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Yes, welcome back. Well that was a song about money if you missed it, and that is because it is a subtle hint. By the way, my name is Tim Deversion. This is the Weekend Collective. But that is a subtle hint. This hour is about money because it's called Smart Money. We want you calls O one eighty text nine one two and don't forget if you miss any of the hours. We've had some pretty a couple of pretty full on
hours on the show this afternoon. Whi's been great fun, lots of good feedback, feisty feedback to But anyway, if you've missed any of it, you can check out our podcast on iHeartRadio look for the Weekend Collective, but right now for Smart Money. My guest is well, she's no stranger to the show. She I don't know how long she's been coming in to grace us with her presence. She's a financial commentator or a money coach, you might say, and her name is Amanda Morrel.
Hello, longtime nursing? Is it well? Oh?
Well, I mean, I guess it's the quality of you as a guest. It never feels like long. You know, there you go. Where have you been?
Where have I been? You know, hanging out?
I espress that where haven't I been?
No? No, I did have another family wedding in Canada to get to this year, so it's been a Canada heavy year for me.
What was it like going out of the country to another one, seeing the vibe in Canada and then coming back to New Zealand.
I almost feel it's quite quiet back in New Zealand from a bigger place. And my hometown, Calgary is about the same size as Auckland, so it feels a bit bigger. There's a lot going on there these times, does.
It feel of it? I mean, I do think that we're not going to beat up on New Zealand, but I do have a feeling that we've just been doing it a bit tough. We're not quite as we still.
Haven't got a more jo back. I thought maybe it's changed a little bit since the America's Cup wind that always puts a little wind in the sound. People spirits and we're killing it on the sports front, so there's some joy there.
Funny thing is the Auckland AFC is playing this aftenoon. I think actually if we beat Sydney that might that might see us do quite well.
I think we'd be doing it really tough with out sport. Put it that way, like sports really holding up this country in many ways right now.
Blind me, that's quite a hot take because it's sport. I guess so.
Because it's so positive, it gives in a way.
But I don't know if we celebrate our victories as much as we used to, Like we're not engaged with the all blacks. America's Cap doesn't whoop whoop us as much. You know, there's no red sock campaign. It's become more in one of the take it to Barcelona.
And yeah, I was trying to be positive.
We're sorry I rained on your parade then, Gosso, how negative are.
Canada sends its greetings?
You'll be like you'll walk out of the studio like, oh beverage, God, he was hard work. Wasn't he Hey, now we want to talk about banks now. The reason is, well, the inspiration for it was because it's not about this topic, but because the banks have been in the news because Antonio Watson, the CEO of A and ZED was and talking about the banks profits that they make. And I mean I like Antonio Watson because she fronts. She fronts
all the time, and she gives answers to questions. She's had a comment about CGT's We're not going to get into that, but it is a massive banka in ZED And As I was watching it, regardless of agreeing or liking what you hear or not, I was thinking to myself, if we're not happy with the banks we've gotten, you wanted to change Cynically, I'm thinking, Oh, they're probably will the same anyway, aren't they? Is it even worth changing banks? Amanda?
You know, I haven't changed banks since I've been here, and I've been here now I think eighteen nineteen years. So I guess that says good things about my bank or the fact that I'm Malaysia have changed KB siber providers three times.
That one, oh that is a big one.
Yeah, So no, I you know, I it's easy to beat up on the banks, and I certainly hear a lot of that talk where I live and work. But for the most part, my relationship with America is very transactional, and until they really screwed things up, it kind of coasts along and you know, it's all good. I did notice on you say with the Canada situation, I do
you still have some accounts back there? And they got up my nose a few times because they actually charged very high fees, transactional fees, and I think that there's a lot more to get your back up there with banks locally, you know, setting side bank profit issue, which is the one that's got everybody outraged recently.
