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248 posts

Master Geek
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  Reply # 1331894 26-Jun-2015 09:35
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A month ago I looked around and due to my work now banking with BNZ we get good rates and fees waived. Offer from BNZ was 5.0 for 2 years plus $4k. Under 500k mortgage. My current bank ASB and other banks could not match it so we took it. I thought it might come down further so feel I could have waited, overall pleased to have been on 4.99 for 2 years now 5.0 for the next 2 years. If it drops to mid 4's then we will ask the question on breaking.


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  Reply # 1332186 26-Jun-2015 15:34
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bazzer:
Geektastic:
joker97:
Geektastic: 3.4% fixed for 30 years.

My brother in California.


House price was?


Around US $500,000.

Equivalent home (5 bed, 300 sq m, full aircon, double glazing, pool etc) in NZ would be at least double.

Huh? There are plenty of places in NZ (and even Auckland!) where you can buy a house like that for less than NZD$1.5m!

P.S. I would like to know where the house is. Maybe I can move there, I like Cali!


Vista. And none of the places in NZ have the Californian climate (although more water..!) and none of the houses would include the level of fixtures and fittings etc that you get there unless you personally see to it they do.

His windows are so good I am seriously considering flying the window guys over to measure up our place, go back and build the windows and then ship them over in a container, then come and stay for a holiday and install them!





 
 
 
 


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Master Geek
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  Reply # 1332315 26-Jun-2015 19:08
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Am I missing something?
When you enter a contract for x years at a fixed rate of y%, that is your contract rate for x years.
Why do people expect to be able to break the contract they entered into without penalty?
In fact, isn't the point of fixing at y% to create certainty. If you want the advantage of possible lower rates in the future, that's what floating rates are for.

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  Reply # 1332322 26-Jun-2015 19:28
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when SBW signed a contract with the Bulldogs, he then hopped on a plane to France.
when Ma'a Nonu signed a contract with the Blues, he then hopped on a plane to Dunedin.

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  Reply # 1332342 26-Jun-2015 20:22
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kendog: Am I missing something?
When you enter a contract for x years at a fixed rate of y%, that is your contract rate for x years.
Why do people expect to be able to break the contract they entered into without penalty?
In fact, isn't the point of fixing at y% to create certainty. If you want the advantage of possible lower rates in the future, that's what floating rates are for.


Yes, you are missing that the competition between banks means that Early Adjustment Fees (aka Break Fees) can be waived in order to keep a customer or the gaining bank may offer to cover that fee via a cash bank like in the first post.

If you get an offer from another bank that beats your current banks rates (and they can't match it) and has a cash back to cover your current banks EAF/BF then why would you not take it? It's a pretty simple calculation to work out whether it's worth it.

Aside from the hassle of changing account numbers and payments etc, what reason is there to be loyal to a particular bank?

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  Reply # 1332352 26-Jun-2015 20:32
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Ragnor:
kendog: Am I missing something?
When you enter a contract for x years at a fixed rate of y%, that is your contract rate for x years.
Why do people expect to be able to break the contract they entered into without penalty?
In fact, isn't the point of fixing at y% to create certainty. If you want the advantage of possible lower rates in the future, that's what floating rates are for.


Yes, you are missing that the competition between banks means that Early Adjustment Fees (aka Break Fees) can be waived in order to keep a customer or the gaining bank may offer to cover that fee via a cash bank like in the first post.

If you get an offer from another bank that beats your current banks rates (and they can't match it) and has a cash back to cover your current banks EAF/BF then why would you not take it? It's a pretty simple calculation to work out whether it's worth it.

Aside from the hassle of changing account numbers and payments etc, what reason is there to be loyal to a particular bank?


In the old days people were very loyal towards companies. Not so much these days, apaprt from small locally owned ones. I am pretty loyal though to TSB bank, as it is a small NZ owned bank, and has real customer service, unlike the others.

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  Reply # 1332362 26-Jun-2015 20:48
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they just made more money from us than all the dairy farmers combined in the first 3 months of this year



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Ultimate Geek
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  Reply # 1332371 26-Jun-2015 20:56
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Ok seems like no one has a cheaper rate, that leads me to think everyone is paying market rate.....w h y !?!?




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  Reply # 1332408 26-Jun-2015 21:58
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Long time TSB customer here

Asked for a mortgage quote and they came back with a 5.0

where without even negotiating one little bit SBS Bank will do 4.99

What am I missing?



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  Reply # 1332417 26-Jun-2015 22:05
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nathan: Long time TSB customer here

Asked for a mortgage quote and they came back with a 5.0

where without even negotiating one little bit SBS Bank will do 4.99

What am I missing?


Great isnt it?




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Ultimate Geek
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  Reply # 1332835 28-Jun-2015 03:49
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Have just come off fixed for the past two years onto floating at 5.75% with ANZ was fixed at 4.75%. Want to pay some capital off (just waiting for the cash to be released) and watching to see what happens with the dairy prices and exchange rate before re-fixing.

I wonder if the dairy prices and exchange rate drop some more the RB might shave another 0.25% off.

Jon

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  Reply # 1332847 28-Jun-2015 08:34
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No if the exchange rate drops the OCR will need to be raised. Which is prevented by the farmers' poor dairy prices.

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  Reply # 1332884 28-Jun-2015 10:37
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jonherries: Have just come off fixed for the past two years onto floating at 5.75% with ANZ was fixed at 4.75%. Want to pay some capital off (just waiting for the cash to be released) and watching to see what happens with the dairy prices and exchange rate before re-fixing.

I wonder if the dairy prices and exchange rate drop some more the RB might shave another 0.25% off.

Jon


Most bank economists seem to be pricing in 2 more OCR drops.





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  Reply # 1333402 29-Jun-2015 13:46
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BinaryLimited: Ok seems like no one has a cheaper rate, that leads me to think everyone is paying market rate.....w h y !?!?

Probably because most people don't have the carrot of a $1m mortgage to negotiate with? It's very easy to negotiate with the banks when you're a "high-value" customer.

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  Reply # 1333412 29-Jun-2015 13:52
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With what is going on in Greece at the moment, and the run on banks, it is a bit of wake up call, as these things can have knock on affects. I think many NZer, especially  in Auckland , owe uncomfortably high amounts to banks for their over priced shacks. Banks are your fair weather friends.

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