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Rethink Group is there to help you if you are rethinking your mortgage to take advantage of record low rates. The mortgage industry is having a pricing war going on with the banks. They’re competing for market share currently and as we have seen 3.95% fixed for one year and 3.99% fixed for two years is the norm currently. Rethink Group say it is perhaps time to break your current fixed terms and take advantage of these record low rates.
Mortgage rates have been in free fall for quite some time now and, while this is ideal if you're in the process of buying your first home or remortgaging, it can be extremely frustrating if you took out a long-term mortgage a few years ago and are now locked into a much higher rate. In this case, doing the sums could be a worthwhile exercise for a lot of borrowers.
Most banks will not broach the conversation about breaking a rate, but a borrower could seek help from a mortgage adviser to review their circumstances, and Craig Carter from Rethink Group says he has seen a big increase in the number of people inquiring about breaking their loans.
Generally speaking, any short-term gain from interest savings may be offset or even outweighed by the break cost. For this reason, you should carefully consider whether breaking your fixed rate home loan is a good idea.
However if a reduction in your regular home loan repayments would make a difference right now, then Rethink Group can talk you through your options, including alternatives to breaking your fixed rate home loan, so for more information on mortgage brokers, mortgage repayment insurance, home loan calculators and debt consdolidatiion loans please go to https://rethinkgroup.co.nz .