Well that was it, because we can all get outraged at the bank's profits. But then I think the reason I've one of the reasons I thought of this is something we should discuss about whether you would want to change your banks, is because people go, I mean, we hear it a lot of the time, oh, I'm unhappy with such and such, I'm going to change banks. And I never really get to follow up with people who
talk about that and say, did you really? But it's and I have a suspicion that people like to complain. They're going to say they change banks, but you know what, do you end up really changing?
I don't think many people do. I'd like I actually I should have pulled some numbers for you, but I had my moment. I think this was a decade ago and it was a CEO salary issue. And at the time I think the west Pac was George Freesis I think is his name anyhow, Australian bloke who was I
think making six million year. That kind of gone out into my nose when you know, and this is before a living pressure that to me at the time, this was a long time ago, was seemed completely excessive and was sort of the impetus for me to want to change. And I think I've threatened to but didn't quite take the move.
But I did do I didn't quite take the means I didn't do it.
I didn't do it. I confess I didn't, but I did do it.
Thought about it at the time.
I wrote lots about it, and I was working for Interest dot Co and I wrote about you know, how if you wanted to break up with your bank, how is it easier that hard? How do you do it, and even back then, and this is over a decade ago, it is possible. It is actually not as difficult as people think. It's just a bit of a downtime. It takes five days, and you can even bring your bank number with you, so it's not all that hard. And the bank that you're switching to hold your hand along
that way and sorts it all out for you. So you just have to be careful about things like you know, auto payments and stuff like that, that you're not conducting this move over the shift during you know, times where you have payments kind of moving in and out. But you know, if you can coordinate that and the bank's supposed to help you through that, you can take your number, you know, portability with you.
It is so for instance, if my I can't get my own bank number, but let's I know that A and Z's number is six and probably the Auckland Corporate is O triple one. But if I go to Westpac, I can't keep the sex can.
I I'm going to guess that that two digit number gets strapped, but it's the other five or six digit number.
Okay, I think that actually good question?
Six seven, good question I'm not one hundred percent on that one, but any number of portability in theory is supposed to be possible. It's supposed to be quite easy, and there's very clear instructions how to do it, and his own banking association has directions. Your bank, the bank that you choose to move to, will help you through this process. So that is a recourse for people who are pass off.
But when I cynically said that you didn't change banks, and because you said, I almost went you know, I can't remeb the expression you use. But of course there is a version for you which makes that true is that you write about it. You have given the banks because you have.
A voice, Yes, some cathartic you know, Well, that's outlet for me at the time.
I imagine it would be a cathartic, wouldn't I mean, I get to go on air yes to something I don't.
That does help. And they say, you know, you know, when you really, you know, got it up with somebody, you know, rate that nasty email, but do not send it. And you know that can often have the same fact with percussions.
Recently, given that advice to some people, I know it's like just write down what you think, then just put it somewhere safe and then read it a day or two later and see if you feel better, and do not send it.
So some people said for that, But again, going back to the banks, I think, you know, I'm sure there are many good reasons for people to want to switch at times, to just make sure that the devil that you're running to is you know, a little bit better friendlier devil than when you're.
Well, that's it's a multifaceted question, isn't it. Because even you've raised a couple of things which I haven't even even even considered, because I when I think of changing banks, I just think of like getting some new accounts. But then you first you mentioned about who I've got automatic payments worth, and oh goodness, may I couldn't begin to I guess I would go into my bank account and they would be there, but as to who the automatic payment authorities are and all that sort of stuff.
And I know, it's just the idea of it. And you know, I think the same sort of Dante kind of thought loombs over people's heads when they think about changing, for example, Kiwi sivers, but you know, changing key weceivers is like super easy. It couldn't be easier these days, and changing your back your bank account would take a lot a little bit longer, but it is possible. Again, just make sure that the one that you're running to has got something better to offer, Otherwise you might also
be disappointed. And it's not an exercise you want to be doing, you know, every month.
No, because there's changing your bank in terms of your everyday banking. Then there's deciding that you would like to change credit cards because I don't know somebody's offering a different rate.
And that's a good reason too because the rates can be quite variable.
