Is it worth re-fixing as interest rates have decreased?

Rates have dropped a lot in recent months, but your mortgage may well have been fixed at say 6.5% some time ago. We know how it gets annoying when you read about 4.3% rates, more than 2% lower than you are currently paying.

Is it worth accepting the break fee and re-fixing? A break fee is charged by the lender to cover any losses from the original contract. It is complex, but your mortgage was based on an amount that the lender borrowed to lend it to you.

In some cases the break fee could be many thousands, while for others it is very little. Whatever it is, it is FREE to find out. Even if it is high, with interest rates so low, it could still be a good idea. Contact us on 0800 500 510 or mortgage@apexgroup.co.nz and we can tell you how you stand.
Picture courtesy of Jeroen van Oostrom / Freedigitalphotos.net


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