Interest Rates

[Eugene]

Yeah I saw that, the banks must really love Toasty. Big loans well managed I'd say

[Toasty]

I was thinking of doing another thread but enough people are on here.
Wouldnt mind knowing what floating rates people are getting, what sort of a discount off the floating rate, and approx value of loan.
If its under 500k or 500k to 1m, or 1m plus - as I guess those are factors.

As toasty infer's he's got a 5.0% floating rate - how on earth did you get that

$1.9 mill refinance from BNZ to ANZ.
5.0% floating
5.05% 1 year
5.19% 2 year
5.5% 3 year
5.9% 4 year
6.19% 5 year

Plus $6k legal but just paid in cash to my account. Sounds a bit dodgy when I say it like that.... BNZ just threw their hands up. They could match the rates they reckon but the cash was a different story. I am going to burn through a bit of it for valuations and the like but I should be able to turn a small profit.

[Bluekiwi]

Thats not bad, I guess you had a decent LVR, I moved to BNZ to get 90% LVR (for 4 properties they have an Investor special).
I have a contact if anyone interested.

ANZ supposedly have the harshest lending criteria.
But my broker couldnt find any bank to match BNZ.

And I like the BNZ internet banking.

But hey 6k on legal fee's to swap over, thats mighty impressive, well done.

p.s. that 5 year rate must have been tempting.

[Toasty]

LVR is right on 80% but one of the properties is 6 flats on a single title which they will only do 65% on so that skews things a bit. I could get it down but I like to keep my cash to myself. They went through my position statement with a fine tooth comb as well.

[Eugene]

Thanks Toasty.
That is very good. I think the 6K fine, not dodgy, as was an incentive or gift, probably not asked for, good that you didn't call any of it contribution to legal fees, as these are deductible, for refinancing at least, so accordingly any contribution to legal should be assessable.
As a comment your LVR must be good too (trying not to be too nosy)

[Toasty]

Thanks Toasty.
That is very good. I think the 6K fine, not dodgy, as was an incentive or gift, probably not asked for, good that you didn't call any of it contribution to legal fees, as these are deductible, for refinancing at least, so accordingly any contribution to legal should be assessable.
As a comment your LVR must be good too (trying not to be too nosy)

I use my unencumbered primary residence to prop the LVR up . I must get on to restructuring this at some point but I like to think that the equity in my home is at least doing something. All IPs are interest only and I usually finance at 100% of purchase. In a few months I might be able to disconnect the family home from the equation as my latest place was purchased at $80k under rateable value. Couldn't use the valuation as part of this refinance as it hasn't been six months yet.

[SwissKiwi]

1m+ floating @5.05% NBNZ

ps: Threatening to walk helps.

[Maccachic]

5.65% floating thru National when I flicked them a bank mail saying Kiwibank looked interesting. Under $200K maybe I should have asked for a bigger discount.

[unhinged]

$700k + floating Kiwibank 5.25%

[Scott Miller]

I have just had a customer so happy with the refinance offer I has secured for him and his wife that he sung a jingle as he left the office!!!

I refinanced this customer from his existing lender to Westpac.

I was able to secure the following.

Refinance: $430,000.00

$500.00 administration fee waived.
$3,500.00 for the client for switching lenders and to help with legal costs.

1% off the floating interest rate.
5.09% for 6 months
5.09% for 1 year
5.39% for 18 months
5.29% for 2 years
5.60% for 3 years

The above deal enabled the client to save over $1,300.00 per month in mortgage costs and will give him an extra $2,500.00 do do what he wants with - Result!

[shami]

Uhhh, thats really a big savings for your customer.

[Bluekiwi]

The banks are able to offer quite good deals to good customers with nice LVRs.
How good Scott can you get on something that is over 1m and 90% LVR, with the top up to 90% being as a RC facility.

[Wayne]

S%#t - they are robbing me blind. Kind of depressing and enlightening at the same time.

[Scott Miller]

The banks are able to offer quite good deals to good customers with nice LVRs.
How good Scott can you get on something that is over 1m and 90% LVR, with the top up to 90% being as a RC facility.

Hi Bluekiwi,

Without knowing a little more about your personal situation it is hard to say. But let's just say the bigger the loan, usually the bigger the welcome package.

Feel free to contact me if you would like to know more.

Regards

Scott

[mortgage broker]

Blue Kiwi, I reckon that if the deal was to work servicing wise, you would want to get approx 4.99% floating.