So credit card, these are the things we can change. We could just change our general banking, we change your credit card. And the other one is is because a lot of people, mortgage is the big one.
Yeah, that is a big one. And that's that I think the big mover for most people is they're moving for a better rate because the numbers stack up in
their favor. They just have to be careful when they do do move over that they're moving over when you know their their current terms and conditions have you know, expired, or they've done the math or the banks provided them with the hard mouth on the break fees because the break fees can penalize you massively, and then moving for a lower rate might not makes sense to you.
But are at banks or much of a match you do you notice much in terms of the difference between services and value and costs and blah blah blah.
I've got a few, you know Kibi you know patriotsh Or with Kibi Bank, and you know, I kind of ask occasionally it was is it much better? You're getting better service? I mean, I think it's more of an ideology that they're with Kiwi Bank and I'm not disparaging KB bank service or you know, smile in their face when you show up. But I haven't heard you know, It's funny. It's like, yeah, when do you hear somebody
reeving about their bank and their bank experience. I'm trying to think of one an account, think of what.
Well, actually I'll be I'm going to be honest, I quite like my bank.
Are you prepared to share or is it?
I am with No? No, I'm with an Z because but this shows how intransigent I am. I was with the National Bank and I joined the National Bank because when I went to university. I think my parents probably with the National Bank, so they were the I looked at all the other banks with great suspicion, but you
know there was it was the national bank. And so I became an an Z customer because the national Bank was subsumed or became And I'll be honest, I mean, yeah, I haven't had any problems with although I don't have a credit card with an Z because I fell for the promotion that Westpac was doing about their credit card and airpoints and stuff, and I didn't even realize that a Z had. So I've got a west Peck credit card, which is weird.
Well, you can always change that when that's not that hard to do, and they're probably rewardy for doing it. Really, so yeah, I would look into those ones and give me a yeah. I know, well, you sound like you're good friends there. But I think I listened. For anybody who wants to do some like hardcore comparisons on things like banking, transaction fees, over draft penalties, et cetera. There's some great resources out there, including sort of dot org,
dot inzad and money hub, dot co, dot insead. Also, we'll give you some very good charts and tables where you can really break it down. But that even their conclusion there is that there's not much of a difference on the fee front, that they're much of the muchness same. But again, it's the big ticket items like credit cards and mortgages where you're really going to see a difference.
We want to hear from you. Have you changed either your bank or your mortgage because the mortgage is the one where people will move. But I have a suspicion that usually when you say you want to move, the existing mortgage holder goes on that rate. Oh we can offer you that, I'm guessing, But have you ever changed bank account mortgage? I mean you're generally every day banking your mortgage or your credit card. How hard was it
and why did you do it? Because I think maybe the biggest motivirus you just limit annoyed and you want to have that felt somewhere by the bank that probably will never notice.
I don't think they'll notice it, really they won't.
I mean that if Graham Heart changed banks, they might they might notice that way.
That's true. Possibly, I think there could be some serious buck kissing going on there when somebody of that status is threatening to move in business accounts. But but again, you know what your right to point out. When people threaten to break up with their bank over a mortgage, it's not a bad move to you know, because it gets them moving. So you know, unfortunately you have to negotiate and arbitrage with the banks to get a better deal.
So you know, if you don't want to necessarily go that route, just threatened to do so, and you might get a just as good a deal on you know, half the hassle.
Okay, want to hear about you from you with your experience. Why if you have changed bank accounts, mortgage or credit cards? How did you go about it? How hard was it and what was the motivation? Was it because you thought you'd get better service somewhere else or did it? Was it because a bank had more branches or maybe a branch near you? Because I couldn't even tell you where the nearest days zed branches for me to see, everything's online these days, I do miss being able to wander
in and have a chat. That's not that one there therefore anyway, well'll take your calls. Eight hundred and eighty t and eighty text nine two nine two. This is news talk said be smart money. My guest is money coach financial commentator Amanda Morrale. Get on the blow. We'd love to hear from you back in a tack and
welcome back. It's a smart money. My guest is Amanda Morale, and we're talking about well, you can also tell us if you think banks are making too much money, if these any way to stop mem and is one of the ways of stopping him? Is just taking your trade somewhere else? Or are you just st all well, just switching between the same group of banks who are never going to change. What do you reckon eight hundred and eight ten eighty and if you've changed, why and how hard was it?
