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Warning for homeowners

Homeowners warned to expect home loan interest rates to rise to nine percent or more by the New Year

Thursday, September 16th 2004

A warning and some advice for home owners who still owe the bank.

BNZ Chief economist Tony Alexander is picking two more Reserve Bank rate rises before Christmas, so the floating home load rate will be nudging nine percent.

He says it may even rise beyond that in the new year.

Mr Alexander says there is a way of avoiding much of the pain.

He says the best thing for homeowners to do is to get locked into a two or three year fixed rate mortgage at around 7.5 percent.

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Unity First Home Buyer special 3.95
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Co-operative Bank - First Home Special 4.55
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Kainga Ora 4.59
Unity Special 4.59
BNZ - Std 4.65
Co-operative Bank - Owner Occ 4.65
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ICBC 4.89
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Nelson Building Society 5.09
Westpac Special 5.19
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ICBC 5.65
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TSB Special 5.79
BNZ - Std 5.79
SBS Bank Special 5.79
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Co-operative Bank - Owner Occ 5.89
ASB Bank 5.89
AIA - Go Home Loans 5.89
China Construction Bank 5.99
SBS FirstHome Combo 3.29
AIA - Back My Build 3.34
SBS Construction lending for FHB 3.74
CFML 321 Loans 3.95
Co-operative Bank - Owner Occ 4.99
Co-operative Bank - Standard 4.99
Heartland Bank - Online 5.30
ICBC 5.39
Kiwibank - Offset 5.65
Kiwibank Special 5.65
Kiwibank 5.65

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