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  • refinance from abroad

    Hi

    Currently I live in Sydney.

    Can I refinance my mortgage and switch bank from abroad, or I need to come to Auckland to do it?

    Thank you

  • #2
    For an existing property? I dont see why you would need to pending proof of income etc.

    But as not a finance manager cannot say yes other than I have had a similar issue in reverse. One thing that helped me is dual citizen perhaps. Not sure.

    Best to free phone one of the big banks? Is it residential lending? If so I can say I have found BNZ to be the most helpful recently where both Kiwibank where I had a large sum invested and ASB my prior investment and cheque acc not so much. However ANZ and Westpac might be better being trans tasman banks?

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    • #3
      Originally posted by OnTheMove View Post
      For an existing property? I dont see why you would need to pending proof of income etc.

      But as not a finance manager cannot say yes other than I have had a similar issue in reverse. One thing that helped me is dual citizen perhaps. Not sure.

      Best to free phone one of the big banks? Is it residential lending? If so I can say I have found BNZ to be the most helpful recently where both Kiwibank where I had a large sum invested and ASB my prior investment and cheque acc not so much. However ANZ and Westpac might be better being trans tasman banks?
      Yes it is for my existing property in Auckland. Currently it is with ANZ and thinking of moving to ASB or Westpac as they have better rate.

      ANZ/Westpac are not better being trans tasman banks.

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      • #4
        Originally posted by ammar View Post

        ANZ/Westpac are not better being trans tasman banks.
        Good to know.

        BNZ investor special tends to be the best rate. I cannot comment on refinancing from Aus though.

        Is your home loan on the best rate? View and compare all of New Zealand’s latest mortgage interest rates in one place. Filter by term and bank. Quickly work out if you could save by switching banks.

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        • #5
          Originally posted by OnTheMove View Post
          Good to know.

          BNZ investor special tends to be the best rate. I cannot comment on refinancing from Aus though.

          https://mortgagerates.co.nz/mortgage-rates
          I just got it done with my current bank ANZ, 3.39% for one year. Switching a bank while a broad is a hassle.

          Thank you anyway

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          • #6
            Originally posted by ammar View Post
            I just got it done with my current bank ANZ, 3.39% for one year. Switching a bank while a broad is a hassle.

            Thank you anyway
            No worries. Thats pretty good rate. The 2 year rate was there prior to December 19th I think. OCR supposedly will impact again in May and supposedly drop. But who knows.

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            • #7
              Originally posted by OnTheMove View Post
              No worries. Thats pretty good rate. The 2 year rate was there prior to December 19th I think. OCR supposedly will impact again in May and supposedly drop. But who knows.
              Here in Australia the OCR dropped a lot but the banks refused to pass the drop to the customer

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              • #8
                Originally posted by ammar View Post
                Here in Australia the OCR dropped a lot but the banks refused to pass the drop to the customer
                Bet that pleased the punters no end.

                We do know rates are set to rise over 2 years to make up another $21B(or is its $23B) to top up tbe bank bail out fund. Which kinda makes me nervous them knowing they need another xyz amount of dollars in case of a crash that every 2nd economist seems to have predicted.

                But I think if the 5 year rate remains below 5%, that is unlikely (not to say a US crash wouldnt set us off).

                Also if Auckland plateus another 6 years its then back to where it should be imo, unlike a lot of cities/towns still producing nutty rises.

                Cashing out IPs is a bit easier than PPORs, to get any inflation equity out of Auck property you essentially need to buy somewhere half the price and retire, which is what "Boomers" have been doing in droves.

                Now just for a pension assett testing please, and the world will be sane again haha

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