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Mortgages options?

Discussion in 'Buying Overseas Property' started by joe, Sep 25, 2006.

  1. joe

    joe New Member

    Hi All,

    I am trying to find the best bank to finance my IP loan.
    They all seem to be quite similar however I found Wizard to be very low in comparison 7.3 on fixed 1 or 2 year. Consumer online found Super Bank to be the cheapest at 7.49 floating and 7.75 on 1 or 2 year. Have any of you dealt with these loan companies? And is there some hidden reason they are so low?

    I bank with ANZ at the moment.
    This is my first IP home and I rent were I live at the moment.
    Should I take a loan out on Fixed or Floating?

    Thank You!!
     
    Last edited: Sep 25, 2006
  2. camden

    camden New Member

    Hey joe,

    It is the NZ government that has a policy of keeping the rates just a little higher to bring in overseas money.
    It is a very fine line they run with interest rates; if they make them too low, say the same as OZ then the big money dealers prefer to put the money into OZ. If they make them too high then the NZ dollar goes up and exports suffer. This is a simplification buy it is close enough.
     
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