Interest Rates

The cut in interest rates by the reserve bank today is i guess really good for most people but for me it has added $000,s on the fees it will cost me to pay back my fixed term mortgage early when I sell.

How long has your fixed rate got to go, CG?

Yes, from our end even the rate cuts so far have made a helluva difference...the one even before this one (9.45-8.7) takes $300 off our interest payments per month...and ours is a modest mortgage compared to many...

We have one of our term deposits nearly due for roll-over - current interest rates are about 3% lower than what we initally fixed for . Bloody interest rate cuts are costing us money!:rolleyes:[}] As for mortgage rates.....

...whats a mortgage???[]

Ah Kilmoon, if only we were that side of the balance sheet also...[]

Well Tigger - if we ever buy another property we want a larger amount of land. So with what we would get with our current place we would also be having a mortgage.

Thats what happened to us, Kilmoon - very hard going from a mortgage that had been paid off for several years to taking on a much bigger one

Cantyguy, that is precisely why we've never fixed our mortgage, unless it was for 6 months at a time. Still, on the up side, in the current market not much is selling... Which is a downside for us.....

Kilmoon - I'm in the same boat. Not happy! [}]

With us no mortgage:) but also no money to invest:( or more like no money at all LOL

Tigger, 14 months to go but as a ball park figure has now more than doubled to over 10k on a modest mortgage.
I think a delayed settlement might be in order and just transfer the security to another property.

Mmmmmmmmm same boat here ...No mortgage and we have reinvested our savings for 12 months did that in October BEFORE the rates dropped too low:)
Cheers

I just keep thinking I could borrow the money for a haybarn, which I guess is perhaps what Alan Bollard might want me to be thinking LOL.

Ronnie from up North where are you? Heeeeeeeeeeelllllllllllllpppppppppp!

And there lies the answer, "You can never keep all of the people happy all of the time"[}].
On this page I read : some of you with fixed mortgages
some of you with fixed savings.
Some of you have mortgages because of the fixed savings.
We have mortgage's ( plural ) which works to our advantage, we didn't deliberately set out have more than one, but, we have them rolling over at different times of the year and only one we would have to buy out of ($230), another has just gone onto floating ( which is a lower rate ) and we have another due next year ( $0 buy out ). We have spread the net so to speak. Having one huge amount of money tied up for a long fixed term is, in my personal opinion high risk. And as I am not one of them I am happy with our finances.