Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Independent calculator gauges best mortgage deals

Media release - July 26, 2006

Independent calculator busy gauging best deals in the rising mortgage rate market


An independent mortgage calculator to beat rising interest rates is receiving significant interest as the Reserve Bank announces its official cash rate (OCR) tomorrow.

Financial commentators are forecasting the possibility of another rate rise this year as the Reserve Bank battles to hold down inflation, running at 4.0 percent, which is the highest in 16 years.

Tomorrow, the Reserve Bank will announce its stance on the OCR, though no change is expected to the current 7.25 per cent rate, but
mortgage rates are continuing to rise.

Today, online financial commentator www.interest.co.nz said many of New Zealand ‘s 1.16 million mortgages will soon be rolling over.

The company has just launched a mortgage calculator, to help people with mortgages by deciding the best option when their fixed-term rate contract was up for rollover.

Interest.co.nz publisher David Chaston said 82.5 percent of people with home mortgages were looking around at the best deal for fixed rates.

It is estimated that more than half of all mortgages – more than $60 billion in contracts – will be up for review in the next year, and a disproportionate number will be due in the next six months.

``Two year bank fixed rates range from 7.85% to 8.30%. Banks with lower rates will soon be raising them,’’ Chaston said today.

``There are a very wide range of options available so people with mortgages – which is most of us – need to work out is the best for them.

``The mortgage calculator on our website allows home-owners to compare two competing mortgage offers, and instantly see the total cost comparison which is something bank calculators won’t tell you.

``It lets you explore for the best set-up. It will show what interest rate you can afford.’’

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO:

Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>

ALSO:

Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>

ALSO: