought we weren't a good bet
As you said, they don't have the best rate any more so I'll let them off !
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Old Jan 29th 2008, 11:02 pm
  #56  
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Default Re: Is anyone not nearly mortgage free?

Hope you ended up with a good deal anyway. Does anyone pay their mortgage fortnightly to get it paid off quicker? I like the idea of paying if off faster but not sure if its affordable compared to the monthly payment.
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Old Jan 29th 2008, 11:06 pm
  #57  
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Default Re: Is anyone not nearly mortgage free?

We pay ours weekly with TSB. We took out a 6.85 2 yr fixed mortgage with them last Feb..... not looking forward to next Feb - Gulp.
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Old Jan 29th 2008, 11:34 pm
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Default Re: Is anyone not nearly mortgage free?

Originally Posted by Nerine
Yep, so long as you don't need to put petrol in your car to do them.
Absolutely! Better than having a fat arse!
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Old Jan 29th 2008, 11:42 pm
  #59  
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Default Re: Is anyone not nearly mortgage free?

Originally Posted by TeamEmbo
Yep for the 5 year. But the others are cheaper for 2 year rates, which is what i thought you were more interested in. Kiwibank seem very competitive but I think they only go up to 80% lending.
Sorry, that slipped past my radar - you're right... I was still reeling from the amounts I think!

We should be ok with 80% lending... if the current council valuation is correct, my mortgage is only 60% of the value of the house.
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Old Jan 29th 2008, 11:45 pm
  #60  
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Default Re: Is anyone not nearly mortgage free?

Originally Posted by RobClubley
Yep - in the UK we had a 10 year mortgage with 7 years left. Here we have a 25 year mortgage with 24 years left and it's over three times as much.
That tells you a lot about the current very high mortgage rates in NZ.
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