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So my sister wants an EV. Its been a string of good luck or she knows something I don't and i find out about this and banks aggressively pushing the last of their rule of 78 with good rates.
Question is, she asked for my advice if she should wait. I feel like the new EIR will be higher to offset the loss of profit from recurring balance mechanism, but that transparency also means banks will have to be competitive with their EIRs since everyone can simply compare EIRs. But the banks will naturally protect their bottom line first.
I do think that variable would work out better long term since our OPR is near the peak and actually trending down (the gamble for next 8 years). But an aggressive fixed rate currently banks push may render the need to wait moot.
My sister is probably the borrower banks dream of. She has healthy credit and salary, and works for the government and is amenable to direct salary deduction via BPA if she can get better rates. She also can absorb the interest rate with her current investments (ASB, etc)
I feel like she can do better from what banks offer her now.
What is the gold standard for the rates now for government servants?