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  1. #11
    Senior Member
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    Wellington, , New Zealand.
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    Yes, you are allowed to chase for related damages/costs but probably too late now. Chalk it up to a priceless learning experience (and consider changing your legal team).
    Fantasy Premier League 2006/07, 2007/08, and 2008/09 Champion :-)

    "The surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us." - C&H

  2. #12
    Junior Member
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    Aug 2005
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    , , New Zealand.
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    Good references to this are at:
    http://.com.au/fee?_IDF.lease.pdf

  3. #13
    Advanced Member
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    Jun 2004
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    Auckland, , New Zealand.
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    Message to all the home owners selling to buy else where. If you have a fixed term mortgage at a lower interest rate get it transferred to the new property. Contact your mortgage broker before you sell you might save a bundle with increasing interest rates. macdunk

  4. #14
    Member
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    Nov 2004
    Location
    Invercargill, , New Zealand.
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    Yes, good advice but only if your bank agrees. Generally when a house is sold the current mortgage is repaid and a totally new advance made for the new house. The bank may not charge an early repayment fee if you stay with them but they will insist that the new loan is on current, not historical terms.

    You can still fix it but at todays rates.

    And why would anyone go near a broker? You are far better off approaching your own bank directly.

  5. #15
    Advanced Member
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    Auckland, , New Zealand.
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    WINSTON001, I know one person that transferred their loan over from one property to another with westpac. You get nothing in this life if you dont ask. macdunk

  6. #16
    Member
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    Jun 2005
    Location
    Marlow, , United Kingdom.
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    MacDunk. I would suggest your friend did well and probably used the leverage of their considerable increase in borrowing under their new mortgage as well as some good ole nagging to get their way.

    I would hearterly suggest that anyone moving ask to transfer their fixed rate portion also - but the response maybe muted.

    If you take a swap contract as a corporate - if the contract is terminated which ever party is out of the money will pay the settlement balance based on mark to market valuation.

    Note this is the difference between the fixed rate contracted and the forward yield curve for the remaining term of the fixed rate period. This is separate to the principal outstanding.

    However, in the case of the NZ fixed rate loans (which is just an embedded swap agreement) the bank does not pay if your contract is in the money (i.e. the current fixed rates are higher than your fixed rate).

    This is a good source of income for the Banks as once you have repaid the loan there is no capital at risk. Hence, this is higher quality earnings because there is no capital provisions/adequacy requirements.

    When the Banks moan about the fixed rate margins being eroded and far slimmer than the floating rates they remain a good source of capital free fee income from renewals and repayments leaving profitable swap positions. The margins are still behind the proposterous 2% of the variable rate but are not as bad as the Banks would make out.

    It is just some treasury operations make the profit rather than the dogged mortage sales people.

  7. #17
    Senior Member
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    May 2002
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    Wainui, New Zealand.
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    923

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    Has anyone had any experience in buying bare land prior to issue of titles? Signed Sale & Purchase Agreement for 3.02 hectares in subdivision of 5 lots. Contract says 3.02 more or less. I always believed that 'more or less' referred to any survey errors.
    Since signing we find that vendor has taken 400m2 to site next door which he is to retain and on speaking to him last night it could now be down to 2.971! Plan showing 3.02 has been lodged with Council.
    Has anyone had similar probs. Be nice to know exactly what we'll be left with.

  8. #18
    Ignorant. Just ignorant.
    Join Date
    Jan 2005
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    Wrong Side of the Tracks
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    Ari - "more or less" does indeed refer to survey errors. Raise merry h*ll !

  9. #19
    Advanced Member
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    Jun 2004
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    Auckland, , New Zealand.
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    More or less is not surveyor error. If you had one thousand acres that had a hill in it dead centre then you might gain a few extra acres. Its only if it is flat like a bowling green that you can say how many sq mtrs a block has. More or less covers this.
    macdunk

  10. #20
    Senior Member
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    May 2002
    Location
    Wainui, New Zealand.
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    quote:More or less is not surveyor error. If you had one thousand acres that had a hill in it dead centre then you might gain a few extra acres. Its only if it is flat like a bowling green that you can say how many sq mtrs a block has. More or less covers this.
    I should have explained better...yes I meant survey errors due to undulations....so if you have a hole instead of a hill it will always be more, never 'less' as in my case

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