Interest Rates

[Beano]

You are wrong.
I just fixed for 12 months at 3.55% today.
I am just a normal customer.
No big deal - I didn't have to speak to anyone to get it.
I guess you're not a customer?
However, with your attitude I'm not surprised you don't get offered goodies.

Is that for a investment property or personal residence?

[Beano]

BNZ has sent me a bunch of weird letters, I think they have "Residential" and "Residential Investor" and another category maybe, could have been "Business" ?

I used to have a bank manager in Auckland I could ask these questions, then they changed that to another person, who then left, and then when I chased them, they gave me a "Business Centre" manager - in Christchurch LOL - whom I refuse to use.
Now I don't even know who to contact to find out how to get a Bank Manager I can actually go and see face to face.

Considering I have over 4 Million of property with them, you think they would want to work better with me.
At least you have someone to moan to.

And yep, welcome to the new world of surcharges, I think its just the start, when RBNZ brings in the new capital requirements, it will only get worse, in addition to credit rationing.

If you can bring a low LVR bargaining chip to the table you might be able to get .25 off to counter these surcharges.

I also got a weird letter from the bnz which I cannot figure out either (I think I need to ring the bank)
Looking on the bnz site there appears like there are three catogories
Owner occupied
Investor
Pre 23 Oct 2018 unless notified

Is the letter notification ???

Can you have more than one owner occupied ?

[Bluekiwi]

Haha yes there is another letter coming.

The first tells you about the categories and which one you are in, and then 3 months latter you get the one telling you there is a .25% charge to the new category

You will only feel it if you are floating or due to re-fix soon, suggest maybe the low LVR tactic to get a rate reduction, after you bash them to get this premium to .1% like the fellow above did.

[Learning]

It's down to luck and who you ask at BNZ on what rate and fees they throw at you. The first guy I spoke to wouldn't budge from the carded rates and investor penalties. The second guy dropped the investor penalty and knocked a further 0.5% off without even being asked.

[Bob Kane]

Is that for a investment property or personal residence?

Investment property.

[deechnz]

You are wrong.
I just fixed for 12 months at 3.55% today.
I am just a normal customer.
No big deal - I didn't have to speak to anyone to get it.
I guess you're not a customer?
However, with your attitude I'm not surprised you don't get offered goodies.

What attitude are you talking about? Thought I just asked a question. You keep saying that 3.55% is the normal deal for everyone- from what I'm seeing they are advertising 3.75% as their special rate, not 3.55%, so I'm just wondering what you're talking about. Who offered you the rate (broker, ASB employee, directly via online banking?)- would be good to know as I'd love to get 0.2% off their advertised rates too when I need to refix? And yes, I do use ASB, although I haven't fixed anything since the rate change with them. Next refix with them is next year.

And in terms of not being offered goodies- I've been using a broker for ages, not dealing with them directly, which is one of the questions I've asked on this thread recently but still haven't really had a reply to (wondering whether I should deal direct to get better deals).

[Beano]

What attitude are you talking about? Thought I just asked a question. You keep saying that 3.55% is the normal deal for everyone- from what I'm seeing they are advertising 3.75% as their special rate, not 3.55%, so I'm just wondering what you're talking about. Who offered you the rate (broker, ASB employee, directly via online banking?)- would be good to know as I'd love to get 0.2% off their advertised rates too when I need to refix? And yes, I do use ASB, although I haven't fixed anything since the rate change with them. Next refix with them is next year.

And in terms of not being offered goodies- I've been using a broker for ages, not dealing with them directly, which is one of the questions I've asked on this thread recently but still haven't really had a reply to (wondering whether I should deal direct to get better deals).

I reckon going with a broker gets a better deal

[deechnz]

I reckon going with a broker gets a better deal

Cool, thanks for that. I've always used a broker, I like him, and have always been happy using him. But recently, I've just been wondering if I'd get better rates directly. I think this has mainly been fueled by the less than awesome rates I've been getting from Westpac (via the broker), as well as having been approached by someone working at Westpac who wanted to work with me (although she says I either get my rates via the broker or via her, but that I can't get rates via both of them, meaning that I'm not able to compare what she can do for me versus what he can do for me).

Recent rates my broker has got for me were: Westpac (special rate, no discount), ASB and ANZ (0.05-0.07% less than 1yr special rates), so my broker hasn't been getting anything like 0.2% reduction off carded rates as being mentioned recently in this thread, hence my current pondering.

[Bob Kane]

You keep saying that 3.55% is the normal deal for everyone- from what I'm seeing they are advertising 3.75% as their special rate, not 3.55%, so I'm just wondering what you're talking about.

What you are seeing isn't what they are offering their customers.
Become a customer and you'll see and get what I'm getting.

And in terms of not being offered goodies- I've been using a broker for ages, not dealing with them directly, which is one of the questions I've asked on this thread recently but still haven't really had a reply to (wondering whether I should deal direct to get better deals).

I have never used a broker ever.
And I'm getting better deals than you.
Maybe you should try something different if you want a different outcome?
It comes back to attitude.
You're a hot shot investor with brokers on your speed dial and spread your mortgages between the banks and you expect banks to run after you because, well, you're a hot shot investor.
Sorry mate, maybe the banks just don't like you.
I've told you how I get my good deals.
Send me $50 and I'll give you some more good advice.

[Bluekiwi]

How are you getting your mortgage rate deals Bob Kane, I had a read back through the thread but couldn't see it.

Was it some hard negotiation direct with bank, and not thru a broker.

Cheers Paul

[Beano]

It's down to luck and who you ask at BNZ on what rate and fees they throw at you. The first guy I spoke to wouldn't budge from the carded rates and investor penalties. The second guy dropped the investor penalty and knocked a further 0.5% off without even being asked.

So did you get the bnz special rate of 3.69 less .5 so you are now paying 3.19% ?
Did you get a cash contribution too?

[elguapo]

How are you getting your mortgage rate deals Bob Kane, I had a read back through the thread but couldn't see it.
Was it some hard negotiation direct with bank, and not thru a broker.
Cheers Paul

I got the same offer as Bob, make friends with your online banking AI. It's like play chess against Bobby Fisher, but harder.

[Bob Kane]

How are you getting your mortgage rate deals Bob Kane, I had a read back through the thread but couldn't see it.
Was it some hard negotiation direct with bank, and not thru a broker.
Cheers Paul

Um, er, I just used the online banking feature.
Whenever a mortgage is coming up for renewal, I get a reminder and invited to lock in a good rate.
I look through the terms (6 months to 5 years) and pick the lowest rate - which was 3.55% for 12 months.
So I checked the box and pressed enter.
It's that simple.
I assume every customer gets this feature.
I'm puzzled why you guys think it's a bit deal.
If you rush out and join ASB, remember to mention my name.
I might get a free pen!

[Bluekiwi]

I see a carded rate of 3.75 so it looks like they gave you .2 off
Okay interesting.

[Don't believe the Hype]

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.