Mortgage Rates in NZ – One Year Fixed Rate Lower Than Floating

Currently the major banks are offering fixed rates that are between 25% and 75% less than the floating rate, e.g. at the BNZ the standard floating rate is 5.99% and the one year fixed rate is 5.25%.  At the ASB, the variable/floating rate is 5.75%, and the one year fixed rate is 5.45%.  ASB also have a second mortgage rate of 8.75% (although there isn’t much information about this product and its criteria on their website).  Kiwibank has a one year fixed rate of 5.25% (4.99% if you have at least 30% equity).

 

(Note: Interest rates are as at the time of writing).

One thought on “Mortgage Rates in NZ – One Year Fixed Rate Lower Than Floating

  1. not a bad rate. consider bunyig the rate down if you dont plan to refinance and stay in the home for a long time this small amount you will pay wil save you a boat loan of money.pay 1.5% to buy the rate down. .75% it will give you a rate of 5.40200,000 with the rate bought down to 5.40 200000X.0750=1500 per year1500 X 30 years = $ 45,000 this is the added interest you save by bunyig the rate down and you well know interest is payed up front so the first 10 years you pay mostly interest.if you took what it is saving you 125.00 per month and sent an additional check of 125 marked apply to principle your mortgage would be paid off in 24 years and Date (#Months) Payment Towards Principal Towards Interest Remaining Amount Year 1 2007-09 (#001) $ 1,248.06 $ 348.06 $ 900.00 ($ 900.00) $ 199,651.94Year 5 2011-09 (#049) $ 1,248.06 $ 431.77 $ 816.29 ($ 42,121.22) $ 180,966.28Year 10 2016-09 (#109) $ 1,248.06 $ 565.26 $ 682.80 ($ 87,206.78) $ 151,168.24Year 15 2021-09 (#169) $ 1,248.06 $ 740.02 $ 508.04 ($ 123,079.69) $ 112,157.55Year 20 2026-09 (#229) $ 1,248.06 $ 968.81 $ 279.25 ($ 146,891.53) $ 61,085.79Year 24 2030-09 (#277) $ 1,248.06 $ 1,201.82 $ 46.24 ($ 154,787.41) $ 9,074.792031-05 (#285) $ 511.58 $ 509.29 $ 2.29 ($ 154,960.62) $ 0.00

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