[jaycee]

The number of fixed rate mortgages in NZ coming up for renewal shortly has been in the news recently - mine is one of them.

So I am wondering if anybody has already done it? Did you opt for another fixed rate or go with a floating one?

If you renew with same bank, how complicated is the application? I am still living in the UK, as I was when I took out the mortgage, and the thought of compiling and faxing endless payslips and bank statements all over again fills me with dread! What kind of information is the bank likely to want, to set up a new fixed rate?

[Avalon]

The number of fixed rate mortgages in NZ coming up for renewal shortly has been in the news recently - mine is one of them.

So I am wondering if anybody has already done it? Did you opt for another fixed rate or go with a floating one?

If you renew with same bank, how complicated is the application? I am still living in the UK, as I was when I took out the mortgage, and the thought of compiling and faxing endless payslips and bank statements all over again fills me with dread! What kind of information is the bank likely to want, to set up a new fixed rate?
Well, i have to say ive no direct experience - but I would have thought if you stay with the same bank then they dont need all the paperwork again.

I id something similar in the uk where i took out a second mortgage, and we didnt need to provide any extra proof then.

Ho hum - I know that doesnt really help - sorry.

[Moorf]

Hi,

This isn't professional advice, but we have just come out of a 1 yr fixed mortgage with National and are currently waiting it out to see what happens with the mortgage rates / interest etc... from experience I know that banks often like to get people hooked in at what the customers perceive as good rates - and hook them in for a fixed period of time - yet with the knowledge that rates are likely to drop further. Not only that but I remember reading in The Press a while back that there was an unusually large no. of mortgage renewals due around March time - about the time when banks then vyed for this potential business with "attractive rates" fixed from anything from 6 mths to 2 yrs...

We feel rates may drop further and the fixed offers may become more attrative, so we've decided to hold off on a fixed rate for the time being and wait for 6 months whilst we watch and see what happens.... it's our gamble, and please don't take the above as fact or advice.

Moorf