Quote:
Originally Posted by Bill Douglas
Ours are only fixed rate for up to five years. Then it's the floating rate. Or you can fix it again for anything between six months and five years but at rate applicable for the time.
A friend told me his son in Holland fixed his for 30 years at 3% - I'm jealous.
I tell young people these days anything under 10% is a bargain, don't sweat the details.
Here in NZ we are a bit of a banana republic, sure the nicest banana republic you'll ever meet, so for others to lend us money it's got to be worth the risk.
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Oh man, that's a screwed up deal. No matter, every five years, you get to bend over so the bank can take its turn. I know there are many places like that where you can't lock in a rate for the next 30 years. We really take advantage of low interest rates and pull money out. In due time, it becomes free money. I hear some years back, they have 1% interest rate and they can't seem to give it away. Not sure how true was that. I never looked into it because its too good to be true and I can't qualify for so I laughed it off