Spring has definitely sprung at my place but the banks haven’t really come out firing with a matching burst of gusto. The number of vendors listing property has picked up a wee bit, still not the kind of spring rush one normally expects though. It’s all been a bit quiet really.

So no change from what I said 2 weeks ago.

The only ‘spring offer’ to hit the market so far is HSBC promoting 4.85% fixed for 6 months. Which sounds awfully good doesn’t it? But if you’re not already with them you’ve got the hassle of having to make the change for what is really only a six month advantage. What happens after that? Change back? In my experience people who jump ship for a short term gain in price certainly save some pennies but in the long term they tend to lose dollars.

What’s more interesting is that there has been a bit of downward movement in the 4 and 5 year fixed interest rates in the last week or so. Yes, everything is under 6% now. Wow, wish I hadn’t locked in a 3 year interest rate of 6.45% last year. Still, you can’t win them all and the logic of that decision remains valid. I’m glad the majority of my lending is still floating.

 

About Campbell Hastie

Cam is one half of Auckland based mortgage brokers, The Go 2 Guys.

He makes a living by sharing what he knows about mortgages with people, arranging mortgages for people and then insuring people.

He doesn't claim to know everything about mortgages himself which is why he teamed up with David Mercer — hence the ‘2’ in Go 2 Guys.

He writes posts regularly on his blog and has been told he has an ability to share his knowledge in a simple and sometimes memorable way.

Feel free to comment and ask any questions. Contact Campbell Hastie m: 027 697 7789.

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