thegreatgospel
New member
Kia Ora,
We have a mortgage of just over $150k
We bank with a building society and currently pay $1,100 a fortnight @ 4.85% (significantly over principle)
Options to refix are
One year 7.90% - $606 ish per fortnight
Two years 7.75% - $599 per fortnight
Variable 9.0% - $660 per f/n
Personally I’m a hard no on two years, so weighing up between one year and variable.
Variable is what I’m leaning towards as I think rates will drop, and know we can lock in or remortgage with another bank if they don’t.
For context, we are doing okay financially so making the payments isn’t the issue, it’s paying down as fast as we can. Additionally we are more than halfway through a subdivision which will zero out our mortgage (and some) when one of the titles sells.
Soooo, would love to hear thoughts between one year and variable for our situation.
Ngā mihi
We have a mortgage of just over $150k
We bank with a building society and currently pay $1,100 a fortnight @ 4.85% (significantly over principle)
Options to refix are
One year 7.90% - $606 ish per fortnight
Two years 7.75% - $599 per fortnight
Variable 9.0% - $660 per f/n
Personally I’m a hard no on two years, so weighing up between one year and variable.
Variable is what I’m leaning towards as I think rates will drop, and know we can lock in or remortgage with another bank if they don’t.
For context, we are doing okay financially so making the payments isn’t the issue, it’s paying down as fast as we can. Additionally we are more than halfway through a subdivision which will zero out our mortgage (and some) when one of the titles sells.
Soooo, would love to hear thoughts between one year and variable for our situation.
Ngā mihi