Mortgage wars - borrowers take control
By Wayne Thompson
5:30 AM Saturday Jul 14, 2012
Thousands of New Zealanders chasing a cut in their home loan interest rate have caused a log jam in the banking system, which is groaning under the weight of homeowners battling for the best deal.
One bank had 2000 inquiries last week about rates and was struggling to cope, a mortgage broker told the Weekend Herald.
"It's clogged up the banking system and people are waiting for decisions."
Mortgage rates have hit rock bottom and banks are going to extreme lengths to get borrowers to switch lenders.
By Wayne Thompson
5:30 AM Saturday Jul 14, 2012
Thousands of New Zealanders chasing a cut in their home loan interest rate have caused a log jam in the banking system, which is groaning under the weight of homeowners battling for the best deal.
One bank had 2000 inquiries last week about rates and was struggling to cope, a mortgage broker told the Weekend Herald.
"It's clogged up the banking system and people are waiting for decisions."
Mortgage rates have hit rock bottom and banks are going to extreme lengths to get borrowers to switch lenders.
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