Its Time to Cut Thousands off your Mortgage Payments!
Spring is in the air, and there’s great news on the horizon. The Reserve Bank has recently indicated that the current Official Cash Rate of 1.75% will remain unchanged until late 2020. Having had the OCR remaining at this low level since October 2016, borrowers have been enjoying lower interest rates, and many have paid more than the minimum mortgage repayment, capitalising on the RBNZ’s decision.
Interest Rates Have Changed, But Will They Drop Anymore?
In August, the RBNZ said, “The Official Cash Rate (OCR) remains at 1.75%. We expect to keep the OCR at this level through 2019 and into 2020, longer than we projected" The direction of our next OCR move could be up or down.
This offers borrowers the stability in knowing that in the short term, interest rates are most probably not going to rise in the short-term, but that a future rise is not off the cards.
We’re suggesting to many of our clients that they consider taking advantage of the low one and two year fixed rates. Not only does this give them the stability of a set repayment, but also can let them slightly increase their payment above the minimum repayment amount. Doing so can save you thousands of dollars of interest payments and take years off of your mortgage.
Deciding if you should fix or float, or how long you should fix for, will depend on your personal circumstances. Having a chat with us about your borrowing needs is free. We’re more than happy to help you decide if now is a good time to break and refix your mortgage, restructure it or simply pick the best-fixed interest period for you.
Give me a call on 0275260007 for a quick chat about your situation.
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