best bank for mortgage
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Topic: best bank for mortgage
Posted By: monikah
Subject: best bank for mortgage
Date Posted: 25 June 2009 at 2:21pm
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ANZ wont let us borrow on our mortgage because you now need 20% so we are looking at moving banks because we desperatly need a new car and motorbike. apparently kiwibank will give you 95%. which bank is the best as far a service and being simple to follow? ------------- 
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Replies:
Posted By: peanut butter
Date Posted: 25 June 2009 at 2:30pm
Not ANZ...but you knew that
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Posted By: surfergirl
Date Posted: 25 June 2009 at 2:47pm
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Try a mortage broker - they take all the hassle out of it - and can access some 'non-traditional' services. And a good one (like ours) will work her butt of to ensure you pay it off quickly. And keep reminding you of the savings you can make by doing this. Good luck! |
Posted By: Henna79
Date Posted: 25 June 2009 at 3:30pm
| we tried a mortgage broker but ended up going out on our own as some banks don't work with them. We found BNZ offered the best overall package and were great to work with. Before we moved we were with Southland Building Society who were also awesome. |
Posted By: clover
Date Posted: 25 June 2009 at 3:33pm
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Kiwibank and AMP are two I know that will still do 95% lending but that is on fairly strict investigations. I don't think you'll get any of the 'big 4' to do 95% these days.
BNZ don't work with any brokers as far as I know but Westpac do, the beauty of a broker is that they have access to financial institutions you wouldn't otherwise think of (like AMP). ------------- http://lilypie.com"> 
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Posted By: minik8e
Date Posted: 25 June 2009 at 3:39pm
| We went through a mortgage broker, and have ours with SBS (Southland Building Society). They're really good - Westpac wouldn't lend to us, nor would TSB, but SBS took a chance on us which has worked in their favour really. They also worked with us to structure it so that it would be paid off as fast as possible. We have all of our daily banking with TSB, but mortgage and savings with SBS (mainly because of convenience rather than anything else). |
Posted By: baalamb
Date Posted: 25 June 2009 at 3:43pm
| We've just been loaned 90% through AMP. We went through Roost mortgage brokers to get them though. |
Posted By: shadowfeet
Date Posted: 25 June 2009 at 4:03pm
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We're with SBS as well, mainly because DH works there. He's one of the people who keep the bank system working, and fixes internet banking when it poops itself. ------------- 
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Posted By: _SMS_
Date Posted: 25 June 2009 at 5:51pm
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I went through BNZ. Found them great.
A friend passed on the name of a mortgage broker who actually worked for BNZ and he completely arranged everything. We did need 20% however. You will find in this economy now most places will want that much. Even Kiwibank are very strict on there 95% lending now days, ive heard that from a few people -------------  
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Posted By: mummyofprinces
Date Posted: 25 June 2009 at 8:02pm
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I work for one of the big 4 and they are only lending 80% on new mortgages and will top up 90% on existing mortgages.. but that is with strict criteria. We dont qualify! That said, things could have changed since I have been on mat leave.. but I doubt it.
This will be standard with those four banks I would say. Kiwibank might be your best bet, but you need to find out if you will incur any break fees if you move your current mortgage. I doubt they will let you borrow against equity if your main mortgage remains with ANZ. I could be wrong though. I know how frustrating it is, but the banks are losing more and more money every day with bad debts. They are covering their arses! Things could get a lot worse than they are now and they dont want to get caught out like they did. -------------   
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Posted By: jack_&_charli
Date Posted: 25 June 2009 at 9:44pm
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i highly recommend nzhome loans.....but it's like a revolving credit mortgage so it depends on what you are like with spending
we were originally with national bank and they were ok....but we're so glad we changed when we did and wondered why we didn't do it sooner! lol ------------- http://www.alternatickers.com"> 
http://lilypie.com"> 
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Posted By: Shorty
Date Posted: 26 June 2009 at 8:15am
We are with NZHL. We have just secured our 2nd mortgage with them. The guy we see is awesome, They come to you and check it all out and let you know then and there 
It is like a revolving credit but unlike a revolving credit it has an end! We reduced our mortgage from 25 years to 13 years just by working with them ------------- http://www.alterna-tickers.com"> 
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Posted By: WRXnKids
Date Posted: 26 June 2009 at 9:12am
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we tried BNZ a couple month ago but they cant get in any much money and turned us down (even our lawyer was turned down for his loan) so i wasnt impressed with them as they implied we were practically gaurenteed the money then shot down the day before going unconditional. Ended up using Mortgage broker who go us one thru ANZ but we did end up having to get 20% (thank god for parents)- tried the welcome home loans but DP had only been in his job 3mths and they required a min 6 mths.
I say try Kiwibank and dont waste your time tryin for 95% with BNZ as they have tightened their criteria and waste your time as the only people they will loan over 80% to are doctors and millionaires This is just my opinion of how they currently are BNZ was an excellent bank until we tried to get our mortgage 2 months ago around the time all the bank belt tightening was happening then i just felt messed around where as other banks told me straight up my chances were very low for 95-100% borrowing -------------   
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Posted By: Chickaboo
Date Posted: 26 June 2009 at 12:25pm
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As you already have a mortgage it might be easier with another bank to get it.
BNZ were still doing under the 20% but with conditions and yes they do not deal with mortgage brookers. It depends how much you want to go under the 20% and stuff. worth giving them a call and finding out - doesn't mean you have to go with them. ------------- http://lilypie.com">  
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Posted By: BaAsKa
Date Posted: 26 June 2009 at 9:31pm
we have our mortgage through national and we love them!!!. We needed a new vehicle for DH a few months back and they gave us a loan no trouble at all!!
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Posted By: ChrisW
Date Posted: 27 June 2009 at 7:55am
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We looked at refinancing in February for a couple of reasons - we were with anz and were at 95% which was borrowed prior to the need for 80% came in. Kiwibank was going to lend to us the 95% BUT we had to get up to date registered valutions on both of our properties and we were going to be charged a low equity premium of approx $10,000 on borrowings of about $526,000. They were very slow to deal with ------------- http://pregnancy.baby-gaga.com/">  http://lilypie.com">
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Posted By: T_Rex
Date Posted: 27 June 2009 at 9:39am
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Loved National, but moved to Kiwibank cos they were cheaper. They are awful to deal with and manage to screw everything up on every little task. Hate them and will be moving back to national when our fixed term expires. Have also found that although their rates are cheaper, they charge fees to do anything, much of which national would have done for free.
I have to say it though - can you get away with purchasing a cheaper car, and do you *need* a motorbike if the purchases will push you over 80% loan? Is there something you can sell to get the money, rather than increasing your loan? ------------- http://lilypie.com">  http://lilypie.com">
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