Interest Rates

[Beano]

It largely depends on the loan size. The threat of leaving because you are not getting what you want does not have the same weight it once had unfortunately.

What size has a impact ?
Would the bank be concerned with Under $25m of debt ?
Or would the loan have to be medium to large ?

[JBM]

RBA cuts to record low 1.25% RBNZ to follow IMHO

https://www.theguardian.com/australia-news/live/2019/jun/04/reserve-bank-interest-rates-rba-board-meets-to-decide-on-borrowing-costs-live

[GLin]

As unemployment rises, and inflation keeping low, more OCR will be cut across both Aus and NZ for months to come in 2019 and 2020.

[JBM]

talking with ASB $4500 cash back ..best fixed rate 2yr 4.85% ... better deal than ANZ .. just waiting on WP to get back in touch see what they will offer to stay ..

[AlFa]

you mean 3.85%?

[JBM]

you mean 3.85%?

Yeah my mistake LOL so 2016 ........

[deechnz]

Is anyone else not getting Special Rates via Westpac for investment properties? I've got 47% equity with them but they are only offering 3.95% for 1 and 2yrs, whereas their Special Rates are 3.85%.

[north shore]

I refixed 3 loans with them in May, 66% equity, they gave me the special rates, but wouldn't give any further discount. Weren't going to give me the special rates, said not for investors, until I told them that kiwibank would.

[deechnz]

Is anyone else not getting Special Rates via Westpac for investment properties? I've got 47% equity with them but they are only offering 3.95% for 1 and 2yrs, whereas their Special Rates are 3.85%.

Yes, I also just spoke with them on the phone. I told them that ANZ and ASB are actually giving me better rates than the special ones (for loans I need to refix now too). They still said that they can't do special rates for investment property. I said that I'm going to look to move my loans out of Westpac- still no movement from them!

[Bluekiwi]

If they drop the OCR another notch in August and November, what do you think this will do to the 3 and 5 year rates.
I cant see the 3 year rates dropping much below 3.65. I think one bank did a 1 year special at 3.65 and for a while I saw a carded 3 year rate at 3.95.
With deposit rates not likely to drop much from 3.2 to say 3%, I can see the 1 to 3 year rates going to 3.65, maybe best case 3.5%.

But could the 5 year rate go lower.
I would like to see a 5 year rate under 4% come in Feb / April 2020 when my 5 year fix ends

[deechnz]

But could the 5 year rate go lower.
I would like to see a 5 year rate under 4% come in Feb / April 2020 when my 5 year fix ends

Never even thought about this, but it's a nice think to think about and hope for. I'd love to lock in safely for 5 years at something like that.

[JBM]

In talking with my current bank Westpac they are currently offering me $1750 cash + 3.79% 2yr trying to get the same deal for 1yr fixed term .. looks like I still had another 1yr to go on the last $2k cash payment I received from WP so would have to pay that back if I moved away ....new cash comes with 3yr contract

[deechnz]

In talking with my current bank Westpac they are currently offering me $1750 cash + 3.79% 2yr trying to get the same deal for 1yr fixed term .. looks like I still had another 1yr to go on the last $2k cash payment I received from WP so would have to pay that back if I moved away ....new cash comes with 3yr contract

Just to clarify- they are offering you 3.79% + $1750 because you have presented them an offer to move to break and move to another bank? So essentially, the money only covers the $2k break fee, but isn't really "money in your pocket"?

[deechnz]

In talking with my current bank Westpac they are currently offering me $1750 cash + 3.79% 2yr trying to get the same deal for 1yr fixed term .. looks like I still had another 1yr to go on the last $2k cash payment I received from WP so would have to pay that back if I moved away ....new cash comes with 3yr contract

PS- and is this for investment property?

[JBM]

Just to clarify- they are offering you 3.79% + $1750 because you have presented them an offer to move to break and move to another bank? So essentially, the money only covers the $2k break fee, but isn't really "money in your pocket"?

Refinance time as my 1yr fixed terms have come up ...