OHbaby! Forums : How have you set up your mortgage?

OHbaby! Forums : How have you set up your mortgage? https://www.ohbaby.co.nz/forum/ Copyright (c) 2006-2013 Web Wiz Forums - All Rights Reserved. Tue, 07 Apr 2026 06:33:11 +0000 Thu, 29 Jul 2010 18:36:06 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 11.10 360 https://www.ohbaby.co.nz/forum/RSS_post_feed.asp?TID=34956 <![CDATA[OHbaby! Forums]]> https://www.ohbaby.co.nz/forum/forum_images/web_wiz_forums.png https://www.ohbaby.co.nz/forum/ <![CDATA[How have you set up your mortgage? : we are just about to look at changing...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112942&title=how-have-you-set-up-your-mortgage#1112942 Author: amme_eilyk
Subject: 34956
Posted: 29 July 2010 at 6:36pm

we are just about to look at changing banks and redoing our mortgage, we had it fixed for one year originally, but now I am looking to do maybe 10 or 20k on revolving and the rest on fixed long term as interest rates will only go up.]]> Thu, 29 Jul 2010 18:36:06 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112942&title=how-have-you-set-up-your-mortgage#1112942 <![CDATA[How have you set up your mortgage? : We have a big chunk flexible but...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112837&title=how-have-you-set-up-your-mortgage#1112837 Author: T_Rex
Subject: 34956
Posted: 29 July 2010 at 4:43pm

We have a big chunk flexible but mostly we try to keep that close to fully paid off as it's our emergency fund. Ours isn't big enough to warrant more than a 2-way split, so we have the rest fixed for three years. We pay more than the minimum on that, and have made the maximum lumpsum payment they allow without penalty each year so the principal is going down fast too.

We will refix that portion for 2 years in November because that fits in nicely with our current plans for babies - it will hopefully allow us to be refinancing when we make the decision how many hours I will return to work after baby2, so we can make payments more or less depending what we decide. I like that that timing will mean our work decisions will dictate our mortgage decisions, not the other way around.]]> Thu, 29 Jul 2010 16:43:11 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112837&title=how-have-you-set-up-your-mortgage#1112837 <![CDATA[How have you set up your mortgage? : We have it split 3 ways, 1 is...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112724&title=how-have-you-set-up-your-mortgage#1112724 Author: BeLoved
Subject: 34956
Posted: 29 July 2010 at 2:50pm

We have it split 3 ways, 1 is at 2 years, 1 is at 1 year and then a smaller portion on floating which we hope to pay off in lump sums when we can.

We are with ASB and this is what we were advised to do by our mortgage broker. He said its a bit of a best of both worlds way to look at it.

]]> Thu, 29 Jul 2010 14:50:29 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112724&title=how-have-you-set-up-your-mortgage#1112724 <![CDATA[How have you set up your mortgage? : Our fixed rate is due for renewal...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112627&title=how-have-you-set-up-your-mortgage#1112627 Author: caliandjack
Subject: 34956
Posted: 29 July 2010 at 1:15pm

Our fixed rate is due for renewal in December, we will most likely re-fix as we'll be on one income by then and due to our living situation (ie: being in Akl for 3 years) we prefer to have certainty around re-payments. Even if it means paying a slightly higher interest rate initially.

]]> Thu, 29 Jul 2010 13:15:02 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112627&title=how-have-you-set-up-your-mortgage#1112627 <![CDATA[How have you set up your mortgage? : We choose to fix ours for 5 years...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112620&title=how-have-you-set-up-your-mortgage#1112620 Author: _SMS_
Subject: 34956
Posted: 29 July 2010 at 1:06pm

We choose to fix ours for 5 years because the rate was so low. At this stage we are just paying the minimum payment until i go back to work anyway. We fixed ours at 7%]]> Thu, 29 Jul 2010 13:06:50 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112620&title=how-have-you-set-up-your-mortgage#1112620 <![CDATA[How have you set up your mortgage? : kebakat wrote:We are with BNZ...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112604&title=how-have-you-set-up-your-mortgage#1112604 Author: peachy
Subject: 34956
Posted: 29 July 2010 at 12:43pm

kebakat wrote:

We are with BNZ currently. We have spoken to kiwibank who recommended a 3 way split, some 4yr fixed, some 2yr fixed and some floating.

