Waiting for the next home loan rate war
This year the competition is expected to be particularly fierce as there is such a huge volume of home loans coming up for refinance. These loans are generally ones which were written two-years ago when the Bank of New Zealand started its Unbeatable campaign.
If you are one of these people coming off a cheap two-year fixed home loan rate your interest bill is about to go up. Current rate two-year mainstream bank rates are around the 8.20% mark.
The strategy you take will depend on a couple of issues, namely how much risk you are prepared to take on and how much time you have up your sleeve.
With the latter point if you can hold off refinancing until the Spring campaigns start then that is worth doing.
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