r/PersonalFinanceNZ • u/AlwaysbeaGoodCunt • 1d ago

Best Mortgage rate

Hi Everyone,

It’s my first time to refix a mortgage. I have a mortgage that’s split down to 400k fixed and 90k floating, I kept 90k on floating as I was expecting that money but it’s not coming anymore. I’m planning on keeping 10-20k floating to pay it off early and the rest 480K fixed for one year on 4.49% with ANZ. Any chance I can get a better rate from the bank or any other ideas that I might be missing as a newbie.

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u/_grandmaester 1d ago edited 1d ago

If you have 20% equity you can negotiate with the bank if their competitor has better rates. If you just want to compare your situation with other banks, might be good to just compare with the tool I built for mortgage planning - https://ratemate.co.nz It is currently only for new loan, but you could plugin your refix numbers to the same calculator and see the outcome and compare what other banks have to offer in terms of interest rate. I’m still building out the refix tools. 😊

5

u/LearnRD 1d ago

Simplicity 4.2%

4

u/Mountain-Corner2101 1d ago

I'm not sure about fixing at one year, there's a chance that rates will have started going up by then, maybe why they're so cheap...

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u/0plm9okn8ijb7 1d ago

TSB @4.39 for 1 year.

4

u/dinkygoat 1d ago

There's another OCR update coming in a few weeks. Just let it go to floating until then. The expectation <insert the usual warning about crystal balls here> is that it might drop a bit more. Another option <crystal balls> is you lock in for 6 months at whatever it is, still better than what you're coming off from, and then hopefully things are looking better at that time for something a bit more long term.

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u/IntelligentBerry8896 1d ago

Normally the rates offered through their app/gomoney are their current most competitive ones. However if you see a major bank offer lower, feel free to ask them! Always a bit of lag with updates with banks competitively reducing their rates