This is what we have done since day one and it works brilliantly for us! I totally recommend it.]]> Thu, 29 Jul 2010 12:43:50 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112604&title=how-have-you-set-up-your-mortgage#1112604 <![CDATA[How have you set up your mortgage? : I have to think about this as...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112598&title=how-have-you-set-up-your-mortgage#1112598 Author: AandCsmum
Subject: 34956
Posted: 29 July 2010 at 12:40pm

I have to think about this as our mortgages are up for renewal this Nov, we're on a reasonably good 5 year rate that we definitely won't get again.]]> Thu, 29 Jul 2010 12:40:28 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112598&title=how-have-you-set-up-your-mortgage#1112598 <![CDATA[How have you set up your mortgage? : We're with kiwibank and have...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112548&title=how-have-you-set-up-your-mortgage#1112548 Author: clover
Subject: 34956
Posted: 29 July 2010 at 12:03pm

We're with kiwibank and have ours split 3 ways, 2 years, 1 year and floating. I did that because the longer length rates were crap at the time. Our 1 year will be coming up soon and I think I'll just leave it floating for a while.]]> Thu, 29 Jul 2010 12:03:42 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112548&title=how-have-you-set-up-your-mortgage#1112548 <![CDATA[How have you set up your mortgage? : We are with BNZ currently. We...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112488&title=how-have-you-set-up-your-mortgage#1112488 Author: kebakat
Subject: 34956
Posted: 29 July 2010 at 11:26am

We are with BNZ currently. We have spoken to kiwibank who recommended a 3 way split, some 4yr fixed, some 2yr fixed and some floating.]]> Thu, 29 Jul 2010 11:26:33 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112488&title=how-have-you-set-up-your-mortgage#1112488 <![CDATA[How have you set up your mortgage? : Not very well! All fixed at the...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112459&title=how-have-you-set-up-your-mortgage#1112459 Author: HuntersMama
Subject: 34956
Posted: 29 July 2010 at 11:12am

Not very well! All fixed at the moment until late next year.]]> Thu, 29 Jul 2010 11:12:55 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112459&title=how-have-you-set-up-your-mortgage#1112459 <![CDATA[How have you set up your mortgage? : We are with Westpac but that's...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112447&title=how-have-you-set-up-your-mortgage#1112447 Author: caliandjack
Subject: 34956
Posted: 29 July 2010 at 11:06am

We are with Westpac but that's only cause Dh qualifies for the Govt Employees package which means no fees. A lot of people seem to be switching to Kiwi Bank as they're rates are really good.

]]> Thu, 29 Jul 2010 11:06:54 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112447&title=how-have-you-set-up-your-mortgage#1112447 <![CDATA[How have you set up your mortgage? : All floating at the moment. We...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112445&title=how-have-you-set-up-your-mortgage#1112445 Author: mummy_becks
Subject: 34956
Posted: 29 July 2010 at 11:06am

All floating at the moment. We will look at fixing some of it thou soon.

]]> Thu, 29 Jul 2010 11:06:23 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112445&title=how-have-you-set-up-your-mortgage#1112445 <![CDATA[How have you set up your mortgage? : We have total money with BNZ as...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112441&title=how-have-you-set-up-your-mortgage#1112441 Author: bopmum
Subject: 34956
Posted: 29 July 2010 at 11:05am

We have total money with BNZ as well, we think it works great for us. Our mortgage is split into 5 different loans and are all on different rates, fixed and floating. I should really learn and remember more about it but coz DP works for the bank - he takes care of everything! ]]> Thu, 29 Jul 2010 11:05:39 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112441&title=how-have-you-set-up-your-mortgage#1112441 <![CDATA[How have you set up your mortgage? : We are the same as Flissty. The...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112439&title=how-have-you-set-up-your-mortgage#1112439 Author: GuestGuest
Subject: 34956
Posted: 29 July 2010 at 11:03am

