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NZ Guide To Financial Freedom

302 EpisodesProduced by Ryan J Melton & Greg MoyleWebsite

Everything you need to know about business, money, and life.


Ep 150: Mortgages - Fixed Vs Floating

As the great Shakespeare would say: to fix or not to fix that is the question. The challenge for any new homeowners or investors is deciding whether they should get a fixed or floating mortgage. What is the difference you ask? A fixed rate home loan is where the interest rate is set in stone for a period of time, usually six months to five years. The advantage of this approach is threefold: 1. Knowing what to expect with the repayments leading to peace of mind and strategic budgeting. 2. The lender is drowning in competition, so you manage a great deal. 3. You protect yourself against rising interest rates. The disadvantages come in the form of restrictions: 1. You can’t up the ante easily and can incur a cost from increasing the payments. 2. You might have locked in a high number before the interest rates dropped and now you’re stuck with it. 3. You sell your home or want a break but get invoiced a hefty break fee. Floating rates are the mover and shakers of the world. As the interest rates of the wider market increase or decrease then so does your interest rate. Usually this is movement is linked to the official cash rate(OCR) set by the Reserve Bank. The advantage comes in the form of flexibility and unity. 1. The flexibility to contribute more without penalty. 2. A streamline way of combining your more expensive debt with your floating loan The disadvantage is the price and the unknown: 1. Floating rates in the past have been higher than fixed rates. 2. If the rates were to increase, then so does your repayments. RIP. Don’t worry not all is lost you’re not doomed to a half full, or half empty scenario. You can choose to have both. If you were to mix the flexibility of the floating and the reliability of the fixed then you have a recipe for success. Where the importance of what direction you take isn’t leveraging of your ability to predict the future but instead understanding the style of loan that suits your situation best. Leave the fortune telling to the economists and the decisions your future financial wellbeing to you. 

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