Ralph Hello, yeah, Hei, Yeah. I was sort of one of the major Bussie banks and from my anecdotically or whatever, they were always like they had a mortgage with them, they were always like to point one hund percent dearer than everyone else. They were always first to raise interest rates, they were always last to drop interest rates. But it was like point one of the percent.
So it was.
A bit there was annoying, but kind of anyhow, So there was a couple of ladies who I knew and we were sort of about a group meeting thing and that they actually used to work to that bank. And they told me that if I had either savings of over one hundred grand or a mortgage of over one hundred grand, that bank would cut on your bank fees, but if you didn't ask for it, if you were done enough not to ask, they wouldn't give it to you.
So I didn't know about this. So I went and saw a personal banker about something, and she was a very nice lady, and I got on looking very well. But when I bought the subject up about one hundred thousand dollars, she was so embarrassed she turned away and hood her face with the head yeah, And I thought, right right, that's it, you know. I mean, she was a very nice woman, and obviously she'd been instructed. They were instructed not to tell their customers that they were
entitled to this. So I moved to gimibank, and anecdotically, they were always first to drop their interest rates, they always last to raise them. They're always pointed one of them percent lower than everybody else, and they don't charge bag fees. And I didn't have to ask for it. It was just given to me automatically.
Well that's a ringing endorsement. Sorry, that's a ringing endorsement for a Kiwi bank. And that's the kind of you know, the kind of customer service that does keep people loyal and switching. By the way, so.
Everyone complains about the big gussy banks.
Well, how hard was it for you to change your bank?
Easy? I had no automatic payments with you, and I just, you know, dinosaur. I just papered everything with checks and so forth. You know, I have paper checks in the mail. Nowadays I use electronic banking. I'm not comparter because I'm a slightly educated dinosaur, but so so so I'm you know, I love technology, but I'm sixty eight. But I went to spoil. It was an hansel on paper, so idea. But I mean, I'm slowly impregnant with the technology. But
get don't complain about the big Gussi banks. Don't put your money in Kiwi.
Good on your Ralph. Thanks for that, mate, Ok, sure, thanks. Funny thing is I guess everyone has different encounters with banks. Because the reason I don't bank with Kiwi Bank was because I was seeking a mortgage with them and they just never returned McCall, which all the it's whatever, there was something that came up. I thought, you're seriously not going to try any harder than that. But isn't it funny? How but that doesn't tell us about Kiwi Bank. It just tells about that one exchange.
Whereas you know, those touch points are really important to people though, so if you get it right, you know you've got you've got a real winner on your side. And in this case with Ralph, you know, they did all the things right and he's impressed by the fact that the first mover, so you know, good on them. I think banks have up their game a little bit. Yes, I've seen that.
This was fifteen years ago.
Yeah, well but you know I think now, I mean, yes, interest rates and little points make a big difference too, But it's also you know that that transactional experience you want and now hopefully this will improve when open banking eventually arises, where you know, there's just more transparency, there's
more gruntiness in your banking app. You can move see things, you know, even the balances here or there, shift things around where you've got more empowerment over your actual money instead of just you know, being behind a veil, and I think, you know, we're seeing little snippets of that, and certainly overseas you see more of it. But when that moment happens, I think you're really going to get banks trying tap dancing a little harder.
I should mention that the just in terms of the best and worst banks there are there are, I think Consumer had the Oh there's a People's Choice award. That's right. Then the Cooperative Bank won the People's Choice Award award for the third year in a row. And I'm not sure if it's technically a bank, is that it was a cooperative like anyway, I don't know, but it's called the Cooperative Bank, and one thanks to its high performance
across eleven out of thirteen measures. And always wonder why more people don't go to these smaller banks that seem to rock people's world.
