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  • 20 months ago I negotiated a 1% cash contribution from BNZ, and ended up selling the property as I no longer live in it. Just got the whole 1% clawed back, since I'm shy of the 24 month cutoff.

    Has this happened to anyone else? Seems a bit vicious to me..

    Comment


    • Originally posted by Neongreen View Post
      20 months ago I negotiated a 1% cash contribution from BNZ, and ended up selling the property as I no longer live in it. Just got the whole 1% clawed back, since I'm shy of the 24 month cutoff.

      Has this happened to anyone else? Seems a bit vicious to me..
      Must have been in the contract you signed.
      I have one with BNZ and tied to 4 years - after year 1 lose 25%, 2=50% etc

      Comment


      • Yip, would just be whatever was in the contract.

        The most recent one I signed for my PPOR new-build has a 4 year structure as Wayne says above. The previous one I signed for my rental property had a 2 year clause with no structuring component; interestingly I posted about it on these forums at the time when others were saying that BNZ only gave 4 year terms, yet somehow I got a 2 year one. That 2 years will actually be up in a few months time.

        Comment


        • Originally posted by Neongreen View Post
          20 months ago I negotiated a 1% cash contribution from BNZ, and ended up selling the property as I no longer live in it. Just got the whole 1% clawed back, since I'm shy of the 24 month cutoff.

          Has this happened to anyone else? Seems a bit vicious to me..
          Pretty standard and a 48 month clawback now with BNZ. Sucks.
          Your Home Loan - Wellington Mortgage Broker
          [email protected]

          Comment


          • Interest rates up
            5yr rates at Westpac now over 6%.
            "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

            Comment


            • I was going to pay back a kiwibank loan I had had a cash contribution for and they were going to ask for about 1/2 of the contribution back as it was within the term so I left $3-4k on the loan which I'll pay off when the clawback term is up later in the year.

              Craig

              Comment


              • Heh, stupid.

                Comment


                • Originally posted by Courham View Post
                  I was going to pay back a kiwibank loan I had had a cash contribution for and they were going to ask for about 1/2 of the contribution back as it was within the term so I left $3-4k on the loan which I'll pay off when the clawback term is up later in the year.

                  Craig
                  Smart
                  Good thinking. About 5 years ago we had a loan with Westpac then moved over to ANZ due to restructuring and I recall them asking for the 4k Cashback but we refused as at that time we never signed any clawback
                  www.PropertyMinder.co.nz
                  # Property Management
                  # Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices

                  Comment


                  • Anyone know what discounted rates Westpac offering with a refix on 550K borrowing
                    at present ?

                    Cheers

                    Comment


                    • Not Sure about Westpac but I received this from TSB;

                      New lending $465,000
                      LVR 59.13%

                      6 months 4.75%
                      1 year 4.45%
                      18 months 4.65%
                      2 years 4.65%
                      3 years 5.05%
                      4 years 5.55%
                      5 years 5.69%
                      Variable 5.40%
                      Cashback $2200

                      P.G

                      Comment


                      • With all this talk of rates going up thought you might be interested in a graph I threw together.

                        Hamish Patel | ph: 09 625 4693 | mob: 021 625 693
                        My Website
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                        Comment


                        • Good stuff Peter and Hamish - appreciate both of your posts.


                          Still good to hear of other offers from any bank ?

                          Comment


                          • Originally posted by mortgage broker View Post
                            With all this talk of rates going up thought you might be interested in a graph I threw together.

                            Careful.. When it comes to the world of finance the past is the past and provides minimal reflection on the future.

                            Rate cuts and increases are asymmetric.

                            Rate cuts are largely driven by decreases in central bank reference rates and declining credit spreads but increases can be due to a variety of triggers including OCR hikes, increases in bank funding costs, downgrades in sovereign credit ratings, imbalances between supply and demand of capital, risk aversion and a good old fashioned credit crunch.

                            When you're in black swan territory then many of these factors can occur simultaneously.

                            Comment


                            • The best indicator of the future is swap rates and at the moment they are dropping. 2 year swaps are going down.

                              http://www.interest.co.nz/bonds/8753...so-showed-mild

                              Comment


                              • Originally posted by Viking View Post
                                The best indicator of the future is swap rates and at the moment they are dropping. 2 year swaps are going down.

                                http://www.interest.co.nz/bonds/8753...so-showed-mild
                                That's not a very reliable indicator.. We've been sitting at 5,000 year low interest rates for the last 8 plus years now. The best indicator of a policy shift is whether the FED will develop a sense of self-awareness with respect to its complicitness in crushing the insurance/superannuation/active investment industries or whether they'll myopically plough ahead in their quest for consumer inflation/full employment..

                                Yellen seems reasonably intent on tightening, and China (who generated 50% of the worlds debt growth in the last 12 months) is definitely tightening. Abe is coming around and Draghi is still lost in the woods.

                                If you think that we're in normal times you have no clue.
                                Last edited by WINZ; 17-05-2017, 11:29 PM.

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