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Transcript

Don't Panic: Your Complete Guide to Mortgage Decisions in 2025 · That Home Loan Hub

• 0:10
  Speaker 1: Kia ora, and welcome back to the show on how to refix your mortgage in smart way in 2025.
• 0:16
  Speaker 1: This is the expanded version of the previous recording that I've done.
• 0:20
  Speaker 1: A lot of you reached out to me after the checklist episode that I've done, wanting for me to expand a little bit more in detail.
• 0:29
  Speaker 1: So hey, if you haven't listened to that one, go back and listen to the checklist for the refix, and if you want that checklist, please let me know.
• 0:36
  Speaker 1: We'll send you one.
• 0:37
  Speaker 1: So let's dive in.
• 0:39
  Speaker 1: Today's episode is for everyone with a mortgage or thinking about one.
• 0:44
  Speaker 1: We're talking about refixing your mortgage in 2025 and how to do it in a smart way.
• 0:51
  Speaker 1: If your fixed rate is ending or you're floating and wondering what to do next.
• 0:55
  Speaker 1: This is your checklist, your guide, your behind the scenes insight from someone who is walking this journey every day with clients just like you.
• 1:05
  Speaker 1: First, let's talk timing.
• 1:08
  Speaker 1: Do you know the exact date your fixed term ends?
• 1:11
  Speaker 1: I've seen it too many times Someone misses that date and suddenly they're on floating rate around 8% without even realizing that can mean hundreds of dollars more per fortnight in repayments.
• 1:24
  Speaker 1: So, step one pull out your loan statement or log into your app or message your bank and find that exact expiry date.
• 1:34
  Speaker 1: Don't wait until the last minute.
• 1:36
  Speaker 1: Give yourself and us at least six to eight weeks to explore options.
• 1:41
  Speaker 1: Next, what is your bank offering?
• 1:45
  Speaker 1: Often, they'll suggest a default refix option, but let me tell you that's not always the best offer.
• 1:53
  Speaker 1: Some lenders quietly give better rates to those who ask or to brokers like me who negotiate for you.
• 1:59
  Speaker 1: So don't just click, accept, ask questions and compare.
• 2:05
  Speaker 1: I get it.
• 2:06
  Speaker 1: Rates have been high, headlines are scary and no one wants surprise bills.
• 2:10
  Speaker 1: But please want surprise bills, but please don't fix your mortgage out of fear.
• 2:15
  Speaker 1: Ask yourself are interest rates expected to rise or fall over the next 12 months?
• 2:26
  Speaker 1: Do I need certainty in my budget or can I handle a little flexibility?
• 2:28
  Speaker 1: Am I planning any big life changes, like a move or a baby or renovation, in 2025,?
• 2:34
  Speaker 1: Many economists are predicting that rates will start to drop slowly, and so far we have seen some drops already.
• 2:41
  Speaker 1: So locking in a long-term fix at the top of the market could actually cost you more overall.
• 2:48
  Speaker 1: Instead, more of my clients are choosing one or two-year fixes, keeping it short, riding the wave and leaving the door open for lower rates later on.
• 2:58
  Speaker 1: But again, get a personalized advice for your situation, because not everyone's situation is the same.
• 3:08
  Speaker 1: Now the common question we get asked should I split the loan?
• 3:12
  Speaker 1: This is one of my favorite ones.
• 3:15
  Speaker 1: Let's say you've got a mortgage of $600,000.
• 3:19
  Speaker 1: Instead of fixing it all for two years, you could fix $300,000 for one year and fix the other for two years.
• 3:26
  Speaker 1: Why would I do that, you might ask?
• 3:29
  Speaker 1: Because it reduces the risk.
• 3:32
  Speaker 1: Half of your loan comes up for review sooner, so you can respond to market changes.
• 3:36
  Speaker 1: It's like hedging your bets.
• 3:38
  Speaker 1: It also helps with budgeting.
• 3:41
  Speaker 1: Your payments are staggered and you don't lock everything in at today's highest rate, and we've seen it happen before in 2025, when a lot of people were still locked in for a five-year rate or even a 10-year rate at that time.
• 3:54
  Speaker 1: So when the low rates have hit, they were struggling to break their bigger loans to move on to the smaller rates.
• 4:01
  Speaker 1: The bank won't always tell you this.
• 4:03
  Speaker 1: Here is something not every bank will tell you.
• 4:06
  Speaker 1: You can negotiate Even if you're not switching lenders.
• 4:11
  Speaker 1: You can ask your bank for a better interest rate, a cashback for loyalty or a lower fee for early switching or break costs, and, as a mortgage advisor, I'd do this negotiating for you.
• 4:24
  Speaker 1: You don't have to go and do it alone.
• 4:26
  Speaker 1: So before you say yes to your bank's offer, shop around or talk to someone who can shop for you and look.
• 4:34
  Speaker 1: Let's run through a quick checklist before you lock in your new rate.
• 4:38
  Speaker 1: One what's your current financial situation?
• 4:41
  Speaker 1: Has your income changed?
• 4:43
  Speaker 1: Any new expenses on the horizon, like the school fees, health bills or job shifts?
• 4:48
  Speaker 1: Two do you have a rainy day buffer?
• 4:51
  Speaker 1: If rates stay high for another year, can you still manage your payments comfortably?
• 4:56
  Speaker 1: Three are you planning anything big Renovation, a new baby, selling your home?
• 5:03
  Speaker 1: All of this can affect how long you should fix.
• 5:06
  Speaker 1: Four have you compared lender offers?
• 5:09
  Speaker 1: Don't just look at interest rates.
• 5:11
  Speaker 1: Look at fees, cashback, flexibility and how easy they are to deal with.
• 5:16
  Speaker 1: And five what's your risk comfort?
• 5:20
  Speaker 1: Are you someone who likes peace of mind and fixed repayments, or can you handle a bit of rate fluctuations to save long term?
• 5:27
  Speaker 1: And if you want this checklist in writing, head to the show notes or message me.
• 5:30
  Speaker 1: I've made a free printable version for you to use.
• 5:33
  Speaker 1: Now.
• 5:34
  Speaker 1: Look, refixing isn't just a one-click decision.
• 5:37
  Speaker 1: It's a chance to reset your mortgage strategy.
• 5:40
  Speaker 1: Take the time, get the advice and don't be afraid to challenge what your bank suggests.
• 5:46
  Speaker 1: Your mortgage is likely your biggest financial commitment, so let's make sure it's working for you, not just at you.
• 5:54
  Speaker 1: And remember I do this every day with people just like you.
• 5:57
  Speaker 1: You're not alone.
• 5:58
  Speaker 1: If you're feeling unsure, send me a message.
• 6:01
  Speaker 1: I'm here to help.
• 6:02
  Speaker 1: And don't forget that every fortnight, on a Thursday, I run a webinar.
• 6:06
  Speaker 1: So if you want to hear more, comment, webinar and I'll send you the link.
• 6:09
  Speaker 1: Thank you, until next time.