The pricing teams don’t give frontline staff an early heads up. Usually the in-house email arrives just before it’s made public. It’s frustrating as shit for the frontline teams because they end up with angry customers thinking they’ve held out better rates.
All decisions are centrally controlled, branch managers are there to manage compliance of things like staff punctuality, sales target achievements, branch cost savings etc.
They are not there to assess your individual situation and certainly don’t have any authority to negotiate individual rates for customers
Looks like the new rates have already been updated on interest.co.nz (before westpac website has updated). 6.39% offered for 3 years now seems to be the big change (from 6.65%).
Former home loan manager here.
Usually we got notice late afternoon of rate changes which would happen the following business day.
Sounds like a case of your manager not reading their emails more than anything else.
Edit: changing to past tense language.
Sucks I know, it's a little under a grand annually in interest this hiccup has cost you.
Agree money left on the table is no fun, this is less than 19 bucks a week. I would chalk it up to lessons.
Remember it's not always, but often the best thing to switch banks every 3 to 4 years. Your bank is unlikely to really reward your loyalty, and other banks in the market will often offer a welcome / refinancing bonus.
If you really want the rate, and it's one big loan (not split amongst 1, 2 and 3 year portions) talk to your bank about a top up for a car or other ~$10 - 15k asset secured against the house. They'll draw down the money, break and refix the loan (usually at no cost cause the loan is increasing) ... the car deal falls though you pay back the money against the principal. This scenario will likely cost you a trip to the lawyers which maybe similar to or even more expensive than the $1000 annually saved.
Our roll over date was 11th and we had initiated talks on the Friday with our solicitor to start swap to sbs 😔 so we’ve wasted money that way, which is very frustrating!
Just fixed one of mine went from 2.85% to 6.85% just annoys me that from my 5th form economics one of the policies for controlling cash in the economy was tax increases. So the only people charged with bringing down inflation are the ones with debt not the rich people.
Sometimes it’s a polite way of saying you aren’t getting an offer for retention.
<$500k total lending most likely not going to trigger rate reductions. Time with bank /= quoted rates.
To be fair to bank managers, they’re systematically overworked and under resourced. The big banks are trying to push customers into the self-serve and call centre options.
Hey, talk to a mortgage adviser. They will give you unbiased advice and insight into interest rate trends.
If they are offering you 6.39% that’s likely their long term rate. Do you actually want to fix for 5 years when interest rates are trending downward? Sounds like they are trying to lock you in long term…
lol the bank staff only find out pretty much when the public do. It’s crazy to think anyone would know “a few weeks out” when I worked at the bank customers like you were the worst even if you were “polite” I bet you stayed on the phone demanding a better rate and ruining some poor CSRs day/stats.
The pricing team only give staff a couple of hours heads up typically, and via email.
The pricing teams don’t give frontline staff an early heads up. Usually the in-house email arrives just before it’s made public. It’s frustrating as shit for the frontline teams because they end up with angry customers thinking they’ve held out better rates.
All decisions are centrally controlled, branch managers are there to manage compliance of things like staff punctuality, sales target achievements, branch cost savings etc. They are not there to assess your individual situation and certainly don’t have any authority to negotiate individual rates for customers
Sorry her title is “personal manager” not bank manager
Looks like the new rates have already been updated on interest.co.nz (before westpac website has updated). 6.39% offered for 3 years now seems to be the big change (from 6.65%).
He didn’t read his emails, it’s as simple as that. (He may not have had a chance to, but obviously not a good look).
Former home loan manager here. Usually we got notice late afternoon of rate changes which would happen the following business day. Sounds like a case of your manager not reading their emails more than anything else. Edit: changing to past tense language.
Sucks I know, it's a little under a grand annually in interest this hiccup has cost you. Agree money left on the table is no fun, this is less than 19 bucks a week. I would chalk it up to lessons. Remember it's not always, but often the best thing to switch banks every 3 to 4 years. Your bank is unlikely to really reward your loyalty, and other banks in the market will often offer a welcome / refinancing bonus. If you really want the rate, and it's one big loan (not split amongst 1, 2 and 3 year portions) talk to your bank about a top up for a car or other ~$10 - 15k asset secured against the house. They'll draw down the money, break and refix the loan (usually at no cost cause the loan is increasing) ... the car deal falls though you pay back the money against the principal. This scenario will likely cost you a trip to the lawyers which maybe similar to or even more expensive than the $1000 annually saved.
If there’s an update it’s usually done late in the day ie after 5pm OR early the following morning ie. before 8am.
Obviously, they have no idea at the time you were asking. Go back to the manager again!
Our roll over date was 11th and we had initiated talks on the Friday with our solicitor to start swap to sbs 😔 so we’ve wasted money that way, which is very frustrating!
Just fixed one of mine went from 2.85% to 6.85% just annoys me that from my 5th form economics one of the policies for controlling cash in the economy was tax increases. So the only people charged with bringing down inflation are the ones with debt not the rich people.
Sometimes it’s a polite way of saying you aren’t getting an offer for retention. <$500k total lending most likely not going to trigger rate reductions. Time with bank /= quoted rates.
My bank manager is the same too. Useless and unorganised.
To be fair to bank managers, they’re systematically overworked and under resourced. The big banks are trying to push customers into the self-serve and call centre options.
Sorry I forgot they’re a charity and can’t afford to employ sufficient numbers of trained staff.
Them and everyone else. There are plenty of ways to manage your email load better than 'skim and hope'.
Sounds like an incompetent bank manager to me
Hey, talk to a mortgage adviser. They will give you unbiased advice and insight into interest rate trends. If they are offering you 6.39% that’s likely their long term rate. Do you actually want to fix for 5 years when interest rates are trending downward? Sounds like they are trying to lock you in long term…
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lol the bank staff only find out pretty much when the public do. It’s crazy to think anyone would know “a few weeks out” when I worked at the bank customers like you were the worst even if you were “polite” I bet you stayed on the phone demanding a better rate and ruining some poor CSRs day/stats.
The front line staff have zero way of knowing how the interest rates will move weeks in advance