Credit unions And yeah that what I've heard in acdotally is that when you go overseas that it's a little bit harder with their credit cards and systems like that aren't but they don't have that advanced state. And I'm not saying that the Cooperative Bank doesn't have those, because I don't know but that's the argument.
I well, you put me onto the credit card solution for travel, which was Wise.
Oh yeah, yeah, Wise is great too. So yeah, I was thinking as you were talking there that you know when solution doesn't fit all. So nowadays it's you know, you can carve things off. So for your travel experience, you can use you know, Wise cards and they have multiple currencies and you can pre buy it.
And traveler kids and remember travelers checks.
I kind of yeah, nostalgic, but they were a pain in the last lost those you were really in trouble when you were traveling. So is it right?
Yeah?
Right, let's take some more calls. Jeanette, Hello, Hi.
Hell, are you good?
Thanks?
We did swat banks, but we were a bit different because we were a farm, so we're a business to swat banks and we did it fourteen months ago.
Oh wo.
And to be.
Feared, it's not an easy process to move a farm.
Does it sound like business accounts? So I'm sure more complicated.
Quite a bit in lawyer's fees. But the hardest part of all was we were pretty dis going to we our business with our bank because we didn't borrow enough money from them, and so we shifted for two point six percent change and interest, But we ended up only going with one bank because the other banks didn't want us either because we had under two million dollars worth of debt.
That sounds vainly.
So the bank we were with, we were managed out of a call center and they just went interested because we were under two million dollars. So we were lucky that one bank would pick it up and we've actually got to we get to speak to a real person again. But the bank we left within half an hour of the loan being uplifted with the new bank, the old bank closed every one of our accounts and cut off all our access.
Wow, they so did the bank that you were moving to manage the process. So on your behalf with I'm curious with the business accounts how much handholding goes on there?
Yep, they were quite good. And then the bank we left was really po'd about it, but they made it clear they didn't want this as a customer's ten and a half percent is a big swat. Plus for our loan. We have an unutilization fee as well, so that's the bit you're not using at the time, and we are half a percent on that so all up it was three percent.
So that sounds to me like there was you had a relationship failure at the old bank. I don't mean your fault.
Oh yeah, big time. And we've been twenty five years.
But I'm wondering, is that about the person you were dealing with versus the institution or do you think that that that that person's you know, whoever you were.
Dealing with that Reflection's been a change of a couple of changes of CEO and that bank, and then they changed the structure, like we didn't have an account manager anymore, and we didn't have someone to talk to about it and just write to anything else. And they made it really clear they weren't interested in our banking.
I guess maybe we shouldn't name the bank you left, but let's share the good news about who you moved to. Are you happy with them?
Yeah? We are, well I say that, but we've had three account managers in the fourteen months, but we still actually talk to a person.
Okay, who are you with now?
Okay, but they were the only bank that would take us. The others didn't want us ee this for the same reason.
Okay, good on you. Well that's great. You actually, you know, got fed up enough and did something, and you know that's thing you can do, is you know.
But yeah, I would warn people just be make sure you've got everything lined up because with a say, within half an hour of the new account becoming act, if they'd shut us out of our old bank.
Hmmm, yeah, that does.
So we made complaints to the banking on boodsmen because apparently they're not supposed.
To do that.
Oh what happened?
Oh the banking on boodsman took it up. Yeah, and then someone came from the bank and spoke lest but they didn't apologize, and they gave us a gift basket and said that was very sorry.
What was in the guest basket.
Just gems and spreads. It was like, but banks a makeup for five o'clock on Friday, having your bank account closed and yeah you still yeah, still looking horrible experience.
It's the banking and still looking at it.
Ah, not the investigations closed now, but there was. It was looked at.
