I managed to get in the nick of time too. Stress free for 5 years whatever happens
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Anyone know why ANZ won't offer a competitive rate for 5 yr?
Not only am I fixed for 5 yrs but I'm short the 90 day bank bills.
3.59% and that was in mid-March before the long end went up and when the median rate offered across all banks was 2.99%. Now the median rate is around 3.3% and I'm assuming their rate will be the same if not higher. I argued that other banks (ASB) could do better and they would not improve their price which is what they've usually done in the past.
They're 100% calling your bluff that you won't move... every second person threatens that now days and hardly any of them move.
Banks are a lot more stringent around matching compared to what they have been in the past.
There is a "negotiated rate" senior bank managers can offer, anything more requires their managers approval and they deal with big figures every day - your application was likely only given a passing glance - if it even got to that level.
If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.
stoploss: I sent you a message.
Norwest: I was told that I don't have a bank manager any more. I did state that I would move to another bank and even that wasn't enough to get them to negotiate. If If I do start the process with another bank, do you think there is a chance they will reach out to me instead?
I had something similar with ANZ ... they got me with sharp 1yr fixed rate + 5k Cash(from ASB) .. then when it came up for re-financing they wouldn't match the better rates advertised elsewhere ... I called their bluff and moved to Westpac .... so far so good WP have been pretty darn good to deal with ... will be re-financing again next month ... I see SBS 1yr fixed term 2.19% ... will be pushing to see WP match this rate plus some cash to stay (have had a couple of payments to date to stay)
Have only been 1yr Fixing for many years ... I personal don't see high rates coming anytime soon ... far too much debt held by the masses would break the system if seen a spike higher .. personally think banks pushing up the longer end a pure play to get debt holders to sign up for longer rates ... I wouldn't be surprised if we don't see short term rates above 3% this decade its just the way the western world has all gone japanese ...
Great to see Heartland bank floating rate to 1.95% p.a. and 1-year fixed to 1.85% p.a. .... hope this puts some more pressure on the likes of Westpac to lower rates
Yeah hate those ...dam you free capital !!!!!
Just out of curiosity if your mortgage came up for renewal now for how long would you fix? I thought 3 might be prudent but the rate I got offered by ASB for 2 years sounds interesting.
Fixed 12 months 2.4600
Fixed 18 months 2.700
Fixed 24 months 2.8500
Not asking for financial advise. Just a personal opinion about mortgage rates ;)
With NZ on the edge and not safe from another covid disaster I can’t see RBNZ lowering rates just yet …..will banks keep their rates down for longer as well?
My two 1yr fixed term loans came up on the 16th of this month I locked it 2.19% with WP week earlier ... quite a jump to 2.55% at present personal I've always just gone for the lowest rate .. I wouldn't count out nil increase from the RBNZ and pure move from the banks to increase profits ...is the quite season for loans Vs the summer months ... wants the bet we will see bank offer sweet summer deals ..