Mortgages

Interest rates uncertainty puts confused Kiwis in a fix

Fixing your home loan for two years may not be the best option, reports Rob Stock.

Monday, November 01st 2004

Confused about interest rates and what to do about your mortgage? You are not alone.

All over New Zealand, Kiwis loaded up to the hilt with debt are trying to figure out how to weather rising home loan rates - and many are struggling.

According to research by SuperBank, 22 per cent of us are caught in two minds.

Around 15 per cent of people think rates will drop within a year but are still considering fixing their mortgage now just in case rates rise more than expected.

A further 7 per cent expect rates to keep rising but are still most concerned about getting locked into a high rate if rates fall.

With a third of all mortgage debt in fixed-term loans ending in the next six months, according to Cannex, the question is taxing an awful lot of people.

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Unity First Home Buyer special 4.15
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Westpac Special 5.49
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