We are the same as Flissty. The revolving credit is the best thing we have ever done, it has made it so much quicker to pay off. We just started it last year and we paid off five times the amount (all principal) that we had paid off the year before when we were just fixed

I would recommend talking to NZ Home Loans. We are using their exact method but stayed with ASB (ie we just stole all of their ideas

)]]> Thu, 29 Jul 2010 11:03:15 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112439&title=how-have-you-set-up-your-mortgage#1112439 <![CDATA[How have you set up your mortgage? : All on floating under BNZ total...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112433&title=how-have-you-set-up-your-mortgage#1112433 Author: flakesitchyfeet
Subject: 34956
Posted: 29 July 2010 at 10:56am

All on floating under BNZ total money, so whatever is in our 'positive credit accounts' offsets our mortgage & I assume credit card, not sure about though a don't really use it. We're paying above minimum because it's more worthwhile than savings and are expecting a tighter year next year, in which we can then borrow against it easily enough if we wish to.]]> Thu, 29 Jul 2010 10:56:58 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112433&title=how-have-you-set-up-your-mortgage#1112433 <![CDATA[How have you set up your mortgage? : We have most on 2 year fixed and...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112425&title=how-have-you-set-up-your-mortgage#1112425 Author: fire_engine
Subject: 34956
Posted: 29 July 2010 at 10:47am

We have most on 2 year fixed and $10K on revolving credit. That is currently fully paid off but we'll use it partly up while I'm on mat leave. We went for 2 years fixed b/c a) that was a good rate and b) it fitted with our plans to have #2. RC also functions as an insurance policy - we don't have health insurance but it meant that if DS needed grommets or something and there was going to be a long wait, we would have some capacity to pay for that without taking on another debt. We also put as much as possible onto the mortgage each month which means it's an 8 year mortgage.

Definitely worth talking to a mortgage broker. When we renewed, we didn't go back through them but DH had learned heaps about mortgages and wrote his own programme so he could look at all the possible combinations (which the bank websites couldn't do). ]]> Thu, 29 Jul 2010 10:47:25 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112425&title=how-have-you-set-up-your-mortgage#1112425 <![CDATA[How have you set up your mortgage? : Ours is split, we originally had...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112421&title=how-have-you-set-up-your-mortgage#1112421 Author: caliandjack
Subject: 34956
Posted: 29 July 2010 at 10:41am

Ours is split, we originally had most of it on fixed, and a small portion on capped floating rate. It meant we could pay off extra if we wanted to. In the end it didn't work out that way.
It has meant however that we have been able to make high repayments well over and above the minimum, and in doing so when we've re-fixed we've been able to keep repayments at the same level.
It means we will have our mortgage paid off within the next 10 years, we've had it for 4. Saving us over 50k in interest.
We went through a Mortgage Broker originally and he was really great in helping us with our financial position.

]]> Thu, 29 Jul 2010 10:41:47 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112421&title=how-have-you-set-up-your-mortgage#1112421 <![CDATA[How have you set up your mortgage? : I'm wondering how everyone...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112413&title=how-have-you-set-up-your-mortgage#1112413 Author: kebakat
Subject: 34956
Posted: 29 July 2010 at 10:34am

I'm wondering how everyone has their mortgage set up and why..

We have typically just fixed the whole lot for 2years but I've been a newbie to the mortgage thing and didn't realise until recently you can split it up and it can work really well at getting it paid down quicker and spreading your risk..

Right now we have the whole lot floating just until we figure out how we wanna set it up as we just came off a nasty interest rate. ]]> Thu, 29 Jul 2010 10:34:22 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34956&PID=1112413&title=how-have-you-set-up-your-mortgage#1112413