Originally posted by orion
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Originally posted by donthatetheplayer View PostIt seems like a funny thing to make up. This is a mostly anonymous forum... You have to take what you read with a pinch of salt.Facebook Property Chat Group NZ
https://www.facebook.com/groups/340682962758216/
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Same here. I felt the deal I was getting from my bank was not as good a some people who posted here, so I emailed my manager a link to this thread and got a much better deal. I think the reason is that the banks know that there are better deals out there, they just count on us the customers now knowing about these better deals. Once they know you are fully informed about the market, they know the game is up and they have to come up with the goods or risk loosing your business. Information is power, and thanks to PropertyTalk for keeping us informed. Keep sharing market intelligence!
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Originally posted by Judge View PostSame here. I felt the deal I was getting from my bank was not as good a some people who posted here, so I emailed my manager a link to this thread and got a much better deal. I think the reason is that the banks know that there are better deals out there, they just count on us the customers now knowing about these better deals. Once they know you are fully informed about the market, they know the game is up and they have to come up with the goods or risk loosing your business. Information is power, and thanks to PropertyTalk for keeping us informed. Keep sharing market intelligence!“Our favorite holding period is forever.”
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For those who have been stuck with a high fixed term rate like 5.85% for 2 years, here's a simple trick to break the terms for free without any break cost, and refix to a good rate.
All you need to do is email your bank with the following bullshit:
"Dear *** bank
I would like to break the fixed interest rates on mortgages ** and ***, and refix to either a 6 month or 1 year rate please.
I expect zero break fees.
I have been offered 5.05% for 6 month and 1 year by *NZ, plus $4000 cashback to refinance my loans.
However, as long as there is no break fee, I am very happy to stay with ***Bank, given your outstanding service for the past 5 years.
Cheers
XXX"
Then, you should expect your bank to comply with your request.
Kiwibank & BNZ last month have complied with my request, and offered me 5.05% for both 6 months and 1 year (I didn't bother to ask for longer rates).
Both banks offered cash back to cover the breakfee.
PS: My LVR is under 80%.
However, if your breakfee is very large, then no luck for you!
Good luck!
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I have been offered the following from ASB to finance a 500k loan. Any thoughts on this? I was thinking I was going to fix 400k on a 5 year rate to set and forget the loan and go 6 months on the rest should rates fall in the next 6 months.
6 months 5.05%
1 years 5.09%
2 year Fixed Interest Rate 5.15%
3 year Fixed Interest Rate 5.39%
4 year Fixed Interest Rate 5.39 %
5 year Fixed Interest Rate 5.39 %
Also getting 4k cash incentive
FHLast edited by Frezzinghot; 18-05-2015, 10:44 PM."DEBT BECOMES IRRELEVANT WITH INFLATION".
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Originally posted by Frezzinghot View PostI have been offered the following from ASB to finance a 500k loan. Any thoughts on this? I was thinking I was going to fix 400k on a 5 year rate to set and forget the loan and go 6 months on the rest should rates fall in the next 6 months.
6 months 5.05%
1 years 5.09%
2 year Fixed Interest Rate 5.15%
3 year Fixed Interest Rate 5.39%
4 year Fixed Interest Rate 5.39 %
5 year Fixed Interest Rate 5.39 %
Also getting 4k cash incentive
FH
But then again, those same people have been wrong the last 5 years.
Yet I heard a truism the other day by Raving Rodney Dickens that when the 2 to 5 year rates are lined up pretty much the same.
You are at the bottom of the cycle and it is a good time to fix long.
Think back 5 years in time.
Would you have been mildly happy to fix for 5 years below 5.5% ??
Times have changed.
But looking a gift horse in the mouth still applies.
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banks slash rates
ANZ has slashed its mortgage rates following a similar move by KiwiBank as speculation grows that the Reserve Bank will cut the official cash rate next month.
ANZ's biggest move was in its 4-year rate, which was fell by 74 basis points from 6.49 per cent to 5.75 per cent.
http://www.nzherald.co.nz/business/n...ectid=11451217
if you've negotiated a discount on a floating rate, say (6.5% to 6.0%)
and the bank drops the floating rate
does your discount drop too?have you defeated them?
your demons
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Originally posted by Bluekiwi View PostThere are a few major economists picking the longer term fixed rates to go up second half this year.
But then again, those same people have been wrong the last 5 years.
Yet I heard a truism the other day by Raving Rodney Dickens that when the 2 to 5 year rates are lined up pretty much the same.
You are at the bottom of the cycle and it is a good time to fix long.
Think back 5 years in time.
Would you have been mildly happy to fix for 5 years below 5.5% ??
Times have changed.
But looking a gift horse in the mouth still applies."DEBT BECOMES IRRELEVANT WITH INFLATION".
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Originally posted by eri View Postif you've negotiated a discount on a floating rate, say (6.5% to 6.0%)
and the bank drops the floating rate
does your discount drop too?
I suggest you check particular terms of your loan - what I've stated above is what I've signed with BNZ and previously with ASB , it might be different with other banks.
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Originally posted by ivanp View PostThe discount is called "customer margin" and is preserved when the floating rate changes, i.e. when the floating rate drops, your actual rate should drop too.
I suggest you check particular terms of your loan - what I've stated above is what I've signed with BNZ and previously with ASB , it might be different with other banks.
Floating mortgage rates have not moved over the past three months, with Westpac still leading the banking pack at 6.59 per cent.
However, the Reserve Bank's official cash rate, which is closely tied to floating rates, is now poised to move down again.
ANZ economists Cameron Bagrie and Philip Borkin said the drop would happen sooner rather than later
forecasting cuts in both June and Julyhave you defeated them?
your demons
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Just got these rates from ASB (via my broker) for $430k loan:
06 months 5.80% p.a.
12 months 5.99 % p.a.1-year 'limited time' Special of 5.59%
18 months 5.99 % p.a.
24 months 5.99% p.a. 2-year 'limited time' Special of 5.39%
36 months 6.29% p.a. 3-year 'limited time' Special of 5.39%
48 months 6.39% p.a.
60 months 6.49% p.a. 5-year 'limited time' Special of 5.65%
We have since negotiated a 2 year rate of 5.19% which is valid until 4pm today.
Squadly dinky do!
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Originally posted by Davo36 View PostJust got these rates from ASB (via my broker) for $430k loan:
So I seem to have been quoted higher rates than just about anyone on this forum!Last edited by Perry; 19-05-2015, 08:59 PM.
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