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  • Just to show how keen lenders are to keep existing customers.

    I had a client who just wanted to break his existing loan in order to take advantages of the lower interest rates being offered (and he had no intention of leaving his existing lender).

    In my application I asked for their best discount of the break fee. Their reply was 'this is a direct cost to the bank and we don't discount on break fees'.

    My reply was one of 'I see your point but it would be remiss of me not to mention your competitors are currently doing this very thing'.

    Today I got a follow-up email saying they had reconsidered their position and was able to offer a 50% discount if the client stay with the lender and the action was completed by the COB today.

    So I have just saved a client $1,883.15 on his break fees allowing him to save over $2,000.00 a year in interest payments.

    Happy..... I couldn't shut him up!!

    I love being a Mortgage Adviser.
    Scott Miller - Mortgage Broker
    Ph: 03 980 4541 M: 021 34 36 48
    AMS's website My email

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    • Your guess will be better than mine, Austro.
      This stuff is really all way above my head.


      LATER EDIT

      Maybe this is your answer, Austro?

      Kiwibank Cuts More Mortgage Rates

      Cheaper offshore funding costs have allowed
      the banks to reduce mortgage rates.
      Last edited by Perry; 17-05-2012, 07:39 PM.
      Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

      Comment


      • How would you phrase a demand on a current bank you have quite a large amount on Floating.

        I am timing my move on BNZ and not sure exactly how I am going to phrase my request for a better floating rate.

        Plus I am working on ASB for a deal on my PPOR, just sent an email.
        Would you expect a low equity fee these days on a LVR of 90% on a PPOR - i wouldnt have thought so ???

        I am restructuring, selling a house, and just moving a few things around, so I have a large R/C account to my property business.

        Maked you sleep better having a large fat R/C account.

        Comment


        • Originally posted by Bluekiwi View Post
          How would you phrase a demand on a current bank you have quite a large amount on Floating.

          I am timing my move on BNZ and not sure exactly how I am going to phrase my request for a better floating rate.


          Maked you sleep better having a large fat R/C account.
          Based on my experience of late I would suggest a mortgage broker for extra leverage. Just organised pre approval on another property and one of the quoted rates is 4.75% fixed for 1 year plus $2,000 towards costs.

          ANZ seems particularly hungry at the moment.

          Comment


          • Its my personal bank ASB where I have been in there talking to people.
            When my mortgage broker first handled it, the bank actually said they would prefer to deal directly me at a branch level.
            But I guess that me as customer should tell them what I want.

            And yep always use a broker, all the time.

            Comment


            • Tell then X bank offered you this amount and that you are thinking of changing. I sent mine a bank mail and they matched Kiwibanks floating rate the next day - prob should have asked for a bit more off it.

              Comment


              • Originally posted by Maccachic View Post
                Tell then X bank offered you this amount and that you are thinking of changing. I sent mine a bank mail and they matched Kiwibanks floating rate the next day - prob should have asked for a bit more off it.
                Whats a "bank mail" ??

                Comment


                • from within a lot of on-line banking

                  there is an option to send the bank

                  a secure email

                  might be that
                  have you defeated them?
                  your demons

                  Comment


                  • Yup thats it

                    Comment


                    • It is entirely possible for those who have discounts on their floating rates, to be paying < 5% within the next couple of months.

                      These are the lowest rates in 50 years.
                      Patience is a virtue.

                      Comment


                      • HOT OFF THE EMAIL!!!

                        Three banks have made more home loan rate cuts. ASB has trimmed longer term rates; Kiwibank has matched its rivals in the one year term while Westpac has made a number of cuts across the short and mid term maturities.

                        https://mail.google.com/mail/?shva=1...75cbd1c397c693
                        Patience is a virtue.

                        Comment


                        • Couple of beers last night with mates who are still in banking - since the media and Bernard Hickey suggested asking for discounts on home loan rates, all they've been dealing with for two solid days is people ringing, emailing and visiting the branch to arrange these discounts. Serves them right for not lowering rates earlier I guess.

                          Comment


                          • I've been talking wth my personal banker at Westpac and she has magnanimously returned with a 0.75% discount from their over-inflated standard rate. I think I'm going to have to wait a while to compose my reply!
                            My Profile

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                            • Hi Drelly, let me know how you get on with Westpac please, I'm thinking the same, I have argued with them in the past about why they have two different floating mortgage rates. We are on the 6.24% one but under the government employee package we do get .5% off, but that just about matches every other banks full floating rate.
                              Love the bank and it would be a real pain to change 6 mortgages over.

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                              • Lower rates

                                If you have a mortgage offer on a fixed rate and have not yet settled, ask the Bank for a new lower rate. Done 3 today and shaved 0.2% of all of them, happy customers!
                                www.ilender.co.nz
                                Financial Paramedics

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