Quote Originally Posted by George View Post
Bob
Bank is BNZ. Rang them today and can do a 'restructure' for
no charge. However, their only lower rate is the 7.99% fixed
for 1 year so there's no point. The 5 yr is 8.89 so still ahead there.
If rates do drop as in the US etc. possibly to 5% or less, then
we will obviously change, they simply post the documents, we sign and
send them back. Perhaps there may be a silver lining on this black
cloud - as long as we can keep working of course. If things get so bad
they have to drop rates (is 1% possible?) there may be a lot of jobs lost
with people unable to pay their mortgage principal, let alone interest.
George
Thanks George. We are with BNZ, although don't know the rules/contract (I wasn't involved in the original mortgage - long story!!). Will check it out.

Looking at the Sunday paper, BNZ appear to be about 0.4-0.5% more than other major banks.


Cheers
SSB