After a month of waiting for the paperwork to be put through (and even longer since I actually signed the papers!), our split loan has been finalised. I checked our balances this morning, and instead of owing $298xxx.xx we now owe:
Fixed (7.94% for 5 years) $175 000.00
Variable (currently 5.11%) $123 630.24
For a month I have wondered if we did the right thing, or if we should have waited a tad longer. (Atleast, I now know we should have fixed straight away at 6.94% - but eh, what can you do?).
I got an email last week, the Reserve bank had raised their interest rates by 0.25%. The next day the Big 4 raised theirs. So, that was my answer. We did absolutely the right thing. (Hasn't hit our variable portion YET - will soon...)
I have also read that there will probably be another raise in December. Whew!
split loans finalised, finally!
October 11th, 2009 at 07:55 pm