Finding the lowest mortgage rates available and current mortgage rates at the time you are getting your loan organised is key to the ongoing cost of having the mortgage.

This is where having a good Mortgage Broker can save you time and money. They should have excellent access to the most up to date information, plus countrywide mortgage options.

FIXED MORTGAGE

• An advantage of this is that you can accurately work out what your payments will be, and they will not change during the "fixed term".

• Another advantage would be that if the cost increased, you would not have to pay any more during the time your loan is fixed.

• A disadvantage would be that if amount charged dropped you could not take advantage of this.

FLOATING MORTGAGE

The amount your repayments are, depends on what is on offer at the time.This will probably change on a regular basis, and may go up or down. Floating mortgages can change by tomorrow, but historically they move gradually day by day rather than in big leaps.

• The advantage of floating is that you can pay more than the minimum repayment each time if you want to.

• Another advantage is you are able to re-finance with another lender more easily (subject to terms and conditions of your loan).

• A disadvantage is that in general, in New Zealand, floating will be higher than fixed.

Check out the CURRENT HOME LOAN INTEREST RATES including the Mortgage Trend

MORTGAGE INTEREST RATES CALCULATOR

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VARIABLE CONSUMER CREDIT INTEREST

Consumer Goods

• The interest is calculated daily on the balance of your loan each day, at the rate agreed in your loan contract.

Pay It Off Sooner

• However, it is important to note that some lenders will penalize you for making additional or early repayments.

• Abacus Finance do not charge you extra for early repayment or for extra repayments during the term of the loans.