Bank switching easier this year
As we launch into the New Year borrowers are aware that rate increases lie ahead - likely around the middle of the year. This will mean observing rates and getting the timing right to jump from floating to fixed will be critical in the months ahead.
Thursday, January 13th 2011, 11:28AM
Looking at the first interest rate changes for the year, HSBC increased its six-month and one-year fixed rates by 25 basis points for its Premier product with the rates still well below bank medians. However the rates are subject to a home loan of $500,000 or more.
In news, customers can expect switching banks to be easier this year as Payments NZ has enacted changes requiring greater co-operation between banks in the process and we talk to The National Partnership (TNP) about its new mortgage broking arm which is to be headed by NZ Mortgage Brokers Association boss Darren Pratley.
| « Tis the season to be floating | Kiwibank tests the market » |
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