My home loan with Kiwibank is coming off the fixed term in 7 days time so I made an appointment with the local branch to meet and discuss the mortgage rates moving forward.
He told me the best he can do is 4.99% for 1 year fixed and he'll waive the $100 refix fee. So I said OK. I want to fix for 1 year at that rate. What come next is a bit puzzling. He said he can't do that now. I have to wait until the day the current fixed term expires. I need to give him a call then. He can't guarantee the 4.99% rate until that day because rates are changing all the time.
Did I go about this the wrong way? I thought the normal practice is to meet the bank to negotiate the new rate moving forward.
He told me the best he can do is 4.99% for 1 year fixed and he'll waive the $100 refix fee. So I said OK. I want to fix for 1 year at that rate. What come next is a bit puzzling. He said he can't do that now. I have to wait until the day the current fixed term expires. I need to give him a call then. He can't guarantee the 4.99% rate until that day because rates are changing all the time.
Did I go about this the wrong way? I thought the normal practice is to meet the bank to negotiate the new rate moving forward.
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