Refinancing. Offer through tomorrow

[CaliAngel]

I have a thoroughly respectable LVR over NZ assets of 71%.
In my experience Westpac is unreasonable . Despite paying down debt from 95% LVR to under 80% I have never been able to proceed with another development project in the pipeline and was told we were expected to go P&I when our loans came off terms.
Over the last year I have got Westpac to remove security over a freehold piece of land and am refinancing rentals (1,000,000 secured over assets to the tune of 1,350,000) (74% LVR.) Am now moving on from Westpac.
Our mortgage broker has confirmed approval from another mainstream bank. Is asking for legal fees and will forward the offer through tomorrow.
Anyone with similar experiences with Westpac? Am wondering if Westpac is unusually cautious and we'll be more successful with another mainstream bank.
what would you fix at in this scenario. Have always gone 1/3rd 1/3rd 1/3rd; the rest floating.
Any other goodies we could request from our new lender?

[DIY Donz]

I had a similar experience with Westpac some 8 years ago. I had paid off my first home loan in 9 years and was wanting to borrow to buy another house and put a minor dwelling on the back of the first property. Westpac said no repeatedly even when I obtained a finance offer from ASB....so I moved. It seems they have strict criteria to follow and won't budge, however on later talking to someone in the branch, they said I should've come to them rather than go through their mortgage department...REALLY?!

I'm never sure with fixing....but in the past I've worked out how much I think I can pay off in a year and put that on floating and then the same amount on 1yr fixed with the bulk fixed longer term (if the rates seem ok). I treat the floating portion as a goal to pay off during the year and the fixed portion I only pay interest. I've been interest only with ASB for the past 8 years and recently had to renew a loan that was to due to come off interest only. No problems.

[Damap]

I think most investors would agree that ANZ is the absolute worst followed by Westpac. The others are, in the main, easier to work with. We have had amazing service and help from BNZ recently.

[Wayne]

Never had a problem with Westpac but I have a personal banker.
They treated the apartment I had poorly but I could see their point. Sold the apartment and moved on.

[CaliAngel]

Never had a problem with Westpac but I have a personal banker.
They treated the apartment I had poorly but I could see their point. Sold the apartment and moved on.

We've always had a personal banker but couldn't get any traction in recent years. Back in 2005 they were happy enough with an LVR of 95% but after taking it down to 71% by selling some assets we couldn't convince them to loan to cover renovation costs of 80k.

Ha ha. Maybe a case of "from the frying pan into the fire", going with ANZ. Still they are offering $5000 for legal fees and a top up for renovation costs.

[Wayne]

I should have said 'private' banker

[Maccachic]

I think most investors would agree that ANZ is the absolute worst followed by Westpac. The others are, in the main, easier to work with. We have had amazing service and help from BNZ recently.

Agree with this 100%

[Pegasus]

Interestingly we have had very good experiences with Westpac and its our main bank. They have financed us when other banks wouldn't. Went thru a good mortgage broker then now have a Westpac business manager who has never failed to fund us for trading/development projects.

[Leftette]

I'll see your "Private Banker" and raise you an "Exclusive Banker". Take that, prole.

[Leftette]

And I've always regarded Westpac as "for the masses". Not quite as working-class as Kiwibank, but you know what I mean.

[CaliAngel]

I'll see your "Private Banker" and raise you an "Exclusive Banker". Take that, prole.

Well we are special enough to have a "relationship manager"

[CaliAngel]

Unfortunately the relationship got managed into the toilet.

[Nice]

I've had a great relationship with ANZ for the past 15 years or so. Until they moved me up to Business Banking. Any of the Banks come down to being people, and if you get the right one that is prepared to work through the internal obstacles, then things go just great. Get someone who is hell bent on following the rules and you are screwed. In any of the Banks.

[kiwibean]

I had a good mortgage manager at Kiwibank then moved me to a business banker which was not helpful at all. Moved some of my properties to another bank and now back with my mortgage manager so happy again