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Thread: Interest Rates

  1. #5881
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,887

    Default

    Quote Originally Posted by Don't believe the Hype View Post
    is BNZ moving to an online system to manage their clients - we've been bounced around a bit lately to this manager and that... we've had no need to engage them but wondered if they're heading towards removing personal bankers.
    Don't believe the hype but my bank manager for the last few years was part of a business hub where you couldn't call them personally, you had to go through the hub.
    I am on the shore and went with a mobile manager initially and they allocated me Takapuna as my branch, then I was given a manager who I had personally asked for in Highbrook and he was really good and was promoted so they then gave me a manager in Manukau who was also good and got promoted.
    I tried for a while to find out who my manager was, and was given some turkey in West Auckland who was hopeless, so I instead just worked with my mortgage broker.

    I haven't been in expansion mode so wasn't using my broker, and tried to deal directly with BNZ Business Centre, who have now given me a bank manager in Christchurch, which really made me laugh.
    I am now starting the circle again and going back to a BNZ Mobile manager in Auckland, once I track the right person down.

    Its not unusual, same thing happens with ASB and Westpac whom I am also with, they change bank managers faster than they change their underpants.
    Had lots of good managers with all these 3 banks so they get promoted.
    Only bank I never had good managers and had really bad systems was ANZ so will never ever deal with them again.
    I wish they had never taken over National Bank, is that the name, the one with the Horse, I had them since University days, and they were always great to deal with.
    Paul Magill B.com
    Bluekiwi Property Consulting

  2. #5882
    Join Date
    Jun 2004
    Location
    Kapiti
    Posts
    625

    Default

    Dude on the trademe message boards, was offered 3.3% for twelve months. ASB.

  3. #5883
    Join Date
    Feb 2015
    Posts
    377

    Default

    Best to Ask Gary Lin , he works there now

    Even dean leftus is puzzled..someone posted somewhere:

    Nicole Fisher Sorry, Gary but I don’t really understand why you’re still working as an employee when you have always promoted financial independence through property investment. You said you had a $10M portfolio.... unless you enjoy working in cubicle for some reason. Apologies if I’m missing something here.

    Gary Lin Nicole Fisher happiness is about fulfillment.
    Working in a job is not necessarily bad its about what you enjoy the most.
    Warren buffet still goes to work every week day and work.
    What's the difference?
    Financial freedom brings time freedom.
    Then you gotta chose to spend time that fulfills you.
    Gary Lin Nicole Fisher I tried retirement, like watching YouTube or play games or muck around.
    I wasn't happy at all.
    Nicole Fisher Oh, okay... now I understand, working for BNZ brings you happiness. I get it.
    Gary Lin Nicole Fisher for me it's about learning new skills and be in an environment that promotes personal growth.
    Gary Lin Nicole Fisher also for me property is too predictable, and becoming boring.
    Business advisory and coaching is where I want to head towards.
    Dean Letfus
    Dean Letfus Working for bnz brings you happiness, funniest thing I’ve read all week!
    Gary Lin Dean Letfus happiness come from all sorts of new places
    Last edited by Bluecoat; 01-09-2019 at 11:30 PM.

  4. #5884
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,887

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    Whats the new handle for Dean Letfus at moment then, always good to chat to him.

    I see HSBC are now 3.35% across the board from 1 to 5 years.

    We are getting awfully close to rates starting with a 2 right now.

    I think 2.99% could be feasible at short end, say 1 year, and deposit rates at 2% to 2.4%.

    Deposit rates lower than that, would cause more significant issues for banks getting deposits, just my 2 cents.
    Paul Magill B.com
    Bluekiwi Property Consulting

  5. #5885
    Join Date
    Jun 2004
    Posts
    10,404

    Default

    Quote Originally Posted by Bluecoat View Post
    Even dean leftus is puzzled..someone posted somewhere:
    What forum is that from?

  6. #5886
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,887

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    Just to note, as I read all the banks economic reports, that things are about to get very bad for NZ, low economic growth and low inflation, and that's why the OCR and interest rates are falling, so its all nice for us property investors that rates are so low and we will all save a fortune, but these low short term rates and OCR reductions are because the NZ economy is struggling, and the low long term rates also because the world economy has massive head winds and a multitude of risks facing it.

    The chickens are very much coming back to roost, for Labour who have hammered business and real estate investors relentlessly since they came in with no idea of how the commercial world works and threatened the full commercial world of NZ with CGT, for the RBNZ who hammered banks and investors with LVR restrictions these last few years, and then also for the big ausi banks who started secretly applying credit rationing and by stealth introduced severe and restricting serviceability rules for borrowers to disguise the fact they didn't have the funds to keep lending as they had as Ausie parents wouldn't provide funding.

    Labour, RBNZ and Big Banks - have all made a massive mistake - attacking the foundation of business in NZ - and we will now be seeing the results of that.
    Economic reports from BNZ / Westpac / ANZ / ASB in the last 2 weeks in particular have all specifically stated that bad times are ahead.
    Business confidence is rooted, inflation is non existent (that's bad BTW), GDP is faltering, and Unemployment will start to rise.
    The 3 groups have managed to **** things up, at a time that NZ needs to be strong, as world economy tanks due to all sorts of weird shit going on.

    Expect lower OCR and interest rates and RBNZ to loosen up LVR's substantially in November.
    Paul Magill B.com
    Bluekiwi Property Consulting

  7. #5887

    Default

    Quote Originally Posted by Bluekiwi View Post
    Don't believe the hype but my bank manager for the last few years was part of a business hub where you couldn't call them personally, you had to go through the hub.
    I am on the shore and went with a mobile manager initially and they allocated me Takapuna as my branch, then I was given a manager who I had personally asked for in Highbrook and he was really good and was promoted so they then gave me a manager in Manukau who was also good and got promoted.
    I tried for a while to find out who my manager was, and was given some turkey in West Auckland who was hopeless, so I instead just worked with my mortgage broker.

    I haven't been in expansion mode so wasn't using my broker, and tried to deal directly with BNZ Business Centre, who have now given me a bank manager in Christchurch, which really made me laugh.
    I am now starting the circle again and going back to a BNZ Mobile manager in Auckland, once I track the right person down.

    Its not unusual, same thing happens with ASB and Westpac whom I am also with, they change bank managers faster than they change their underpants.
    Had lots of good managers with all these 3 banks so they get promoted.
    Only bank I never had good managers and had really bad systems was ANZ so will never ever deal with them again.
    I wish they had never taken over National Bank, is that the name, the one with the Horse, I had them since University days, and they were always great to deal with.
    Thanks Bluekiwi - I think the not in expansion mode is the key element - we've gone pretty quite on new lending over the past 3-4 years focusing more in self funding our upgrades - as we dropped out of expansion mode we went from personal bankers with regular calls or F2F meeting and bank paid Xmas lunches and perks like tickets to the cricket with the bank manager to being bounced around to the point we don't have a regular contact now.

    For not it suits me to stay under the radar with them

  8. #5888
    Join Date
    Jun 2004
    Location
    Kapiti
    Posts
    625

    Default

    China Construction Bank drops rates to 3.19%. One, two and three year terms.


 

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