OCR Rate

**Hoon** · 29th January 2009, 15:47

Originally Posted by Fatjim

What pisses me off is Westpac want a mate to pay $31,000 to break out of his fixed rate loan.

Change banks. BNZ charged us $1100 on a $200K 5yr fixed rate still with almost 3 yrs to go. I worked out it'd pay for itself in 9 months.

**ManDownUnder** · 29th January 2009, 15:54

Originally Posted by Hoon

Change banks. BNZ charged us $1100 on a $200K 5yr fixed rate still with almost 3 yrs to go. I worked out it'd pay for itself in 9 months.

I believe that's the very problem - it'll cost him too much to change banks. Now if he was already with the bank he wanted... THEN he could change...

... but wouldn't want to....

**imdying** · 29th January 2009, 16:49

Originally Posted by Fatjim

Now that is genuinely ripping people off.

Is it really? Didn't they give him a contract to sign which detailed how the charges were worked out?

**jrandom** · 29th January 2009, 17:43

Originally Posted by Finn

Banks are the most conservative institutions in the world. They would never do such a thing. Also, they got us into this shit in the first place. Bastards.

Read this NY Times article yet?

**Ragingrob** · 29th January 2009, 18:57

Originally Posted by WRT

Hmmm, I wonder what the 'B' stands for in ASB Bank?

Yep another funny one... Although officially the company is now known as "ASB bank" and no longer as "Auckland Savings Bank". The ASB part doesn't really stand for anything these days.

**Swoop** · 29th January 2009, 19:43

Originally Posted by Fatjim

What pisses me off is Westpac want a mate to pay $31,000 to break out of his fixed rate loan.
Now that is genuinely ripping people off.

That is called foresight and planning.
Something that kiwi's lack.

**Shadows** · 29th January 2009, 22:07

Originally Posted by Finn

My point is this; Kiwibanks lowest rate last week was 5.99%. With an OCR drop of 1.5 to 3.5, Kiwibank drops it's lowest rate to 5.69 per cent. Big deal.

While I realise there are other things at play here, it's funny how Kiwibank have quickly become fat pigs like all the other banks.

It's a risky business loaning large amounts of money to people so that they can buy expensive and currently depreciating assets in a shaky economy. Can't blame 'em really.

**mashman** · 29th January 2009, 22:37

Originally Posted by Quasievil

meantime the Banks are creaming it

I think that's what the guys on Close Up where having a pop at tonight...

**rainman** · 29th January 2009, 22:50

Originally Posted by jrandom

Read this NY Times article yet?

A good read, ta. I'm not sure about Taleb. At one level he's obviously, trivially, right - but he also seems to lack the ability to present his thesis in a "fully joined up" kind of way. There seem to be leaps of faith along the way.

But this is based on podcasts and the web. Maybe I should actually read his books.

**Quasievil** · 30th January 2009, 07:10

Originally Posted by mashman

I think that's what the guys on Close Up where having a pop at tonight...

I see BNZ new credit card interest rates have dropped a whole 1% to 21.75% how can they justify that?

**jrandom** · 30th January 2009, 07:14

Originally Posted by rainman

At one level he's obviously, trivially, right - but he also seems to lack the ability to present his thesis in a "fully joined up" kind of way.

That's been my experience with the writings of a lot of blowhard American academics. Vast amounts of hot air and derision to conceal the fact that they're just spouting the obvious. It does seem to be a bit of a cultural thing.

**yungatart** · 30th January 2009, 07:16

I feel sad for hXc...his hard earned spending money is being whittled away before he even gets to use it....Euro was approx .50 in August when he left, now it is .39....c'est la vie!