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interest rates up

June 9th, 2010 at 12:59 am

I got a letter in the mail from our bank yesterday. The Reserve Bank raised interest rates about a month ago, and now our bank is passing that on to us. Mind you, our payments do not go up until September.

Our new variable rate is 6.91% - and we get a package discount which takes it down to 6.80%.

Our fixed rate is 7.64%.

We have a split loan, part is variable and part is fixed, and the variable portion payments will go up ~$14 a week.

2 Responses to “interest rates up”

  1. Elisabeth Says:

    I don't think we split loans in US. More like a 1st and 2nd trust. Interesting to read how other places do it.

  2. whitestripe Says:

    well, on paper it's two loans.
    so when we log in to view our accounts, there is an account with a balance of -$122000.00 and another with a balance of -$170000.00

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