Homeowners are flocking to their banks to demand better interest rates on mortgages.
It comes after Bernard Hickey's column last week, which pointed out that a drop in wholesale rates had given banks more leeway to drop interest rates. Slower growth in the property market made them keen to compete for each other's business. His advice that borrowers ask their banks for a better deal has been followed.
BNZ had seen a 20 per cent increase in inquiries. ASB also reported a lift.
Hickey said traffic surged to record levels on Interest.co.nz, where people looked at mortgage rate comparisons, calculators and articles about rates. "Over 50,000 readers came to our site this week, almost double a regular week."
On Twitter, readers said they had negotiated loans to as low as 4.9 per cent. Others had their rates reduced by half a percentage point or more to rates such as 5.15 per cent, fixed for two years.
A typical advertised rate is 5.79 per cent, although Westpac, Kiwibank and ASB this week cut their two-year rates to 5.55 per cent. On Friday that was the cheapest two-year rate offered, although BNZ had a 5.1 per cent 18-month rate and KiwiBank was advertising a 4.99 per cent one-year rate for people with 30per cent equity.
Colin Jackson said Hickey's column prompted him to ask for a discount. "I just emailed the person I usually deal with, referred to Hickey's article and said I'd like a 0.5 per cent reduction. I still can't believe I did this."
Jackson had two loans, one floating at 5.75 per cent and the other fixed at 5.8. "They offered to cut my floating to 5.25 per cent, and to break my fixed and put that on floating at 5.25 per cent as well. They actually gave me more than I asked for."
Jackson will save thousands of dollars a year. "It was just a matter of asking nicely."
But Marie Patel found it harder to get a deal from TSB. "When I first asked I was turned down."
One of her friends contacted his bank and had half a percentage point knocked off his mortgage. Patel went back to her bank and asked again, and was offered a 0.25 discount. Threatening to change banks, she was offered a 0.5 per cent drop. She estimated it would save her $1000 a year.
Broker John Bolton, of Squirrel, said most banks would discount about half a percentage point off their advertised rates. "The best four-year rate I've got for a client is 5.7 per cent." He had negotiated two-year rates of 5.29 per cent and three-year rates of 5.55 per cent, compared with advertised rates of 5.55 per cent and 5.75 per cent.
The bigger the loan the more clout a borrower had, he said. An investor with several loans would be able to get help with costs such as break fees and legal fees. "Banks are prepared to stump up as much as $4500 to cover refinancing costs."
ASB spokesman Shaun Drylie said the bank had always been willing to help customers find the best banking package.
Realestate.co.nz chief executive Alistair Helm said the low interest rates would likely create a shortage of property listings this winter because they were keeping sales figures high.
During colder months the number of listings tended to drop off more than sales. House sales exceeded listings between June and August last year. "With banks becoming even more competitive, that's only going to exacerbate the difference between listings and sales."
By Susan Edmunds | Email SusanOnline PLR Authority The Wholesale PLR Store Expands Again. - Emailwire
Master resell rights differs from private label rights in that people are not allowed to edit the contents without the authors permission. Although this limits the user somewhat, the quality is often much higher than PLR content. In addition, MRR products are usually slightly less expensive than it PLR counterpart.
The store currently features around one hundred MRR products and continues to update daily. They are categorized by popular niches including health and fitness, internet marketing, social media, relationships, pets, cooking and much more. The prices range from one to five dollars and includes instant downloads upon purchase. Store owner Joel Dreher states, The addition of MRR content was the result of requests from our many customers. And when our customers want something, we do our best to get it for them!
The inclusion of PLR and MRR merchandise ensures that customers will find what they are seeking regardless of topic or niche due to the expanded list of products. The store has doubled in size in the last two months and continues to grow at a rapid pace. Whether people are perusing the internet for books to read for pleasure or looking to profit from instant authorship, The Wholesale PLR Store is the place for them.
About The Wholesale PLR Store:
The Wholesale PLR Store is an online store that features different types of private label rights content. It is owned and operated by Joel Dreher, an internet marketer from Ocala Florida. The store has been featured on the popular internet marketing site, The Warrior Forum, and according to media giant Alexa, is one of the 100,000 most popular websites in the world despite its youth. It can be found at http://thewholesaleplrstore.com.
Wholesale debt market yet to reach 2003-04 levels - Hindu Business Line
The NSE's wholesale debt market has shrunk considerably since its all-time peak in 2003-04. The WDM segment saw record net traded value of Rs 13,16,096 crore in 2003-04. In contrast, this value stood at just Rs 6,33,178crore during 2011-12, a 51 per cent decline.
Nevertheless, performance has been improving over the last seven years. Net traded value declined sharply after 2003-04, tanking by over 83 per cent till 2006-07. Thereafter, it has been rising every year, but is still nowhere close to the all-time high.
The average size of the daily trades in the WDM segment witnessed a similar trend, declining by nearly 80 per cent between 2003-04 and 2006-07. Since then, it has recovered marginally, rising by 17 per cent to Rs 2,649.28 crore in 2011-12 vis-à-vis the previous year. This is still 40 per cent less than the level seen in 2003-04.
Trading volumes
In the case of trading volumes, there was a sustained decline between 2003-04 and 2008-09, with a 90 per cent reduction in the number of transactions. The trading volumes have since risen marginally. The number of trades that took place in 2011-12 was 87 per cent lower than the volumes seen in 2003-04, though it was up 15 per cent vis-à-vis 2010-11.
However, the average size of trades in 2011-12 was nearly four-fold higher than in 2003-04. But this was 1.6 per cent lower than the all-time high seen in the previous year.
The Indian bond market is small even compared to other Asian countries, with the lack of liquidity being the biggest constraint. Daily trading volumes are less than 1 per cent of outstanding bonds.
The big investors
Furthermore, the bulk of the outstanding stock is government bonds, where interest rates are fixed. With retail participation minimal, banks and insurance companies are the big investors, holding nearly 70 per cent of outstanding gilts.
This has created problems: Insurance companies are long-term holders of bonds and banks don't have to trade either, as they have shifted a sizeable portion of their holdings to the held-to-maturity (HTM) category.
Corporates, on the other hand, seem to prefer private placement of debt over a public float. The market depth is further hampered by the fact that investors like to play it safe, with appetite restricted to top-rated companies.
Online Shopping Giant MyReviewsNow.net Adds New “Designer Marque” Store for Handbags, Gifts and More - PR-USA.net
Online shopping for luxury designer handbags at fantastic prices has just become more enjoyable and rewarding, now that MyReviewNow.net has added the Designer Marque store to its popular virtual shopping mall.
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Designer Marque, the new online store that features luxury designer handbags, gifts, accessories and more is now open via MyReviewsNow.nets Apparel & Fine Jewelry Portal. Access o the virtual mall is free, and theres no registration or membership required.
For more information or media inquiries, contact Lina Andrade at info(at)myreviewsnow(dot)net. Press release issued by SEOChampion.com.
About MyReviewsNow.net
A virtual shopping mall of services, products and publications available online, MyReviewsNow.net is a business directory that sets itself apart from similar sites by offering both professional reviews and customer testimonials on the Internets hottest offerings in a fun, simple format that is easy for visitors to shop and enjoy.
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