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split loans finalised, finally!

October 11th, 2009 at 11:55 am

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!

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