You don't generally have to move, many banks will match other offers. You may be able to get a rate discount if you're an established customer in good standing, not sure what we're getting but it varies between 0.25% and 0.5% from memory.

timmmay:

 

You don't generally have to move, many banks will match other offers. You may be able to get a rate discount if you're an established customer in good standing, not sure what we're getting but it varies between 0.25% and 0.5% from memory.

 

Thanks Timmay. Will go talk to the old bank tomorrow.

If you still have over $200,000 on your mortgage, negotiate with the banks.

A while back, Useless Mortgage Broker gave us what looked like attractive rates from Bank A.  Saw the same deal on TV that night from Bank B.  Challenged Useless Mortgage Broker who did not seem inclined to get off his butt.  2 hours on the phone between the two banks resulted in thousands in long-term interest savings.

There is an OCR annoucement next Thursday (22nd) ,

Most banks will have baked in a 25 point cut either then or at the next meeting in November, but the RB might suprise with something unexpected given that the high NZD is making a mockery of their inflation forecasts...

Generally good mortgage brokers will get you a better deal than you ringing up your bank or other banks.

We have finally found a decent mortgage broker who got us 4.03 for 1 and 2 years so i guess that's better than the advertised rates. Happy to share his details if you are based in AKL.