The NZS.com New Zealand Which Fixed Mortgage Rate is Best article contains information about making informed decisions about the right mortgage rate for you in NZ.
Make Your Home Loan Work for You
Wondering if you should have broken your fixed rate at the end of last year? And why no-one told you this was probably the best option? Making an informed decision about the best mortgage plan and interest rates for you is easy when you have the right advice.
From mortgage brokers to first time buyers - everyone knows that home loans and mortgage rates can be an overwhelming part of home ownership for many New Zealanders.
After all – there are so many tricky questions and seemingly absolute decisions to be made. Firstly, do you fix or float? Opt for the traditional home loan scheme or something more along the revolving credit lines? And if you do decide to fix, which fixed mortgage rate is best?
Why is it all so confusing?
With so many options and contradicting opinions out there it can be frustrating to try and make an informed decision about the future of your mortgage and all-important interest rates.
And while speaking to a professional lender, mortgage broker or mortgage expert at the bank can seem like the best idea, sometimes the jargon and industry terms thrown around can be so hard to decipher home owners end up more bamboozled than when they began.
Does your bank insist you make a decision on a deadline, when you really feel you don’t know all the ins and outs of your mortgage? Wondering if you should have broken your fixed rate at the end of last year? And why no-one told you this was probably the best option? Should you have fixed when the five year rate was 5.95%? Should you fix for five years now?
If you’re a home owner and these questions sound familiar it might be time to seek out some more productive, personalised advice about your home loan.
Chin wag with an expert
The first step to getting the right plan for your home loan and deciding on the best fixed term mortgage rate for your situation is shop around and find a mortgage expert you feel comfortable asking all the supposedly simple questions.
Finding an expert who is willing to take away the mystery of home loans with you and can break your mortgage down in plain English is one of the most important steps. If you can find someone who can help you get your head around how your mortgage actually works while giving you sound, professional advice, you’ll be in a far better position to stick with your plan and make your home loan work for you.
Stay informed
The second most important step is to keep your own eye on the market and take an interest in your mortgage. Your home loan is probably one of the biggest investments you’ll ever make, and with the right resources it’s easy to get excited about your investment so you can continue to make educated decisions down the track.
Stay in touch with your mortgage broker and home loan advisor to see what the next step should be in your plan. The right professional advice can help keep you on track to becoming freehold, and the best mortgage experts are never afraid to shoot from the hip and give you honest advice on how to continue to improve your situation.
Once you’re inspired, it can also be interesting to keep up to date with real estate and mortgage news and information on the internet between discussions with your advisor.
Blogs can help you make better decisions
The Squirrel blog is a popular choice for New Zealand home owners, with over 10,000 readers each month. Squirrel mortgage brokers principal John Bolton writes most of the blog entries, discussing everything from credit rules and asset planning with a refreshingly candid approach.
As a former general manager at ANZ National and senior manager at Westpac, JB has managed tens of billions of mortgages and has managed the bank’s own interest rate risk. JB’s not afraid of putting all his advice on the blog – secret sauce and all – making the blog full of interesting insights and tools, particular about how you can save up to 20 percent on your interest costs by having the right mortgage strategy.
Sure, no one can perfectly predict interest rates, but it’s nice to know that you can get access to meaningful advice from experts that have been in the industry a long time and know what’s going on.
Building a good relationship with a mortgage broker who can give sound advice (without it getting lost in translation) based on your personal situation is the fastest and most effective way to make the right decisions about the best fixed mortgage rate for your home loan.
For more information about mortgage rates check out the Squirrel blog.
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