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  • Fixed 280k at 6.5% for 5 years (could have done 3 years at 5.99%)
    Blue which lender did you get those rates with mate?

    Have a loan coming off 5 years fixed with Sovereign (who don't seem very competitive on their rates at the moment) and want to fix another 5 years.

    Throw your heart over the bar and your body will follow - Norman Vincent Peale

    Comment


    • Originally posted by nzfrazer View Post
      Blue which lender did you get those rates with mate?

      Have a loan coming off 5 years fixed with Sovereign (who don't seem very competitive on their rates at the moment) and want to fix another 5 years.

      Westpac.
      First attmept from them was .2 of all rates.
      My broker and I said they needed to do better considering we were under 80% LVR.
      They then came back at around that .65 better than published.
      I was just going to go 3 years, but since they had given me such a great rate I was happy to go out 5 years.

      I dont think you can go too far wrong with 6.5% for 5 years.

      Comment


      • Mate I fixed that loan back in 09 at 6.75% so 6.5% would be sweet.

        LVR is pretty low about 60% on that property so should be able to negotiate.

        Big mistake fixing when I did but hey you can't win em all.

        Throw your heart over the bar and your body will follow - Norman Vincent Peale

        Comment


        • Hi
          What amount of "business" do you have to have with them to get 0.65 off ?
          I have around $600K of borrowing currently and have only been getting around 0.35 off.
          Thanks
          Richard





          Originally posted by Bluekiwi View Post
          Westpac.
          First attmept from them was .2 of all rates.
          My broker and I said they needed to do better considering we were under 80% LVR.
          They then came back at around that .65 better than published.
          I was just going to go 3 years, but since they had given me such a great rate I was happy to go out 5 years.




          I dont think you can go too far wrong with 6.5% for 5 years.

          Comment


          • Originally posted by richard56 View Post
            Hi
            What amount of "business" do you have to have with them to get 0.65 off ?
            I have around $600K of borrowing currently and have only been getting around 0.35 off.
            Thanks
            Richard
            The banks are random mate, sometimes they come to the party and some times they tell you to get lost.
            If you have a quote from another bank I reckon you will get better deal.

            Comment


            • Originally posted by Bluekiwi View Post
              Broke 2 loans that were coming off Fixed in July and August.
              Fixed 280k at 6.5% for 5 years (could have done 3 years at 5.99%) as I am going long.
              Now I have 95% of my debt fixed out till 2018 / 2019.
              Security is peace of mind for me with my level of debt, but my hold portfolio is maxed out.
              I can work on ways to reduce my total exposure for when I come off fixed in half a decades time.
              What were your break fee's like blue kiwi if you don't mind me asking?
              I have 3 coming off fixed terms in April with Westpac.
              Last edited by Perry; 06-02-2014, 06:31 PM. Reason: fixed quoted text

              Comment


              • Originally posted by north shore View Post
                What were your break fee's like blue kiwi if you don't mind me asking?
                I have 3 coming off fixed terms in April with Westpac.
                Not a problem, my fixed terms ended July and August, and both had $300 fee's.
                One loan was at 5.09 anyway so did not incur a cost, the other was 1k.
                So 1.3k.

                Depending on what rate you are currently on, if its a short term fix the rates should be lower and the break fee not so high.
                A longer higher rate will cost more.

                For me, its all about getting in now, and getting anything I can fixed out to 5 years as I am pretty sure, and BNZ and ANZ back it up in there reports these last 2 days, that interest rates will be higher for longer based around constraints in getting the Canterbury rebuilt complete.
                I wouldn't want to be coming out of fixed in 2 or 3 years time.

                Comment


                • Originally posted by Bluekiwi View Post
                  Not a problem, my fixed terms ended July and August, and both had $300 fee's.
                  One loan was at 5.09 anyway so did not incur a cost, the other was 1k.
                  So 1.3k.

                  Depending on what rate you are currently on, if its a short term fix the rates should be lower and the break fee not so high.
                  A longer higher rate will cost more.

                  For me, its all about getting in now, and getting anything I can fixed out to 5 years as I am pretty sure, and BNZ and ANZ back it up in there reports these last 2 days, that interest rates will be higher for longer based around constraints in getting the Canterbury rebuilt complete.
                  I wouldn't want to be coming out of fixed in 2 or 3 years time.
                  Many thanks Bluekiwi, thinking along the same lines

                  Comment


                  • Originally posted by north shore View Post
                    Many thanks Bluekiwi, thinking along the same lines
                    Well I spoke to my new westpac priority banking guy today, hmmm $3000 total to break 3x 6.5% loans 2 months early.
                    Still no idea what they would offer for 5 years other than the advertised rate, whenever you ask them they say they have to ask the management unit.
                    Often think just give me their phone number instead, rather than this I'll get back to you.

                    Comment


                    • Originally posted by north shore View Post
                      Well I spoke to my new westpac priority banking guy today, hmmm $3000 total to break 3x 6.5% loans 2 months early.
                      Still no idea what they would offer for 5 years other than the advertised rate, whenever you ask them they say they have to ask the management unit.
                      Often think just give me their phone number instead, rather than this I'll get back to you.
                      Yeah I've thought that. It's the guys in the credit department who decide everything, so why deal with the middleman bank representative guy?
                      Squadly dinky do!

                      Comment


                      • Some interesting thoughts here from John Bolton.

                        http://www.squirrel.co.nz/mortgage-r...rategies-2014/

                        Comment


                        • Interesting link - thanks. I did enjoy the
                          comments about head in the sand. Then
                          this gem:
                          In the short-term we could disconnect
                          from some of these big imbalances, and
                          New Zealand could have its own little
                          party for one.
                          Rock star economy, anyone?

                          Rock bottom or rock star?
                          Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                          Comment


                          • Originally posted by Perry View Post

                            Rock star economy, anyone?

                            Rock bottom or rock star?
                            These things are relative. in a world of anemic growth and western countries barely growing at all, even a modest 2 or 3% rise in GDP is an outlier.

                            Comment


                            • Westpac has cut their 3 year rate While ASB has cut their 2 year rate. The base rates have Westpac still .09% higher than my offer and ASB 2 year rate only -04% lower.


                              I haven't received the documents from my lender to sign yet but a week ago I emailed a confirmation of the following rates (Split mortgage, with some floating)

                              Part on 2 Years @ 5.99%
                              Part on 3 Years @ 6.3%
                              Part on Floating at -40% discount to headline rate.

                              Those rates they told me were only valid until Tuesday last week, however we agreed to the rates in principle one could suppose.

                              Do you think these rates on offer to me are reasonable?

                              Should I just leave it out of good faith or try negotiate a better rate?
                              Last edited by Fenix; 16-02-2014, 01:03 AM.

                              Comment


                              • negotiate better. I got better ones last week.

                                Of course I had to ask more than once

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