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