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Thread: Interest Rates

  1. #5891
    Join Date
    Dec 2008
    Posts
    162

    Default

    I am having a ridiculous time trying to get rates out of BNZ.
    Wanting to borrow 300k. They have refused to provide any discounted rates data until I am consented (renovation). Consent received and supplied, and now they want to fully structure mortgage before they supply any interest rates.

    Each year/loan reset gets more and more irritating with them. Customer for 25+ years.
    Time to shop around.

  2. #5892
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,910

    Default

    Quote Originally Posted by Psilan View Post
    I am having a ridiculous time trying to get rates out of BNZ.
    Wanting to borrow 300k. They have refused to provide any discounted rates data until I am consented (renovation). Consent received and supplied, and now they want to fully structure mortgage before they supply any interest rates.

    Each year/loan reset gets more and more irritating with them. Customer for 25+ years.
    Time to shop around.
    You may get a one time assistance from another bank, when you shift.
    But once you are with new bank, you will suffer the same problems.
    All banks are now in this crazy error of paperwork, and new applications, began about 18 months to 2 years ago.

    BNZ had been the best up to then, with individual bank managers being given large areas of responsibility, without having to go to the 'Credit Team".

    If you haven't done any bank stuff in the last 2 years, then it will be a greater shock to you, as you had been with the best bank for flexibility up to that.

    Disclosure from me:
    I got rid of ANZ as they are the worst (Nat bank was good before they bought them).
    Westpac and ASB also with, and they have recently gone crazy on things, but are now prob same as BNZ.
    Paul Magill B.com
    Bluekiwi Property Consulting

  3. #5893
    Join Date
    Dec 2008
    Posts
    162

    Default

    I see. Yes it has been around 2 years since I last did this.
    That experience was quite time consuming as well. I suddenly had to drill through customer service to get anywhere.
    Appreciate the info.

    I just got an email back as I write this. She finally offered me the rates, but they are as the public web site...

  4. #5894
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,910

    Default

    Quote Originally Posted by Psilan View Post
    I see. Yes it has been around 2 years since I last did this.
    That experience was quite time consuming as well. I suddenly had to drill through customer service to get anywhere.
    Appreciate the info.

    I just got an email back as I write this. She finally offered me the rates, but they are as the public web site...
    I got ASB to re-fix 544k for 1 year at 3.49 which was their published 2 year rate at the time (lower than the 1 year rate).
    Slim pickings.
    Paul Magill B.com
    Bluekiwi Property Consulting

  5. #5895
    Join Date
    Dec 2008
    Posts
    162

    Default

    That's is a bit rough.
    I guess with rates this low, we can't complain too much. I am just used to the standard discounts of -0.25 fixed and -1.00 float (totalmoney).

  6. #5896
    Join Date
    Oct 2007
    Location
    Wellington
    Posts
    418

    Default

    I would strongly reccomend using brokers. I got a completely different attitude from my banks once I started using brokers. BNZ are shameless... Wanted to charge me 15bsp on top of carded rate because I am an investor. I went to bnz who gave me a dis oubt of carded rate and very generous cashback. I will abandon bnz once my rates expire. They came back in the last minute offering to not charge me an investor premium, but still inky at the carded rate. Told them I am not interested.

  7. #5897
    Join Date
    Sep 2004
    Location
    Hastings
    Posts
    15,015

    Default

    Ahhhh, yes - it's an Australian thing, I believe.
    Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

  8. #5898
    Join Date
    May 2007
    Location
    Hamilton
    Posts
    3,635

    Default

    Quote Originally Posted by Psilan View Post
    I see. Yes it has been around 2 years since I last did this.
    That experience was quite time consuming as well. I suddenly had to drill through customer service to get anywhere.
    Appreciate the info.

    I just got an email back as I write this. She finally offered me the rates, but they are as the public web site...
    Why not use a broker?
    More Profit from Property? TEACH ME MORE
    Ross Barnett - Coombe Smith Property Accountants
    Proud to give the best property advice for over 13 years.

  9. #5899
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,910

    Default

    Can I ask what floating rates people are getting for revolving credits ?
    I have large accounts with ASB and BNZ which dip up and down depending on what I am doing.

    I have a gut feeling that I am being charged more than I should.
    Paul Magill B.com
    Bluekiwi Property Consulting

  10. #5900
    Join Date
    Jan 2012
    Posts
    1,072

    Default

    Quote Originally Posted by Bluekiwi View Post
    Can I ask what floating rates people are getting for revolving credits?
    4.39% with BNZ total money.


 

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