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  Reply # 2161733 15-Jan-2019 19:44
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Oh BNZ could not figure out what the other bank was on about

John

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  Reply # 2161734 15-Jan-2019 19:47
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Linux: Great progress today with the BNZ and should have approval tomorrow morning

John

 

Great news John!!!!


 
 
 
 


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  Reply # 2161735 15-Jan-2019 19:49
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Linux: Oh BNZ could not figure out what the other bank was on about

John

 

Is it ok to name and shame? If it's Westpac, we have a lot of clout there, I would be keen to ask why

 

Seems to me its a simple issue. Policy, RBNZ limits, and so on, BUT they mislead you, that is the problem.


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  Reply # 2161736 15-Jan-2019 19:50
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Linux: Oh BNZ could not figure out what the other bank was on about

John

 

I've also found BNZ was really good when we were shifting from our previous bank. If you've got other savings, their TotalMoney product is great and can save you a lot.

 

I did notice that they were perhaps much better at winning our business than retaining our business though. Getting our initial (several hundred thousand dollar) mortgage was actually quite a bit easier than adjusting it (tens of thousands) a bit later on. I suspect that had a lot to do with who we were dealing with. If there is anything else you want from your bank (platinum credit cards, insurance, new bike loan, etc.), ask for it now while you've got the A-team working to win your business.




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  Reply # 2161759 15-Jan-2019 20:31
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tdgeek:

Linux: Oh BNZ could not figure out what the other bank was on about

John


Is it ok to name and shame? If it's Westpac, we have a lot of clout there, I would be keen to ask why


Seems to me its a simple issue. Policy, RBNZ limits, and so on, BUT they mislead you, that is the problem.



It's not Westpac

John

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  Reply # 2161771 15-Jan-2019 21:07
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tdgeek:

 

Is it ok to name and shame?

 

 

He already named in previous posts in this thread





Hmmmm


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  Reply # 2161788 15-Jan-2019 21:54
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In the LVR factsheet on the RBNZ website:

 

15. What can I do if I think my bank is being unreasonable in the way it is implementing the LVR restrictions?
The Reserve Bank sets out the minimum requirement for banks with the LVR rules. It is up to each bank to establish its own practices and policies for lending within those rules. If a bank wants to apply a stricter policy that the rules require, they are within their rights to do so. Borrowers who are dissatisfied with the stance or service offered by a bank are at liberty to take their custom to other banks

 

Very good advice indeed!!


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  Reply # 2161790 15-Jan-2019 22:09
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Linux: Great progress today with the BNZ and should have approval tomorrow morning

John

 

That's my bank. I hope they're as good to me as they were with you when it comes time for me to ask for a mortgage :)


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  Reply # 2161793 15-Jan-2019 22:26
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I've got the advantage of working for a bank on my side with my house hunting.

 

Nobody at work could figure out what John's bank was on about when I told them and pretty-much said they would have it sorted and approved within a day no problems if John was to come over to us. It is a shame really that there was advise given that was a massive confusion to John making him feel that he couldn't get a mortgage anywhere and to be perfectly honest I would have written a proper complaint about it given this misinformation.

 

But, good news John! I expect to be invited to the housewarming.





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  Reply # 2161858 16-Jan-2019 08:30
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Long thread, which I honestly haven't read all of.  However, you're all seem to be talking just about the deposit in terms of loan approval, but that's by no means the whole picture.  Being able to service the loan is another big part of the approval.  i.e. interest to income ratio.  Is that potentially causing the issue?  RBNZ may have changed levels on those.


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  Reply # 2161864 16-Jan-2019 08:34
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Earbanean:

 

RBNZ may have changed levels on those.

 

 

Checked, RBNZ don't have interest to income regs, but banks do.


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  Reply # 2161870 16-Jan-2019 08:54
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I suggest you read the whole thread, please.




Keep calm, and carry on posting.

 

 

 

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  Reply # 2161874 16-Jan-2019 08:55
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Earbanean:

Long thread, which I honestly haven't read all of.  However, you're all seem to be talking just about the deposit in terms of loan approval, but that's by no means the whole picture.  Being able to service the loan is another big part of the approval.  i.e. interest to income ratio.  Is that potentially causing the issue?  RBNZ may have changed levels on those.



BNZ don't seem to have an issue

John

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  Reply # 2161882 16-Jan-2019 09:43
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Linux: 

BNZ don't seem to have an issue

John

 

Yep, different banks will have different levels, based on their risk appetite and how their total book is already positioned.  It's not a top down hard reg on them from the RB.


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  Reply # 2161895 16-Jan-2019 10:06
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The interest has gone from this thread now that we'll never know what the 1st bank was really basing its decision on. The original "put the blame on the RB" wasn't supported by the RB. It seems odd that going up the chain didn't change anything if it was a mistake at a lower level.

The Mike Pero site mentions that some banks still require a certain % of the deposit to come from existing savings older than 3 months when a family gift is involved. Maybe that should be irrelevant when the deposit is well above minimum.

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