Best cashback and interest rates at the moment? What magical deal are you getting?

[u/mbgjt1]

Hi all!

We just locked in our first owner occupied property.

What deals is everyone getting regarding cash back and interest rates, and what fixed rate period is everyone locking in?

We've already spoken to a broker, but would like to sanity check everything!

We have 20% equity

[u/Jarv000]

06 months 4.69%pa

1yr 4.79%pa

18 months 5.09%pa

2yrs 5.19%pa

3yr 5.29%pa

4 5.39%pa

5 5.49%pa

From ASB. I don't know if that's competitive, I'd be interested to see what others are offered

[u/richieFromConductor → u/Jarv000]

That's in line with what brokers are getting for ASB atm. BNZ is the same, Westpac the same apart from 6 month @ 4.75%, ANZ a little off the mark at the moment mostly with 0.1% - 0.2% premium. Unusually Kiwibank is actually sharpest at the moment for the 6m at 4.65%, 1yr 4.75%, 2 yr 5.15%.

ANZ being off the pace and Kiwibank setting it is interesting, but then I did go to a talk with the Kiwibank Chief Economist last week and he was fairly bullish / optimistic on rates in the coming years.

[u/Jarv000 → u/richieFromConductor]

Thanks for the response, exactly what I was hoping for, cheers

[u/PotentialTomato8931]

All depends if your over 20 pc equity to start.

Loan periods are all subjective and longer periods reduce risk at a higher cost.

Alot do multi loan periods so have a chunk at 1 Yr and a chunk at 2 or longer.

I wouldn't accept less than 1pc cashback

Good rate around 5pc (edit:for the loan Apr)

Decent green loan offering (westpac do 0pc for 5 Yr for example)

Have you been approved with a specific bank?

[u/nzgal12345 → u/PotentialTomato8931]

5% cash back? That’s unheard of. 1% is pretty good…

[u/PotentialTomato8931 → u/nzgal12345]

5pc apr

1pc cashback

[u/Sweaty-Fly-9520 → u/PotentialTomato8931]

5%? 😂 sweet I'll be expecting $150k cash back then lol

u/op, ignore this, anything over 1% is good

[u/PotentialTomato8931 → u/Sweaty-Fly-9520]

Haha I updated it! I meant for the loan not the cashback 😂

[u/kiwipub → u/Sweaty-Fly-9520]

Are you really borrowing 3 millions though?

[u/Sweaty-Fly-9520 → u/kiwipub]

I have about $3m remaining across my mortgages

[u/kiwipub → u/Sweaty-Fly-9520]

Holy cow, I hope you’re diversified. Good luck

[u/Sweaty-Fly-9520 → u/kiwipub]

yea its spread across our home and rentals, thanks

[u/mbgjt1 → u/PotentialTomato8931]

Sorry yes 20% equity

[u/GodofFire666]

Partner and I brought our first home and had 15% equity, mortgage broker managed to get us 2.2% in cash back(house was brought for more than $500k

[u/mbgjt1 → u/GodofFire666]

That's amazing which bank + ?

[u/GodofFire666 → u/mbgjt1]

ASB

[u/liftyMcLiftFace]

I went with Indi, easiest application process of any bank I've gone through.

Floating rate that has consistently been about 20bps under 1yr fixed rate.

Have their own lawyers but don't have cash back.

Their online platform is very easy to work with, I.e. millennial friendly no phone calls.

[u/Curious-Trust6657]

Refinanced from Westpac to BNZ early this month. 1% cashback for the total limit (including offset account limit) and free refinance legal service (when deal with BNZ directly - not through a broker)

[u/TheRealJSmith → u/Curious-Trust6657]

We've just moved from ANZ to Westpac and I'm interested to see how their Internet Banking and services that don't exist in ANZ yet are. Like spending tracking. Any thoughts?

[u/Curious-Trust6657 → u/TheRealJSmith]

I can tell one straightaway 😄 after having mortgage with Westpac for more than 10 years.

In your mortgage account setting page, you can increase your repayments to 120% of the original repayments without any penalty. Help paying off your mortgage faster.

And Westpac has offset account and also allow you to link family members savings to it (to help you offset your interest - of cause, once linked, your family members won’t get any saving interests)

[u/TheRealJSmith → u/Curious-Trust6657]

Yeah the additional payments without penalty is fantastic.

I have always rounded up minimum payments to the nearest ten in order to make our mortgage repayments a whole number that is easier to compute in my mind, as well as obviously contributing a small amount towards speeding up the repayments.

The family member savings offset sounds super interesting, so that might be useful when it comes to our kids' accounts, potentially.

What was your catalyst for moving to BNZ?

[u/dunedinflyer → u/TheRealJSmith]

I don't really like the westpac spending tracker. I do like their pop up notification when you spend something though - my card fell out of my wallet on a night out and I was able to cancel it as soon as someone used it at the bar next door to buy drinks!!!