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Mystery Cat,
How come the 5k contribution?
You must be a very valuable customer with multiple mortgages?
I think this is standard now. For every new $100k in lending up to say 1mil, you should be able to get $1k back. I do have some mates that are lawyers, and they are saying this is the average at the moment too. I am just your average investor, nothing like the big guns on here.
There are no hard and fast rules. I just got a loan from BNZ. i got a good rate of 4.9% for a year and two years. But in terms of my LVRs i was clearly pushing it. So i did not even ask for cash. I was glad to get the money. If i was comfortably under the LVR limit i would have been more bullish. Banks know when you are desperate and when you are a flight risk, and they play their cards accordingly the best they can.
I guess the 1k per 100k of borrowing makes sense, I got $3,500 cash for borrowing 370k but have an overdraft facility up to 450k which I am not drawing down any time soon so the 3.5k cash is in line with what Mystery Cat got.
I guess the 1k per 100k of borrowing makes sense, I got $3,500 cash for borrowing 370k but have an overdraft facility up to 450k which I am not drawing down any time soon so the 3.5k cash is in line with what Mystery Cat got.
Only got 3.5k for 550k in total ...4.99% but 150k is in the sharemarket (which banks just hate)...50%LVR
and I had to work to get that!! but guess Auckland the money makers are free and easy with the $$$$
Well, I fixed last month with WPT 5.19% this is before the OCR drop, I know. I fixed for 1 year @ 5.19%, current 1 year rate is 5.49%. Assuming there is no brake cost which I don't think there will be, maybe an admin cost? Should I ask them to change the rate to 4.99 or 4.89 as I'vie heard ANZ is offering 4.89% 1 year with around 5K cash for about 500K mortgage. Well, I am sure WPT are aware of this and might change the rate on mine? Thoughts?
I hope farmers took advantage of boom prices to lower their debt levels.
Those who increased their debt may be feeling nervous.
NZ dollar falls on weak dairy auction
The price of whole milk powder - which is responsible for about 75 per cent of Fonterra's farmgate milk price - fell by 10.8 per cent to US$2054 a tonne. Fonterra's current milk price forecast of $5.25 per kg of milksolids for 2015/16 is based on GDT prices reaching about US$3500 a tonne towards the end of this season.
Nigel Brunel, director financial markets at OM Financial, said the auction was a "shocker". "Clearly concerns about oversupply and weak demand are driving the market," he said.
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