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# 94039 5-Dec-2011 00:42
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Hi ya all,

I have been with BNZ since forever, and am using their total money for mortgage, but they've just upped their interest rates and now Kiwibank is lowest (onto "offset mortgage" - look just assume the global crisis is going to last forever and therefore floating is going to be low). Now, I've always been fond of Kiwibank because they're local, they have a lowest interest rate policy, but the only thing holding me back is -

1) what their service is like (not fond of going to post office to queue with people renting DVD, buying stationary, and then finally showing the post office boy/teen all my finances etc), and

2) how 'safe' they are, how reliable in the long term?

I'm also interested in their Go Fly credit card - free koru club for putting all our bills onto it yay!

How much do I expect to pay the lawyer to transfer a mortgage?




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  # 553816 5-Dec-2011 00:50
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Where have you seen the free Koru Club deal? That would be fairly handy...



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  # 553817 5-Dec-2011 01:06
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err ... if you're on platinum go fly AND spend 15,000 on the card a year. with a family with kids - all the house bills and travelling it's quite achievable ...




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  # 553818 5-Dec-2011 01:09
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Have you seen Kiwibank's free refinancing package:

http://www.kiwibank.co.nz/personal-banking/home-loans/switch-loans/refinancing.asp

I have our mortgage with ASB but recently opened up a Notice Saver account with Kiwibank, and I too was a bit apprehensive about waiting in line at the 'post office', but the teller arranged for me to speak to the Kiwibank guy and he was excellent - friendly, knew his stuff, no issues at all.

I also spoke to them about refinancing our mortgage and confirmed that as long as the criteria is met the only fee you pay will be to your previous bank (a discharge of mortgage fee usually around $100), so no solicitor's fees at all.

Worth looking into, their rates are pretty good. I'm staying with ASB, but Kiwibank's Notice Saver is brilliant as well.




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  # 553831 5-Dec-2011 07:21
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joker97: err ... if you're on platinum go fly AND spend 15,000 on the card a year. with a family with kids - all the house bills and travelling it's quite achievable ...

It's two one-time entry passes for each $15,000 spent, not free Koru Club membership.

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  # 553832 5-Dec-2011 07:21
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I switched from ASB about 4 years ago. I've found them really good. The reality of banking for me is that I only go to a branch to deposit cheques - pretty much every thing else is done electronically or over the phone.

As far as 'safe' the government can't let their own bank fail - it would be political suicide.

The Go Fly credit card is good - just bear in mind it's not a Koru membership, it's 2 one use koru passes per $15k. That said it's a nice little freeby.

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  # 553859 5-Dec-2011 09:15
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joker97: Hi ya all,

I have been with BNZ since forever, and am using their total money for mortgage, but they've just upped their interest rates and now Kiwibank is lowest (onto "offset mortgage" - look just assume the global crisis is going to last forever and therefore floating is going to be low). Now, I've always been fond of Kiwibank because they're local, they have a lowest interest rate policy, but the only thing holding me back is -

1) what their service is like (not fond of going to post office to queue with people renting DVD, buying stationary, and then finally showing the post office boy/teen all my finances etc), and

2) how 'safe' they are, how reliable in the long term?

I'm also interested in their Go Fly credit card - free koru club for putting all our bills onto it yay!

How much do I expect to pay the lawyer to transfer a mortgage?


The thing that put me off was the cost of fixing.  They charge a fee every time you want to fix, now I know you dont want to yet, and why would you - but it should be a consideration.  From memory it is around $500 each time.

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  # 553869 5-Dec-2011 09:31
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Strange the BNZ have just upped their rates considering the RBNZ is most likely going to leave rates where they are this week and some analysts saying they may even drop them.

 
 
 
 


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  # 553905 5-Dec-2011 10:15
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I was with Kiwibank, went away and came back, and am very happy with them now.

Generally everything can be done online, except deposits, and cash withdrawls and some random stuff like getting a replacement ATM card (if it has been stolen, expired onesget sent to your house) and signing up for a mortgage.

I have the go fly cc (gold), gets 1 ap dollar per ~$100? spent?

I like it that what ever profit they make goes to reducing the tax burden for me...

Haven't found the post-office process off-putting.

They also do Kiwisaver, in a transparent way which is good.

