Interest Rates

[Bluekiwi]

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.

[Hound]

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

[Bluecoat]

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

[Bluekiwi]

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.

[Wayne]

Even dean leftus is puzzled..someone posted somewhere:

What forum is that from?

[Bluekiwi]

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.

[Don't believe the Hype]

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

[Hound]

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

[Rosco]

From facebook group, Reismac 3.89% for 2 years at 80% LVR? This option doesn't appear too made if you are struggling for equity, and might be worth talking to your broker about.

Ross

[JBM]

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.

Yes lower and lower rates easy LVR just keep inflating the bubble can't stop the kiwi love affair with property+DEBT .. the cycle is being delayed but will never be stopped >>

[Psilan]

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.

[Bluekiwi]

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.

[Psilan]

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...

[Bluekiwi]

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.

[Psilan]

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).