Changing Banks under the LVR Scheme

[stumaca]

I know that all NEW(as the RBNZ states in their documents) lending is included in the the banks 10% speed test. Which means people such as me with over 20% deposit have a bargaining tool with banks. But is it the same case down the track when I want to negotiate a new fixed rate? Basically, if I change banks is my lending still going to be included in a banks 10% Speed Test? and therefore be in similar bargaining position?

Thanx

[mortgage broker]

refinancing for the same home loan amount is excluded from the restrictions, PM me if you would like me to test the waters to see what kind of package I might be able to get.

[Craig Pope Mortgages]

Hello, just remember if re-fixing your rate the existing bank is likely to be less aggressive in rate discounting. So you might get the deal of the century when you first sign up, but down the track they may be less generous with discounts (that is until they get the mortgage discharge letter from the lawyer as you have swapped banks!). So it pays to get to know exactly what rates are in the market that are not advertised.

You can refinance dollar for dollar over 80% LVR and its exempt from the new RBNZ rules, though doing this may incur higher rates and low equity fees than what you currently pay.