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Should you fix your mortgage now

By Tim Marsh

Good article from Property Observer about whether you should fix your mortgage now.

PO says: “With economists predicting official interest rate rises next year and banks starting raise their fixed rates, we spoke to mortgage experts to ask if now is the right time to moved your mortgage to a fixed rate.”

The summary?

  • Fix for 1-3 years: 1
  • Fix for 3: 1
  • Fix a portion: 1
  • Non-committal: 1

Shane Oliver of AMP Capital put it nicely:
Fix for 3 years:The best thing to do is fix when interest rates are at a low level. Some people make the mistake of only fixing after interest rates have been up for a while and they find they are locked in at the top. Right now we’re either at or close to the bottom of the interest rate cycle so it does make sense to start to lock in a relatively low interest rate.
Shane Oliver – Head of investment strategy and chief economist, AMP Capital

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