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Apparently ANZ is going to increase their fixed rate tomorrow! Any one can confirm that?
Marty, the banks are issuing notes between 7 and 8%.
I don't have enough knowledge to understand the rate movements or economics behind it.What's the big deal about fixed rates? It mystifies me...
I don't have enough knowledge to understand the rate movements or economics behind it.
Have been trying to get a meeting with my broker to fix a loan with ANZ @5.8% with Breakfree package for about two weeks. I walk in this morning and rates have gone up today 5.99%. Then he says I have a choice of having a rate lock for $700 in case it goes up again during the three week application period - I don't see fixed rates charging ahead enough to warrant a lock in fee. Can applications be done faster than three weeks?
I still think locking in under 6% is a fairly sensible option. Above that and I am happy with variable.
ANZ are problematic for a number of reasons, their current IO to IO anything process is painful, with a full loan app needed in most cases.
3 weeks is long
tarolf
No what I don't understand is people's obsession with whether their fixed rate is 0.01% cheaper than the advertised rate and whether it is the 'best' time to fix. I just don't see the point when investing, in property or otherwise, is a fluid strategy and to lock yourself into a fixed rate is like putting on a straitjacket.
not to get too obsessed with being absolutely right
The UK's biggest mortgage lender, the Halifax, is expected to raise its standard variable mortgage rate (SVR) from 1 May.
The Halifax said the rise - from 3.5% to 3.99% - was due to the higher cost of raising funds for mortgages from both savers and the financial markets.
On Friday, RBS raised the rate on two of its mortgages from 3.75% to 4%.
This affects 200,000 borrowers with RBS and NatWest offset mortgages and home loans from RBS's One Account range.
The changes come just a few days before the third anniversary of the Bank of England cutting its bank rate to a historic low of just 0.5%.
It argued that its hand had been forced by market conditions.
"The change acknowledges that the cost of funding a mortgage in today's market remains significantly higher than the longer term average," the Halifax said.
"The increase to the rate reflects the fact that raising money through retail savings and in the wholesale markets is currently very expensive by historical standards."
Consumer groups have reacted angrily to the news.
"It's shocking, it's coming at a time when people need this thing least of all," said Marc Gander, founder of the Consumer Action Group.
"Banks have never had it so good. They are doing fabulously well and it amazes me that they can't decide to share some of the burden that the rest of us are sharing.