Interest Rates

[kiwijunglist]

Hi guys

Buying first home, investment propertie from my parents. financing ~50% via loan. Loan is 160,000. Rent is $490 per week. I should be able to repay at least 100,000 over the next 2 years. I have a stable long term job (doctor), so I don't mind fixing over short period with full repayment. I know this is not a lot of money compared to some of the other posts.

Initial offer (BNZ):

60k total money floating loan - at 1% less than advertised rate. ie, 4.89% today
100k on 2 year fixed flybuys reward loan at 4.25% (advertised rate is 5.09%)
$1500 cash bonus + no credit card fee for first year.

Contingenet on switching my daily banking from ANZ->BNZ and Kiwisaver to them.

I had some questions

1. Am I allowed to ask on here for recommendations for mortgage broker?

2. If I want to get a good offer from ANZ, how can I make sure I am talking to someone more senior than basic CSR so I can get a better rate?

[Maccachic]

Hi guys

Buying first home, investment propertie from my parents. financing ~50% via loan. Loan is 160,000. Rent is $490 per week. I should be able to repay at least 100,000 over the next 2 years. I have a stable long term job (doctor), so I don't mind fixing over short period with full repayment. I know this is not a lot of money compared to some of the other posts.

Initial offer (BNZ):

60k total money floating loan - at 1% less than advertised rate. ie, 4.89% today
100k on 2 year fixed flybuys reward loan at 4.25% (advertised rate is 5.09%)
$1500 cash bonus + no credit card fee for first year.

Contingenet on switching my daily banking from ANZ->BNZ and Kiwisaver to them.

I had some questions

1. Am I allowed to ask on here for recommendations for mortgage broker?

2. If I want to get a good offer from ANZ, how can I make sure I am talking to someone more senior than basic CSR so I can get a better rate?

There are a couple of brokers who post on here.

My dealings with my current banks - I've found bank email has been very effective and i've normally used deals my "friends" have got (Ie people off here etc) to push for similar / better from them.

[iwik]

There are a couple of brokers who post on here.

My dealings with my current banks - I've found bank email has been very effective and i've normally used deals my "friends" have got (Ie people off here etc) to push for similar / better from them.

Bank email ? Take it you meaning using as email as your form of communication with the bank ? May I ask who you bank with
or is that top secret ? (Or you could pm me )
Found with Westpac they always want to use the phone, I suspect to put one on the spot or cannot be bothered typing.

[iwik]

Hi guys

Buying first home, investment propertie from my parents. financing ~50% via loan. Loan is 160,000. Rent is $490 per week. I should be able to repay at least 100,000 over the next 2 years. I have a stable long term job (doctor), so I don't mind fixing over short period with full repayment. I know this is not a lot of money compared to some of the other posts.

Initial offer (BNZ):

60k total money floating loan - at 1% less than advertised rate. ie, 4.89% today
100k on 2 year fixed flybuys reward loan at 4.25% (advertised rate is 5.09%)
$1500 cash bonus + no credit card fee for first year.

Contingenet on switching my daily banking from ANZ->BNZ and Kiwisaver to them.

I had some questions

1. Am I allowed to ask on here for recommendations for mortgage broker?

2. If I want to get a good offer from ANZ, how can I make sure I am talking to someone more senior than basic CSR so I can get a better rate?

You surely can ask for recommendations for MB - Jamie at Squirrel mortgages knows his stuff (worked in top management at couple of the main
banks)

Why not just fix for 6 months with rates going down down down - after all they are 1 to 2% elsewhere in the world and
could be here too. (Especially with the next OCR only weeks away on the 29th - good chance another cut)

If you are going to build an investment portfolio go interest only for greater cash flow for more loans, bigger tax breaks.

[Maccachic]

Bank email ? Take it you meaning using as email as your form of communication with the bank ? May I ask who you bank with
or is that top secret ? (Or you could pm me )
Found with Westpac they always want to use the phone, I suspect to put one on the spot or cannot be bothered typing.

I'm with both ANZ and BNZ I would recommend the later over the former.

Bank mail I mean where you log into their website and send them an email. I'm with IWIK I'm waiting till Nov before I go refixing my ANZ loans depends on your situation however as to which is best for you. I fixed my BNZ loan for 5 years at 4.99% a while ago now and was pretty happy then rates dropped further but we are about to have a baby so need some security.

