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Thread: Interest Rates

  1. #5521

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    Quote Originally Posted by Davo36 View Post
    Was just thinking how at the start of the year everyone was saying how interest rates are going to go up.

    They basically haven't changed all year as far as I can see.
    looks that way to me too... if anything they've pulled back slightly over the P3M. They jumped Sept-Dec16 before stagnating and then pulling back.

    it surprised me but I'm happy with my decision to lock 5 yrs back in Sept 16.

    There was talk of low interest rates being the new normal - I wonder how long this will be normal for.

    Low interest rates and strong employment are the key to this slowdown we're seeing being controlled not a rush for the exits.

  2. #5522

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    Quote Originally Posted by north shore View Post
    Hi, have a rental mortgage coming off fixed term in a fortnight, I have been offered:
    4.39% fixed for 18 months and 4.45% fixed for 2 years
    on $140,000 any opinions?
    Not sure if the election outcome will make any difference in the short term
    Who offered these rates North Shore?

    I just got some crappy ones back from Westpac to refix $160k rental property (overall Westpac portfolio LVR currently at 71%): 1yr 4.69%, 2yr 4.88%, 3yr 5.1%, 4yr 5.64%, 5yr 5.85%. Note- the rates they offered me are worse than their advertised Special Rates, not sure why as they have over $1million in security from me so I thought they'd give me rates at least the same as advertised.

  3. #5523
    Join Date
    Nov 2007
    Location
    north shore
    Posts
    307

    Default

    it was westpac's retention team, we had dealt with them in the past, so I just emailed them and asked what they could offer this time.

  4. #5524
    Join Date
    Sep 2008
    Posts
    7,009

    Default

    Quote Originally Posted by deechnz View Post
    Note- the rates they offered me are worse than their advertised Special Rates, not sure why
    at a guess

    you don't live in the property

    therefore you are an investor, probably claiming tax back on interest paid

    the special rates, have special conditions, like owner occupier

    the gov. set this up as they want to encourage home ownership but discourage property investors

    and you can see why from the tax perspective
    have you defeated them?
    your demons

  5. #5525
    Join Date
    Nov 2007
    Location
    north shore
    Posts
    307

    Default

    Mine were for a rental property as well though Eri

  6. #5526
    Join Date
    Sep 2008
    Posts
    7,009

    Default

    there you go

    shop around

    then youy can say

    "thank you for your offer of X%

    but i have a better offer of x%

    so if you can't match that

    let's close all this down right now

    so i can be on my way"

    won't work everytime

    but if you've done the leg work

    is usually worth it

    have you defeated them?
    your demons

  7. #5527

    Default

    Quote Originally Posted by eri View Post


    the special rates, have special conditions, like owner occupier
    Yeah, it's a rental property. To be honest, I never knew that special rates were only for owner occupied places- I've received those rates on rentals for at least the last 10 years. Is it a new rule change, or was I just being better looked after in the past for whatever reason?

  8. #5528
    Join Date
    Nov 2007
    Location
    north shore
    Posts
    307

    Default

    think they have only brought the special rates in over the last year. Our rates were for a rental property deechnz with Westpac, I would enquire at a couple of other banks and then go back to Westpac, you don't have to move, you are just looking for something to persuade Westpac with. The time before the recent one we weren't happy with the rate offered by the priority manager so he referred us onto the retention team, so this time I just dealt with the retention team who offer better deals than the priority managers.

  9. #5529

    Default

    Mine was also with Westpac, but its based on LVRs it seems. I have a LVR of 50% across 2 properties and it was a refix after about a month of negotiation.

  10. #5530
    Join Date
    Nov 2007
    Location
    north shore
    Posts
    307

    Default

    we have a very low lvr, but I would approach another couple of banks to see what they can offer if you haven't done so already. Don't have to move, just need some leverage with them. We have found Westpac to be more obliging after shopping around. Didn't have to this time which suprised me.


 

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