So it's been over 6 weeks since I contacted a mortgage broker to look at changing our mortgage.
I know it's not all their fault and probably the bank they are dealing with that's holding everything up and constantly wanting more information but it's getting rather frustrating and worrying that now interest rates would of gone up since we started the process. Im so close to just staying with our current bank now.
So is this time frame normal and am I just being inpatient?

annie17111 - 2021-06-19 16:35:00

annie17111 wrote:

So it's been over 6 weeks since I contacted a mortgage broker to look at changing our mortgage.
I know it's not all their fault and probably the bank they are dealing with that's holding everything up and constantly wanting more information but it's getting rather frustrating and worrying that now interest rates would of gone up since we started the process. Im so close to just staying with our current bank now.
So is this time frame normal and am I just being inpatient?

big job changing banks now days.

gabbysnana - 2021-06-19 16:40:00

gabbysnana wrote:

big job changing banks now days.

which is why I didn't want to change in the first place. But my darling husband thought it was a good idea.

annie17111 - 2021-06-19 17:07:00

Have interest rates gone up yet though? They haven't at my bank - at least not the 1 year rate.

sarahp24 - 2021-06-19 17:16:00

sarahp24 wrote:

Have interest rates gone up yet though? They haven't at my bank - at least not the 1 year rate.

ANZ and Westpac increased 3 year plus rates in the past 2 weeks. At the same time cut 1 year rates….

sparkychap - 2021-06-19 17:22:00

Look, just be happy you aren't in Wellington.

sweetgurl108 - 2021-06-19 17:28:00

sarahp24 wrote:

Have interest rates gone up yet though? They haven't at my bank - at least not the 1 year rate.

as one of our mortgages has come off the fixed rate, we are paying the slightly higher floating rate.

Edited by annie17111 at 5:29 pm, Sat 19 Jun

annie17111 - 2021-06-19 17:28:00

sweetgurl108 wrote:

Look, just be happy you aren't in Wellington.

why? I'm just over the hill in the wairarapa

annie17111 - 2021-06-19 17:28:00

You have probably completely missed the boat on the 2.99% 5 year fix rates that were still available 6 to 7 weeks ago.

Why waste your time with a broker since there is only a couple of main banks in NZ with similar special rates if you have at least 20% equity?

ian1990 - 2021-06-19 20:56:00

Have you tried haggling with the bank you are already with?

lovelurking - 2021-06-19 22:19:00

ian1990 wrote:

You have probably completely missed the boat on the 2.99% 5 year fix rates that were still available 6 to 7 weeks ago.

Why waste your time with a broker since there is only a couple of main banks in NZ with similar special rates if you have at least 20% equity?

yeah we have lots of equity, last time we used a broker they were ready good and did all the running around. I work night shift so anything that means any less running around for me was better. I'm going to ring my current bank Monday and see what they can do.

annie17111 - 2021-06-19 23:02:00

Why don't you ring the bank you are looking at changing to directly? 6 weeks is way too long.

nzkiwisnz - 2021-06-20 07:02:00

Do it all online.Simple

msigg - 2021-06-20 10:19:00

Banks are up to 2 weeks at present, especially for refinances as purchases being given priority. Six weeks is a bit of a stretch though.

jeffqv - 2021-06-21 13:27:00

Well given up on the mortgage broker and rang my bank today and fixed the mortgage that had come up for renewal.
Wasn't all the brokers fault as it didnt help that the job I had when I applied ran out of hours for me, so I got a new job. Did go from part time to full time though.

annie17111 - 2021-06-21 22:07:00

annie17111 wrote:

Well given up on the mortgage broker and rang my bank today and fixed the mortgage that had come up for renewal.
Wasn't all the brokers fault as it didnt help that the job I had when I applied ran out of hours for me, so I got a new job. Did go from part time to full time though.

Good to read you got sorted. As an aside, unless the bank you are with is not doing what you want and another bank will, there is little point in switching as rates are all the same.

jeffqv - 2021-06-22 11:06:00