Interest Rates

[Equilibrium]

I just saw an ad on Stuff with TSB, 2 years fixed at 5.3%. 80% lending though, so have your deposit at the ready, and there's an owner/ occupier caveat in there too.

http://www.tsbbank.co.nz/Splash.aspx...%20July%202012

That's reasonable, Kiwibank are offering 5.19% fixed for 18 months currently for those with 30% equity. There's a fair bit of interest.

[Bluekiwi]

Imagine you're talking about the Loan Market brokers, we do deal with a hand full of these brokers but it's not really something promoted. Generally if you're a strong applicant and provide everything we need then there will not be a problem. Marginal applications or missing information or showing discrepancies do tend to take longer to work through. BNZ is probably the only bank I'm aware of that specialise in investor loans and are generous with their lending approvals, it seems to work well from what I hear, their pricing may not be the sharpest however. Each bank has their own strengths. I'm a lender, nothing more.

You do seem to have an agenda to make them look better than they were.
This was not marginal or part info, or having any issue in it at all, these were simple applications, and the broker made it clear the fault was certainly with Kiwi Bank, and that all the other banks were reasonably fast, although westpac had a small backlog, but "Kiwibank" were completely snowed under and taking an extra-ordinary time to process "All" applications.

This is 100% fact.

And not the speculation that you are providing from your "lender" position.
Maybe your applications you were doing quickly.
But the rest of them, at that time, were taking very very very very long to be completed.

Your not helping Kiwi's reputation, your just making yourself and your bank look more silly.

[Equilibrium]

Occasionally we have back logs, generally when we bring out a special rate and have lots of interest, things can take longer. I can take you and your brokers word for what apparently transpired yet I can currently offer you the opportunity to deal with me on a refinance basis if you would like to see what dealing direct with the bank can be like. I have customers on here very impressed. PM me.

[Perry]

Good of You to Answer With Follow-up

I've checked in with our local business banking centre, they're unaware of the
issue described. Is it still occurring, if so I would recommend speaking directly to
your local business manager as it appears to be an isolated incident if not one off.

AFAIK, there is no such thing as a local business manager, these days. My
'branch ID' is 9012. From what I gather, that's akin to the National Bank, in
which all new business accounts are given the same branch ID - in effect,
an e-branch, rather than a physical branch. I opened my kiwibank account
over the phone. I took some requisite ID items into the local Post Shop, to
complete the process.

Yes, what I described is the norm; not a one-off. I haven't had a statement
or transaction listing for a week or two, but I'll let you know when I do, if it's
the same as before.

BTW - Have a peek at this post.

[Equilibrium]

AFAIK, there is no such thing as a local business manager, these days. My
'branch ID' is 9012. From what I gather, that's akin to the National Bank, in
which all new business accounts are given the same branch ID - in effect,
an e-branch, rather than a physical branch. I opened my kiwibank account
over the phone. I took some requisite ID items into the local Post Shop, to
complete the process.

Yes, what I described is the norm; not a one-off. I haven't had a statement
or transaction listing for a week or two, but I'll let you know when I do, if it's
the same as before.

BTW - Have a peek at this post.

Thanks Perry, I did see that post, have been offline from here for several days yet was disappointed we let one past the goalie, but it can happen.

Meanwhile if the statement plays up again I can PM you my Kiwibank email address and you can send me the statement or account number, I'll follow up.

[eri]

Someone who thinks "I can just about afford a mortgage at these rates"
needs to reflect on this simple arithmetical fact:
If floating mortgage rates were to rise by 2 percentage points - which is hardly beyond the bounds of possibility
- that would increase their interest bill by more than a third.

http://www.nzherald.co.nz/business/n...ectid=10825543

[Perry]

If floating mortgage rates were to rise by 2 percentage points -
which is hardly beyond the bounds of possibility
- that would increase their interest bill by more than a third.

Yawn. Sleight-of-figures scaremongering, when the actual
repayment amounts and frequency are not mentioned.

I recall that old example about lies, damned lies and statistics, Viz:

Unemployment in Switzerland increased by 66%, this year.

There are now five people unemployed, instead of three.

[speights boy]

Yawn. Sleight-of-figures scaremongering, when the actual
repayment amounts and frequency are not mentioned.
.

As your old friend Pauline Hansen was want to say...."please explain"

[Perry]

You're Kidding?

The cost of a table mortgage, over the years, often shows
that the price of the house bought is double or greater than
the ticket price, because of interest. Hypothetically, a $300k
house may result in the buyer paying $600k, over 25 years.
(Inflation / purchasing power considerations complicates
things, so leave that out)

Most media reports describe changes in the OCR in terms of
it adding (or reducing) weekly payments by $x for y mortgage
amount. Not by any comparison with total interest paid, over
the mortgage term. I.e. The increased interest component of
payments is not usually specified in any way.

People may re-finance. "Top-up" their mortgage. Make a lump
sum repayment from a lotto win or bequest. It's the weekly
payment amount that counts. No one really considers the
principal versus interest aspect. If they did, they'd go grey
that much quicker!

[muppet]

ASB and NAT have raised and lowered a couple of rates.
6mths up 5.6%
18mths up 5.49%
4yrs down 6.2%
5yrs down 6.6%

[mrsaneperson]

I have now managed to refinance my loan with Kiwibank using a poster here as above in post 1505 contact Equilibrium, directly on 0800 452013 or send him a PM .

He gave me a fantastic deal that my BNZ bank couldn't come close too!

He really is making Kiwibank a top bank to deal with !

[mortgage broker]

Someone who thinks "I can just about afford a mortgage at these rates"
needs to reflect on this simple arithmetical fact:
If floating mortgage rates were to rise by 2 percentage points - which is hardly beyond the bounds of possibility
- that would increase their interest bill by more than a third.

This is somthing which I try and point out to my clients, here is an article I wrote about this lately for those unlucky sods who are not on my books yet.

[donna]

Yeah I am glad I bought my first property when Interest rates could really only come down (18 percent) - (UK in the early 90s). I was so green - like a lot of newbies and times were very tight. It was a big risk as I was already living on next to nothing but it did get better - maybe not so for a green newbie getting in when the interest rates can only go up!

cheers,

Donna

[speights boy]

He really is making Kiwibank a top bank to deal with !

State-owned Kiwibank posted a record $79.1 million profit for the June year, up massively on the previous year's $21.2 million, as interest rate profit margins improved, with more customers moving to floating rates.

www.stuff.co.nz/business/industries/financial-results/7525365/Record-profit-for-Kiwibank

[Wayne]

been offered 4.99% for 1 yr from Westpac (for better than 80% LVR)