[iwik]

I'm with both ANZ and BNZ I would recommend the later over the former.

Bank mail I mean where you log into their website and send them an email. I'm with IWIK I'm waiting till Nov before I go refixing my ANZ loans depends on your situation however as to which is best for you. I fixed my BNZ loan for 5 years at 4.99% a while ago now and was pretty happy then rates dropped further but we are about to have a baby so need some security.

Cheers - just went looked on Westpac internet banking and found a link called feedback - then once in there it also
says you can ask a question about their products or service, initial link could be worded better - if I cared I'd give
them some feedback about it gave up caring years ago when it was evident the dog did not know what the tail was doing.
Never denied me the coin though when I have asked for it so that the main thing in my book - using my broker keeps them more honest.

[iwik]

OCR Prediction 29th October ?

What is your prediction on the next OCR announcement on 29th of this month, down
another .25% etc ?

Has history shown the governor is more inclined to make
an OCR reduction at same time he announces his monetary
report which I see will be with Decembers OCR announcement ?

[Perry]

. . . I suspect . . . cannot be bothered typing.

Or don't want an audit trial confirming what was said.

[BigDreamer]

Hi guys

Buying first home, investment propertie from my parents. financing ~50% via loan. Loan is 160,000. Rent is $490 per week. I should be able to repay at least 100,000 over the next 2 years. I have a stable long term job (doctor), so I don't mind fixing over short period with full repayment. I know this is not a lot of money compared to some of the other posts.

Initial offer (BNZ):

60k total money floating loan - at 1% less than advertised rate. ie, 4.89% today
100k on 2 year fixed flybuys reward loan at 4.25% (advertised rate is 5.09%)
$1500 cash bonus + no credit card fee for first year.

Contingenet on switching my daily banking from ANZ->BNZ and Kiwisaver to them.

I had some questions

1. Am I allowed to ask on here for recommendations for mortgage broker?

2. If I want to get a good offer from ANZ, how can I make sure I am talking to someone more senior than basic CSR so I can get a better rate?

Not all banks work with mortgage brokers. From memory, BNZ does not work with mortgage brokers.

[tulips]

Not all banks work with mortgage brokers. From memory, BNZ does not work with mortgage brokers.

What about TSB these days - still do not work with mortgage brokers ?

[Maccachic]

Not all banks work with mortgage brokers. From memory, BNZ does not work with mortgage brokers.

I believe they have recently changed this

[Orpheus1]

Just heard back and they are telling me break costs over two loans are 26k!!!

All I asked for was a sharper rate to keep me happy not the same rate a pleb off the street could walk in and get.

Pisses me off you have to threaten to leave or actually leave to get a better deal.

But thats the game I guess...

Approaching another mortgage this week so I let you all know how I get on but I think they got me by the balls?

O

So Ive gone with a new broker and in 24 hours he has come back with a bank willing to pay10k in cash contributions.
He is also waiting to hear from another bank to see if they will beat it.
Haven't got rates yet but will let you all know soon!!

O

[Bluekiwi]

I believe they have recently changed this

Correct they do now, maybe they thought they were missing out.
BNZ also work off their own rules a bit more than other banks, more branch and manager responsibility rather than the dreaded "Credit Department" where a lot of semi approved loans get nobbled at the last minute with other banks (ANZ / Westpac for example)

[Maccachic]

Correct they do now, maybe they thought they were missing out.
BNZ also work off their own rules a bit more than other banks, more branch and manager responsibility rather than the dreaded "Credit Department" where a lot of semi approved loans get nobbled at the last minute with other banks (ANZ / Westpac for example)

Prob more because of the churn of staff - speaking to an ex BNZ guy and he seems to think most are unhappy with their environment and the turnover levels are really high. Not sure if its any different across the industry.

[eri]

one of things i hate about westpac

years ago i had fat term deposits

the tellers kept trying to make appointments for me to see their wealth management people

who wanted me to buy shares

all i wanted was a statement

another time wanted to sort some accounts out

and they were trying to sell me insurance

now when i go to use the atm

it flashes up advertising screens at me when all i want is to withdraw some cash

when i go to a bank to manage my accounts

i don't expect to have to push back against pushy sales staff

when people go to work at a bank

i don't think they expect to have to meet sales targets