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one of the stronger possibilities was the introduction of new rules for banks lending to investors who own several houses.
The rules were meant to be introduced in June last year but were delayed.
The rules would be to treat owners of multiple properties like small business owners, forcing banks to hold more capital as a buffer to cover their lending
For property investors, the effects could be higher equity requirements the next time they bought a house.
However, competition among banks to lend money was so strong, the cost of commercial lending might not get passed on, Loan Market mortgage adviser Bruce Patten said.
The banks had a lot of money to lend, and lending restrictions on first home owners had been crimped, "so they'll be trying to find ways to redistribute their money".
If I change banks I can get cash back, 5k per 7000k. Only the broker says banks are starting to get wise about churning and might not take customers back who chop and change too much, would be interested to know if anyone has experienced this.
Am erring towards taking a shorter rate, even though economists are not saying they think interest rates will fall; they are only saying, when asked by a journo, that interest rates could possibly fall.
Has anyone tried negotiating insurance via the bank as an incentive? Since the banks want to sell you insurance, there might be mutual benefit in taking insurance instead of cash (or as well as).
Another question, accountant tells me that cash backs are assessable income. Yet (at least a few years ago) they were unsolicited gifts, which I would think not taxable. Does anyone know if the IRD has a ruling on cash backs? If a cash back were given specifically to be applied to legal fees, which for refinancing are tax deductible, then it follows it would be assessable. But often the cash backs are far higher amounts than the legal fees.
Another question, accountant tells me that cash backs are assessable income. Yet (at least a few years ago) they were unsolicited gifts, which I would think not taxable. Does anyone know if the IRD has a ruling on cash backs? If a cash back were given specifically to be applied to legal fees, which for refinancing are tax deductible, then it follows it would be assessable. But often the cash backs are far higher amounts than the legal fees.
Sounds a bit better. Does it work? Does it work with Kiwibank??
It works if they want to keep you esp if you have high equity Plus you can try it out on a few other banks at the same time. Ive used Bank mail in the past easier sometimes that face to face, sometimes they ring you for a catch up (to sell something) hit em up them.
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