And what did they did They make any official finding like this was poor customer relationships or bad banking.
And they didn't really come back to us with much. They said that they had spoken to the bank cons and they had not it are consumed, and that they would keep it on file.
Okay, okay, okay, Hi, thanks for sharing that.
Thanks you for your moxie. It's a good, good story.
A gift basket with jams.
That's a bit of an insult, isn't it a gift basket? The aggravation in household it's kind of funny twenty five years too. Yeah, it's like a jilted lover.
Well, yeah, but do you give a joke? What do you give a jilted lover? We could save that for another Okay, I think I know. We don't need to take a break. Let's go to Neil.
Hello, Hello, sir, my name is Neil. The lady who is with you has got a lovely accent, hasn't.
She almost as nice as yours? Sir?
Yeah? Well, anyway, stop flirting with my with my guest, please, Neil. And what would you like to talk about?
Well, if I'm allowed, I'll briefly tell you our situation. Me and ma'am. She's call down, but I call her man. We're very old and there's still there's a bit of a bit of early dementia in the house and we were advised I'm guessing it two years ago to change our bank. Maybe a bit more than two years ago anyway, And this person who advised us brought a consumer magazine and said T S B.
Which I think is a news they've got that they get a high pole people's choice of writing. Yeah, is that who you went with?
Yeah, I just want to share with you because because me and mam are old, you know, and everything gets paid through the bank, you know, our electric and all everything, all the bills. Yes, ma'am has just said all the bills.
Yeah, I can hear that we may need to speed the delivery of the story up. Just touch Neil, because we've got some people holding But what what's the punchline and the and the missage you'd like to get across to us.
The punchline is that they did absolutely everything about the payments we make. And when you ring up, you get a lovely girl, old lady speaking and she says, hello, Neil, how's Anna, how are you both getting on? And it's just a wonderful You.
Don't float, you don't flirt with the person on the other line too much to you, Neil compliment.
If she's been overdoor. She got prettiness tablenge.
Sorry to hear. And I think the difference in the you know, the previous color and Neil's, you know, there's a big difference moving business bank.
Yeah, and the reason I'm not asking, by the way, if you're wondering why I'm not asking people to out the negative banks, is because it can be a little bit contentious. And look, we are national radio and i'd rather hear the positive sides because one story doesn't necessarily tell the whole story about a particular bank. I think you know. That's why I haven't asked about who are the baddies and the story. And just in case you're curious to know, even though I'm sure you're all dying
to know, I'll tell you what. We've got more calls to come to though.
All right, we'll do that.
And yeah, you can flatter Amanda about her accent if you want, but make sure we keep this thing as well. It's a twenty one and a half minutes to six news talks that'd be back soon.
Oh money, I lived. It was your party. They were your friends.
See you've got a nice new car.
And a brand new pair of pants.
Let's welcome back. This is the weekend collective Smart Money. My guest is Amanda Morales. She's a money coaching financial commentary. Were talking about changing banks, your stories, your reasons, How hard was it. Let's go to Richard. Hello Richard, Hi.
There, Hive.
I've been with a particular bank since about nineteen eighty eight and I have no absolutely no complaints about them. They've been a good bank and all my dealings. But I had my mortgage fall due about a week ago and I ran and I got through to their thing to say, you know, to talk about it or just and it was just basically an operator yeah, And they said, they said, well we can offer you are raised and it was five point thirty nine, which was a little
bit lower than they had on there we've publicly. But I said, well, actually I'd like to talk about it and you know, discuss it with you, you know yet, because you know, even though as I say, I've been quite okay, sometimes you know, it pays to just sort of you know, eyeball people say. So anyway, I said, okay,
that's final. So I let it roll over onto floating and booked an appointment which is coming up this Thursday, and basically I'm going to go to them, you know, without any ranker, and just say, look, you know, I'd like to stay with you, but you know, money's money, and I'm going to go to the first bank that offers me an interest rate that starts with four.
