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  • Originally posted by Wayne View Post
    You have to wonder what effect a reduction in the OCR has if banks don't lower their floating rate?
    Just what does it do?

    There was a suggestion last week by some politician (I think) that the banks shouldn't pass on any of the OCR cut and shore up their balance sheet - what's the point then?
    Fatter margins for the banks ...help the banks ... looking like the cut has done very little to help lower the NZD ....

    the Gov could drive down NZD just go out with a huge spending spree announcement ....market would hate reckless spending ....need Labour?greens in power that would scare the dollar.. ....dam conservative English>>>>

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    • Originally posted by JBM View Post
      Fatter margins for the banks ...help the banks ...
      So long as fatter margins drive more capital rather than dividend distributions.
      And so long at the capital raised here stays here rather than returns to Aus to help their capital adequacy requirements (which I have read is what is happening).

      Comment


      • Kiwibank passing on 20 to 25 basis points on floating.

        http://www.interest.co.nz/news/83051...points-topping

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        • Originally posted by Dunning View Post
          Kiwibank passing on 20 to 25 basis points on floating.

          http://www.interest.co.nz/news/83051...points-topping
          God bless Jim Anderton!

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          • Banks have been told to pass on any savings "in full" to borrowers.
            ?

            Everything I have sen said the banks were not expected to pass it on as their funding costs had increased.

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            • “Banks have indicated through their submissions that more time is required to enable them to meet the new restrictions that apply to investor loans nationwide, given the pipeline of loan pre-approvals made prior to our announcement in July. We understand that banks have been applying the new LVR restrictions to new loan applications since the LVR changes were announced. On that basis we will defer the formal introduction of the changes to 1 October in order to accommodate the backlog of pre-approvals,” Reserve Bank Deputy Governor Grant Spencer said.
              Purely for pre-approvals. Basically they don't want loans settled after 1st of September, which were pre-approved, to count against them. Obviously the banks don't want to cancel the pre-approvals, and some way of accounting for them must be made. One way to account for them would be to say "pre-approved loans don't count". Another way to account for them is to say "the rules apply from 1st October". The second is simpler, and is what they've gone with.

              As someone who has had a pre-approval for ~79% LVR approved just this week, I can't much complain.

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              • Lanthanide, which bank is that with?

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                • BNZ. To clarify, I had my application in a little over a week before the RBNZ changed the rules; was in a bit of limbo since then (due to other reasons), but they honoured it in the end.

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                  • How Low Can They Go?
                    Originally posted by Stuff
                    HSBC is offering New Zealand's lowest ever home loan rate of 3.79 per cent, but it is only available for wealthy customers.
                    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

                    Comment


                    • Good evening all, trying to re-fix my current loans for a year,

                      Been with Westpac for 7 years,

                      been offer 4.15% on 475,000 interest only

                      and then

                      4.25% on 545,000 (interest only), because the loan is in a company name so they know it’s ‘investment property’.

                      Also have some money on floating. 5.45%

                      Anyone else experiencing this new move by the bank which seems to be aimed squarely at making an extra dollar out of investors!?


                      What do you think of the rate, nothing too special about them given the recent drops with more to come?????​



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                      • I have found that BNZ and Westpac have moved towards this first - I deal with ANZ and ASB as well - they seem to be still in the market for investors who seek pricing.
                        Hamish Patel | ph: 09 625 4693 | mob: 021 625 693
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                        • Originally posted by mortgage broker View Post
                          I have found that BNZ and Westpac have moved towards this first - I deal with ANZ and ASB as well - they seem to be still in the market for investors who seek pricing.
                          I have had ANZ and BNZ come back to me with higher rates for one and two year terms than what they offered two months ago.
                          I asked if that was because investors are now less favoured than home owners but didn't get a clear answer.
                          Has anyone else had this happen?

                          Comment


                          • Eugene, what was your portfolio's LVR position with ANZ and BNZ respectively?
                            www.PropertyMinder.co.nz
                            # Property Management
                            # Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices

                            Comment


                            • Originally posted by Eugene View Post
                              I have had ANZ and BNZ come back to me with higher rates for one and two year terms than what they offered two months ago.
                              I asked if that was because investors are now less favoured than home owners but didn't get a clear answer.
                              Has anyone else had this happen?
                              im told ANZ internal measures (for bonus) have changed from new business generation to current customer base retention and satisfaction... If you threaten to up and leave you might see a rate reduction

                              Comment


                              • Originally posted by BigDreamer View Post
                                Eugene, what was your portfolio's LVR position with ANZ and BNZ respectively?
                                All still with ANZ.
                                Just over 2 m has just come off fixed.
                                LVR over 60 percent, cash flow positive

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