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What a difference a year makes

Friday, December 17th 2010, 3:56PM

Economists have been suggesting for quite some time now the best place for your mortgage is floating. However they are now saying that its probably not a bad idea to put a portion of your mortgage on to a fixed rate.

The above graph shows the gap between the major banks (ANZ, ASB, BNZ, National and Westpac) median floating and two-year fixed rates has narrowed significantly in the past 12-months proving the second part of the paragraph above as a viable option.  The margin between the two rates was 120 basis points in January to only 35 points in December.

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