Wow. That is very optimistic of you, but that would be but love to know if you put it up, because five point thirty nine was doesn't sound like a bad off. I've given what I'm looking at now that how long for? Are you talking about?
How long?
What term?
Oh, it's the twenty five year temps.
I only took it out, No fixt for how long because.
Whatever, I don't mind. Well, I mean it'd probably be it'll probably be two or two years.
Okay. I will be very impressed if you get that down much further, because I'm just looking at the interest rates right now, and most of them are sort of like six points. I think ASB is offering a year for five point nine to nine, two years five point six nine.
But yeah, so that's their published rates, but they do do better than.
I'm not aware of that, but five point three nine.
Sounds I bet you you'll chip them down some more so, good on you. Oh good, hold your nerve.
I'll no, there's no bad feeling about it. No, no, agithm. I mean I'm not under street. So my last interest rate which went through is one two hundred dollars for the interest, which is pretty scary. So it's worth working on for sure.
More people should take your approach and challenge them.
Sorry, how much does that? How much does that mean you're borrowing?
It's about four hundred and fifty k's well given I've got a lot of I've got a lot of other accounts with them, you know, and I've actually got it. I mean, I'm probably a bit stupid, but I've got about fifty grand. It's in a in a sort of the buttle accounting case, you know, I fall upon hard times and I'm not. I haven't even I'm not even collecting interest on it.
So you know, one thing in your favor for getting that better rate is the prediction of most economists that within the next few months there could be up to a whole one point knocked off the cash rate, and you might what you need as a bank who really believes that and thinks you.
Will do that, And I'd be really pissed off for five point three nine and you know, like they've said nothing. Nobody's changed their rates since the Reserve Bank governor. Yeah, but then the cost of living and you say, whatever you call it came down. Everyone's saying it's going to come down. It's going to come down. So you know, like why wouldn't you give it? You know, so I just thought of going there, they without any any ranker, and just so you know what, Yeah, and.
Let us let us know when's when's your meeting Thursday? We can call us next money on next week on smart money. Good on your boat, buddy. Actually I was when he said four point nine to nine. I was actually thinking, I tell him he's dreaming. And then I thought about that for a second. I thought maybe not.
I mean, yours era come down, you know, but so he may be a little ahead of that conversation with his bank. But you know, I think they'll budget.
They'll probably yeah, there you go, good luck, good luck. Right, hang on a second, let me just check the time. Let's go to at thirteen minutes to six. Gosh, time flies this this afternoon, Bob, Hello, Yeah.
Good day.
I was just listening to it. I thought my bank causes me some grief. But and I've been there with him form an old guy, but I've been with him for many, many years. But I've decided I'm going to I'm not changing my bank. All my money still goes into it, and they pay all my accounts and they do everything I need to do. But they got no money for investment because as soon as I get a nest egg in there, I take it out and reinvest it with another organization.
Yeah, good on you. It's very competitive about there, and you'll be doing a lot.
But they're currently paying over seven percent.
Yeah sounds good. Well, the you know, most growth funds, you know, diversified growth funds are doing about that and have been for the last five years as well.
In fact, I'd like to give them a plug for this organ they're not actually a bank. They are a non bank bank and the firm's first mortgage trust based in Tarama.
That sounds like a good deal. So, but probably a little nudge for the last caller too, who's got fifty K sitting in there with no interest. He should probably Yeah.
Currently, I mean every three months they pay you out of dividend. You don't know what it will be but for the last two years it's never been below seven percent.
Okay, games, good stuff, cheers Bob, Thanks recall um. Actually, another caller says, we came off and had a few texters sorry saying here's one here saying we came off fixed this week and we're going to take the hit with a floating rate until the next OCR in November. Not dumb thinking.
Actually no, no, because I'll signals sorry that it will come down, so that that's probably not a bad move.
Yeah, yeah, okay, right, we'll be back in just a moment. It is eleven minutes to six News talks.
He'd be money. I ever wants money, would never want to work for the money.
