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Low interests rates likely to rise shortly – HomeLegal

Tuesday 27 July 2021, 10:31AM

By Media Giant

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The lower interest rates that New Zealanders have been enjoying since the COVID crisis hit are expected to rise, HomeLegal warns.

According to the specialist conveyancing lawyers, it is an excellent idea for homeowners to review their financial arrangements and see if other better options might reduce their debt and save on their interest payments. The review may result in a refinancing decision whereby the mortgage is carried over to another bank or a new plan. Even though it is often required to pay a break fee, if the rates are significantly cheaper, it is likely still worth it to change your plans.

If you are planning to renovate and upgrade your current home, now could be a great time to borrow more at a low rate if you believe you can still repay it at a similar time. Doing renovations to your home will increase the value of the property, meaning you will be able to sell it for more in the future.

As property lawyers, HomeLegal can advise you on what action to take to get the most out of your house or apartment. Contact us today if you have any questions about the interest rates and how they affect you.

For more information, visit our website at https://homelegal.co.nz/.