Interest Rates

[Perry]

Are they as professional as the other banks now?

Is their internet banking top notch etc?

I use their Internet interface. Seems pretty good,
so far. (Maybe browser program makes a difference?)

Comparing with other banks if fraught, unless one
has used all other banks.

[Equilibrium]

Despite the valiant efforts of Equilibrium, I've found dealing
with KB to be a 'mixed bag.' That said, I agree that bank
policy and individuals are two different things.

Although perhaps a slight stretch, I'll regale you with the
tale of the cash register operator and an owner.

Some months back, I went into a shop to buy some shoes.
I arrived at the counter and the purchase was scanned.

"That'll be xxxx dollars," I was told.

"But they're advertised as a special at yyyy dollars," was
my response.

Not sure if it was me or what, but the seemingly ever-so-
slightly-smug response was, "oh, that special finished
yesterday."

I left the store empty-handed.

Although I can't now recall the details, I dimly recall some
similar incident with a completely different product. There
was some discrepancy between the ticket price and the
advertised price.

The owner/operator did not hesitate: "that special was
last week, but sure, you can have it at the same price,
this week."

I left the store with my purchase and the owner/operator
had a sale.

Sure, the till says this or that and all the other excuses.
But that's the difference between someone whose pay
goes up or down, based on sales and someone whose
pay does not.

When I sought to open a KB business account, I was
agreeably surprised as how straight-forward it was and
the way in which it was accomplished.

I (just so happened) to mention that I had a CC account
(with another bank) which turned over about $36k a year.

There was never any follow-up to seek that business.

Some days.

Good luck with the salvage operation, Equilibrium. Kudos
to you for caring/trying.

Hi Perry, having worked for several majors, I've heard it all. Perhaps if one supplier was the be and end all, then likely they would have the market cornered, that scenario does not exist. In fact immediately post GFC the "bigger" banks seemed reluctant to lend their capital to us Kiwi's, how short the memories. What would happen if there were a GFC2, where would you want your money to be, surely a NZ government owned institution? We're not perfect, who is, just trying to make a difference, challenge the rules and keep everyone honest. If you would like me to follow up your credit card enquiry please PM me.

[Equilibrium]

I use their Internet interface. Seems pretty good,
so far. (Maybe browser program makes a difference?)

Comparing with other banks if fraught, unless one
has used all other banks.

KWB and ASB lead the stakes, only these two banks pilot the real time banking project in NZ if that gives you an idea.

[Keys]

Maybe a search on break fees of Kiwibank and Westpac? As I recall, those were the worst two offenders a while ago.

[muppet]

Had two loans come off one year fixed at 6.75% and 6.95%.
Have renewed both for two years fixed at 5.45%.
but kept repayments at a higher level than they could be.

[Maccachic]

How long will Kiwibank stay a NZ bank for? The others all sold out

[speights boy]

^ Not true.
There is more than one NZ owned bank, and hopefully another one to come.

[eri]

i know most here won't

but i like it

Canada this month brought in changes to cut the maximum length of government-insured mortgages to 25 years from 30 years, to quell demand for new homes and curb record household borrowing. Loans in New Zealand are commonly for 25 years or 30 years but some loans were “interest only” with no set term.

There are also new rules that require Canadian borrowers to show housing costs are no more than 39 per cent of income, also making it harder for some buyers in Canada to get a home loan.

http://www.stuff.co.nz/business/indu...o-cool-housing

[PC]

So trying to reduce the demand for property?
Can't borrow so can't build and can't buy.
So more tenants = higher rents = Ta very much.

[Toasty]

Wouldn't deal with Kiwibank ever again. Their understanding of property investment is substandard at best. Add that to the inevitable stuff ups in documentation and pathetic response times. Recipe for disaster.

The Kiwi property investment magazine rated them the lowest of the low a couple of issues back. Not low enough in my opinion.

The majors get accused of ripping the country etc but they at least understand the property investment philosophy. Currently with ANZ and BNZ and in both cases the service has been exceptional and they have recognised my worth as an investor and provided offers that have exceeded my expectations and killed anything Kiwibank offered.

[Equilibrium]

Very interesting, I presented to a group of investors last week and several stood up and spoke about the oustanding service and rates that Kiwibank had offered them compared to the others. I prefer to run with first hand information Toasty, for all I know you could be a broker or ANZ employee.

[Wayne]

As you have said - it comes down to individuals. Maybe KB employs a few that they should think about. Personally I have not dealt with KB so don't have any opinion about the quality - I did say, though, that I would be wary of any bank that took a long time to reply (individuals or not that is the experiance some people have to go with).

[Toasty]

Very interesting, I presented to a group of investors last week and several stood up and spoke about the oustanding service and rates that Kiwibank had offered them compared to the others. I prefer to run with first hand information Toasty, for all I know you could be a broker or ANZ employee.

For all I know you could be a Kiwibank employee.

I am not a broker or an ANZ employee.

[Equilibrium]

True Wayne, I'd like to review the article mentioned however understood Kiwi Property Investment magazine no longer existed? Can anyone enlighted me on the article and publication?

[Toasty]

Its actually NZ Property Investor Mag. I will find issue number. Not sure if I am allowed to scan and post article or not.