Jon



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  # 553924 5-Dec-2011 10:47
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itxtme:
joker97: Hi ya all,

I have been with BNZ since forever, and am using their total money for mortgage, but they've just upped their interest rates and now Kiwibank is lowest (onto "offset mortgage" - look just assume the global crisis is going to last forever and therefore floating is going to be low). Now, I've always been fond of Kiwibank because they're local, they have a lowest interest rate policy, but the only thing holding me back is -

1) what their service is like (not fond of going to post office to queue with people renting DVD, buying stationary, and then finally showing the post office boy/teen all my finances etc), and

2) how 'safe' they are, how reliable in the long term?

I'm also interested in their Go Fly credit card - free koru club for putting all our bills onto it yay!

How much do I expect to pay the lawyer to transfer a mortgage?


The thing that put me off was the cost of fixing.  They charge a fee every time you want to fix, now I know you dont want to yet, and why would you - but it should be a consideration.  From memory it is around $500 each time.


oops so it's not koru membership sorry! hmm that is a serious rethink for me then ...

yeah i hate bank fees - they make so much out of everything (profit every year is hundreds of millions to billions even in recessions) and there's still the haha i'm gonna sting you again fee for everything. BNZ charges a fee to refix too (yes i know everythng is negotiable but it's so hard to get out of it).         




Involuntary autocorrect in operation on mobile device. Apologies in advance.


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  # 553932 5-Dec-2011 11:01
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CYaBro: Strange the BNZ have just upped their rates considering the RBNZ is most likely going to leave rates where they are this week and some analysts saying they may even drop them.


Just remember that the OCR is not the sole determinant of mortgage rates.  The demands of overseas lenders (to our banks) could theoretically see mortgage rates rise in NZ, even if (as predicted by many it seems) the OCR remains at current levels for the "forseeable future" (whatever that means!! Smile).





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  # 553945 5-Dec-2011 11:37
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About 18 months ago I went through the process of trying to switch from ASB to Kiwibank. In the end we did not switch, as it would have cost us $2000 because we had <20% equity in our house. We now have over 20% equity, but Kiwibank are not doing mortgages on Green Zone TC3 houses in Christhurch (and neither are TSB). Looks like we will be stuck with the aussies for a while yet.

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  # 553957 5-Dec-2011 11:47
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Hi Joker97

I work for Kiwibank Business Markets. If you would like to be put in touch with a local lender please PM me & I can arrange that for you.

To be honest you should not notice a change in service, you will encounter queues in other banks as well as Kiwibank. There is also the move to Internet banking where we offer you Secure Emails for any help you need. Our internet Banking is also one of the better ones out there!

We can also (depending on your Lending amount & security) offer you our free refinance! As long as no change to the ownership or borrowing structure. We do this by using our own solicitors saving around $1000 +

As mentioned there are Refix Fee's. Although it is only $100 per loan & not $500. We try to make it as cheap as possible for you.

For the Go Fly Platinum - No individual Korum membership joining fee

All this is on our website also www.kiwibank.co.nz

If you have any questions I am happy to help people out.

Cheers

Stuart

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  # 553959 5-Dec-2011 11:50
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I moved from National Bank to BNZ earlier this year when I got my first home mortgage. We looked at Kiwibank, but BNZ had the better package for what we were after. However, I've been very pleased with BNZ. Their service is excellent, far better than National Bank, and better than Kiwibank (I have a credit card with them, so have a little experience with their customer service). I do most things online, but knowing that when I need to go to the branch, I won't have to contend with the myriad unrelated services that go with the post shop side of things makes BNZ the winner.

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  # 553960 5-Dec-2011 11:53
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Got my mortgage with kiwibank for the welcome home loan. I was with westpac and I have found kiwibank is great they have lenders that work weekends so just make an app and show up there is no waiting in que. Now that I am set up the only reason for me to go to the bank is for pin's on my cards and the odd cheque everything else is done on the net or over the phone.

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  # 554004 5-Dec-2011 12:59
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jonherries: I was with Kiwibank, went away and came back, and am very happy with them now. ...

...I like it that what ever profit they make goes to reducing the tax burden for me... 


Sorry to disillusion you but the burden is on the taxpayer.

Kiwibank cannot make enough profit (around $24million most recent year) to meet even their own capital needs let alone return a dividend (has never paid one). Instead they have always been asking for money from the government for their capital needs rather than giving it (fortunately the current government has been less generous than the pre 2000 one in that regard).

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