So yes, welcome back. This is smart money. We don't have long to go. I'm just going to mention one quick text before we get try and squeeze in a call or two more. And somebody's just pointing out that if you are going to change your mortgage, it's not just a straightforward thing because often they can be legal fees with changing documents and lodging a mortgage against literally and lodging the mortgage against your property and all that
sort of thing. So slightly more involved, doesn't it, Amanda.
Oh yeah, again, you have to be careful of break fees too, so you don't engage that one lately, But do your homework. There's some great resources out there, and I'm sure all the people who are watching the numbers move would be aware of them. But interest dot co dot and z is a wonderful comparison site for both mortgages and for savings and investments as well.
So you know, that's my go to. Actually that's the screen I've got up when I was listening to Fantastic.
Yeah, so that's a really good resource. People should be checking that out and look at the not that the readings are worth the paper they're written on these days after the GFC, but also check out the you know, the reading of the bank as well.
Yep, good, great advice.
So hello, yeah, hi, can you give a bank a small bank loan? I'm on a pension, I've got a freehold home and I got an exorbitant capital which I had to put on a credit cad and pay twenty percent to interest, and I just wondered if you could get a bank loan to pay off credit cad and how if you can how much would the interest be.
Oh, you've got to shop around for that. So that's a personal loan versus a credit card. But you know your bank should be able to give you some assistance, Sarah, and you can do some reate comparisons as well. As twenty percent is high.
Yeah, and one would have thought that if they are trusting you with the debt on your credit card, then there's no reason they should deny you alone.
Right, You know how much interest it would be if I managed to get alone?
You have to look around and there they say there's peer to pairer of lending outfits too, like Squirrel as well. I would go to their website.
Now I'd have to stick to the same thing that I've been going to about fifty years.
Well, yeah, so just best to call your bank and figure out what read that to do for.
You personal loans. I'm looking out here just quickly, very very quickly. And straights or they finance companies are expensive, but a bank, they're around ten to thirteen fourteen percent better than twenty Okay, thanks sir. Do we have time to squeeze in a very quick comment for or call from Sharon? Hello?
Oh, hi yah, hi.
Hi, how are you good.
Thanks, what did you one? We've only got about a minute or so, so you'll have to rattle it off to Sharon.
Okay, yep, no problem. I'm a mortgage breaker and I work with TV bank a lot. They would be yet to be spank to work with, so I imagine that that's how they treat your clients. I'm not a client, but they do offer a really good service and that's
a free refinance. They're mortgage brokers that work with them have to be accredited, but it means that the clients that want to move to Qwibank losing mortgage, they don't pay legal fees so and they will still get a cash and sentence from kwibank and they'll get the current rates. So it's just a really good service. And talk to you mortgage broker about it and you can sometimes find that it's a really good option.
Do you have a specific relationship with them as a mortgage broker with particular banks like like.
KWI Bank, I have just probably a similar relationship to what other mortgage brokers do. I am am accredited or during the freet refinances. I'm not sure if everybody is. Yeah, and I do do quite a few of them. They're really good. So it's excellent for people to change banks.
They make it so.
Easy and when you're not paying legal fees, it's worth it.
Okay, good stuff. Yeah, I mean I think I can thank you, Shan. I appreciate you, Caul. Look, imagine if a bank wants your business and you're looking to change, then hopefully that's something you can discuss with the new people you're going to be getting your mortgage with as well asn't an Amanda.
Absolutely ask all the questions. If you're feeling uncertain, you know, drag along somebody who's got some expertise in this areas to make sure you've got our coroner has covered excellent.
Heye, Amanda, thanks so much. If people want to read more of your stuff, Amanda Morale dot com to ours two l's.
Thank you very much.
Jam great to see you again and thank you my producer, Tyre Roberts. Check out our podcast if you've missed any of it, and we'll look forward to your company again. Actually, I'll be on for breakfast tomorrow at six o'clock, so up and nice and early please and we'll look forward to your company. Then catch us.
Somewhere.
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