how soon can banks put there rates up ?? straight away or does it take a few days?

clck2 - 2021-08-17 14:08:00

It's their rates. OCR affects floating rates and generally pretty soon. Fixed are not so affected as funded differently. There is a general trend upwards with ANZ increasing fixed rates today by between 0.1 and 0.3%. Hope that helps!

jeffqv - 2021-08-17 14:20:00

cheers our mortgage is fixed until 28 September but we can refix again now have been emailing bank manager to try and get a better rate and cash back also asked if there was a break fee as I might switch to Heartland (bluffing)

clck2 - 2021-08-17 14:48:00

Your existing bank won’t give you cash back to save the mortgage but you should be able to get a better deal than the carded rate….my suggestion is phone a human don’t email the “bank manager”, they generally don’t have the authority. Also be aware that many banks are likely to follow ANZ and push up fixed rates soon.

sparkychap - 2021-08-17 16:22:00

They might not put them up now we have another covid case in the community

clck2 - 2021-08-17 16:48:00

My money is on a 100% increase in the OCR…

sparkychap - 2021-08-17 16:49:00

0.25 or 0.5 or?

Place your bets lol

Edited by loose.unit8 at 4:53 pm, Tue 17 Aug

loose.unit8 - 2021-08-17 16:53:00

clck2 wrote:

They might not put them up now we have another covid case in the community

You may be right, Westpac economists have reversed their forecast of an increase.

sparkychap - 2021-08-17 19:29:00

Nothing like a bit of a lockdown to kick the can down the road…..

lakeview3 - 2021-08-17 20:04:00

we have fixed for 3 years.(new term starts in about 3 weeks)....worked out the interest component of our mortgage will be around $10 a fortnight more

cathi - 2021-08-17 20:54:00

lakeview3 wrote:

Nothing like a bit of a lockdown to kick the can down the road…..

Nothing wrong with kicking the can down the road, as long as its in your local area and you social distance (wear a mask if possible) but don't talk to your neighbours....

sparkychap - 2021-08-18 08:07:00

cathi wrote:

we have fixed for 3 years.(new term starts in about 3 weeks)....worked out the interest component of our mortgage will be around $10 a fortnight more

I fixed for 3 years (@ 2.65%) as well a few months ago. 5 years was too expensive comparatively for my liking.

Edited by loose.unit8 at 8:22 am, Wed 18 Aug

loose.unit8 - 2021-08-18 08:21:00

The Reserve Bank Monetary Policy Committee has agreed to keep the Official Cash Rate (OCR) on hold at 0.25 per cent for now.

Today's decision was made in the context of the Government's imposition of alert level 4 Covid restrictions on activity across New Zealand, Reserve Bank governor Adrian Orr said.

The committee said their "least regrets policy stance" was still to further reduce the level of monetary stimulus so as to anchor inflation expectations and continue to contribute to maximum sustainable employment.

But they agreed, however, to keep the OCR unchanged at this meeting given the heightened uncertainty with the country in a lockdown.

sparkychap - 2021-08-18 15:07:00

Don't worry about it, it will happen soon.. You will see. Inflation, yip we got it.

msigg - 2021-08-18 18:29:00

loose.unit8 wrote:

I fixed for 3 years (@ 2.65%) as well a few months ago. 5 years was too expensive comparatively for my liking.

I fixed for 5 years last week - suited me for security and peace of mind.
Read a few years ago that 7.8% is the average interest mortgage rate for New Zealand. With that said no doubt rates will be a lot higher than the 3.69% I fixed for.
Good chance what you save on money today ( 3 years) you will pay handsomely for it in 3 years time if you don't pay your mortgage off.
Granted no one knows what future rates will be but the way I look at it fix in 5 year lots on a 20 year mortgage you face only 3 uncertain times. 2 year lots 9 uncertain times. When you been through 14% interest rates (some paid 22%) lowering your risk is at the forefront.

Edited by houseofdad at 11:11 am, Thu 19 Aug

houseofdad - 2021-08-19 11:08:00

jeffqv wrote:

It's their rates. OCR affects floating rates and generally pretty soon. Fixed are not so affected as funded differently. There is a general trend upwards with ANZ increasing fixed rates today by between 0.1 and 0.3%. Hope that helps!

Yes funded differently, but everytime I have gone to fix a mortgage if the ocr has increased fix mortgages rise with it.

houseofdad - 2021-08-19 11:13:00

houseofdad wrote:

Yes funded differently, but everytime I have gone to fix a mortgage if the ocr has increased fix mortgages rise with it.

Up until you "fix" it, yes.

smallwoods - 2021-08-19 11:17:00

Anyone fixing today after having a chat with their bank this morning?

travlr - 2021-08-19 14:01:00

smallwoods wrote:

Up until you "fix" it, yes.

Eh ? Lollol

See recently they even raised them with the anticipation the ocr would go up.

houseofdad - 2021-08-19 14:23:00

travlr wrote:

Anyone fixing today after having a chat with their bank this morning?

I would guess not, seeing as we are in level 4 lockdown

Edited by perfectimages at 2:31 pm, Thu 19 Aug

perfectimages - 2021-08-19 14:30:00

perfectimages wrote:

I would guess not, seeing as we are in level 4 lockdown

we have these things called telephones these days, you know….

sparkychap - 2021-08-19 14:47:00

perfectimages wrote:

I would guess not, seeing as we are in level 4 lockdown

As Sparky says, that strange thing called a phone. I did my last rate fix on the phone. The majority previously have been done online. No need to call into the branch. Anyway they are not open everyday here anymore.

joanie04 - 2021-08-19 14:53:00

Was more interested on what rates were out there today.

Fixed a two year rate last week at KW 2.49 for 2 years. Today -on the phone-
2.95 2 years with ANZ

travlr - 2021-08-19 15:54:00