Hi, I'm looking for some advice/opinions?
I've got existing lending with ANZ and Kiwibank. Some of my lending with ANZ came off fixed interest last month and Kiwibank made a bid for it. In the end I did not go with Kiwibank due to the conditions they imposed on the loan.
However the experience with Kiwibank highlighted that I could get a better deal than ANZ were offering to refix. So a mortgage broker friend shopped around for us.
The broker came back with a really good deal at Sovereign. Things progressed rather quickly once we decided to move the lending to Sovereign.
When the lawyer asked ANZ for the discharges they were at first taken by surprise and then they aggressively matched the deal.
So I'm not sure which road to take here. The two deals from the two lenders are almost exactly the same. ANZ's rate is cheaper by 4 basis points with 3K cashback, whilst Sovereign will pay the broker his commission and provide another 3K for legal fees.
The broker is a friend so, if I stay with ANZ his commission comes out of my pocket, subsidised by the 3K cashback, less any legal fees incurred currently, and the 4 basis points discount provides added buffer to this cost as well.
Really unsure what to do here. Normally I do the numbers and it's a clear winner so deciding is easy. I've never had banks go after our lending so aggressively.
I've got existing lending with ANZ and Kiwibank. Some of my lending with ANZ came off fixed interest last month and Kiwibank made a bid for it. In the end I did not go with Kiwibank due to the conditions they imposed on the loan.
However the experience with Kiwibank highlighted that I could get a better deal than ANZ were offering to refix. So a mortgage broker friend shopped around for us.
The broker came back with a really good deal at Sovereign. Things progressed rather quickly once we decided to move the lending to Sovereign.
When the lawyer asked ANZ for the discharges they were at first taken by surprise and then they aggressively matched the deal.
So I'm not sure which road to take here. The two deals from the two lenders are almost exactly the same. ANZ's rate is cheaper by 4 basis points with 3K cashback, whilst Sovereign will pay the broker his commission and provide another 3K for legal fees.
The broker is a friend so, if I stay with ANZ his commission comes out of my pocket, subsidised by the 3K cashback, less any legal fees incurred currently, and the 4 basis points discount provides added buffer to this cost as well.
Really unsure what to do here. Normally I do the numbers and it's a clear winner so deciding is easy. I've never had banks go after our lending so aggressively.
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