Repaired rate: A loan where in fact the interest does not change within the term of the loan otherwise during a particular time, no matter whether new Reserve Lender official dollars price rises or down.
Floating rates: An interest rate you to definitely changes if authoritative dollars rate put of the Set aside Bank of new Zealand increases or off.
Guarantee: A vow you will be making to spend another person’s mortgage if they are not able to fulfill its called for costs or break their financing deal. (more…)