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No it started out as second tier then the bank got wobbly and sold the mortgage to a 3rd tier bank who are taking the proverbial.
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It takes a lot of hoops to jump through in Australia & NZ to earn the privilege of being called a bank.
Hopefully in NZ there will be one more soon.
These lenders, which have their place, are not banks.Comment
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Thanks to the tips I got from this forum, I negotiated 5.99% for 5 years with National/ANZ, I prefer the long term security for this particular property thanks again team.Comment
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Actually I think you should be able get better.
That is just the advertised rate at Westpac.Comment
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go and burst his(her) bubble then. The Westpac 5.99% is a special for a limited time but ...Originally posted by BigRedDog View PostComment
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I was offered rock bottom 5.89 for five years from Westpac, and I typically get great deals, due to having large loans etc. So I think 5.99 is probably OK.Comment
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Sorry if I was a downer.
Didn't mean to sound like one... just trying to help you get a better deal
Glad you are happy.Comment
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They had the deal, too late for a better one.Originally posted by BigRedDog View Post
I have found that the only way to do it is to have lots of mortgages so if you sign and a better rate comes up (it always does it seems) then at least the next mortgage off the block might be better. Keeps depression at bay.Comment
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Originally posted by Eugene View Post
Yep, and if we saw this conversation in a dream about the future, say 1 to 10 years ago, we would think the people are nuts debating about something under 6% for 5 years.Comment
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True - but I know if I accepted that the rate would drop to 5.5% and I would kick myself. Tony Alexander said last week that a rate of around 5.5% for 3 years would interest him, I wonder what he would say about 5.89% for 5?
These are truely remarkable times but as the continue for longer and longer they become the norm.Comment
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Yep, and the problem now, is that floating is higher than fixing.
I am thinking of just doing short term fix's 6 months to 1 year, to stay in the game.
And then fix longer 3 to 5 years, when finally rates do start rising.Comment
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I have been doing short fixed like that for a while now when the fixed is below the floating. Each time wondering if 6 months is too long - but it isn't!Comment
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A good broker can usually negotiate a good deal; however, it will take a really good broker to ensure the momentum of a property investor is not taken away by its financial situation...Comment
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This is all just too hard. I have an offer of 5.74% for 5 years. The last time I fixed for 5 years 6.3% seemed like a good idea (May 2009) but I could have saved some good money since then floating.Comment
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Two relative outsiders made the play today.
1. Green Moon.
2. RBA held rates steady....had been widely tipped to cut.Comment
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