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Either that or the person they spoke with in the call centre who was amongst the lowest paid in the bank entered the wrong keystroke. What you're putting down to banks being evil is more likely due to some 50 year old woman who was untrained due to cost cutting missing a fullstop and no one checking on it.
That was me almost a decade ago (except I got the numbers right). Maybe 1/4 of the people I worked with are still there in various roles and earning maybe 5-10% more on average. They're hoping to stay there until retirement, but that's unlikely given how often banks like to restructure (a bunch of my former colleagues were culled in 2014 and a bunch more in December).
That's what the service side of banks looks like, and the sales side looks a lot more threadbare now than it did 18 moths ago with cuts to MMM commissions and increases in targets.
Anyway, interest rates from BNZ last week for a home owner on good money and equity with a refi
4.49% - 1 year
4.59% - 2 years
4.89% - 3 years
Reasonable, but can get lower with other lenders if they qualify
i think your asseeemsnt of incompetent vs. deliberately evil is accurate. Like it or not, It is up to us the the customer that ensure the things agreed by the bank (or insurance broker, or tradesman etc) do what they say they'll do.
the other interesting point is that today's 3yr rate was the 5year rate in late Dec... how long before it's the 2 yr then one year rate.
looks like the mechanic punched out the year circle but not the month circle on my car warrant last month
so came back to the street parking to find a ticket for $200 for failing to show proof of inspection
15 min on the phone yesterday failed to get anywhere except "you should be able to print off a pdf and post it in with your proof to get an appointment with an adjudicator, or over the computer once he downloads his tickets to the system"
15 tries on the system have failed to recognise the ticket yet
what a HUGE waste of time
but if i don't keep working to fix the warrant guy's simple mistake
the system will no doubt get stroppy over their unmet greedy needs
mistake do happen
but if they only ever cost the end user
what is the inducement to stop them happening in the first place?
Rates are the same. Or supposed to be. But brokers know which banks are pricing right now. Biggest difference as above looks to be whether you're a new customer or main bank customer taking out new lending.
Banks don't have to pay brokers salary, compliance and marketing so probably a cheaper channel for them. If I ever start a finance company I will use brokers for distribution rather than look to hire internally.
Primal I think there are tough times coming up for Property investors that have over leveraged, have no savings/cash reserves and staring down the barrel of having to find money to top up their mortgages due to interest rate increases.
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