If Mortgage Rates

Old Feb 25th 2008, 8:54 pm
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Default If Mortgage Rates

If mortgage rates are so high in NZ, would it mean that bank interest rates are also high for savers. If so it could be a good place to open an account regardless of whether you live there.

What am I missing
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Old Feb 25th 2008, 8:58 pm
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Default Re: If Mortgage Rates

I think you need to be a permanent resident to open a term deposit account to get the decent rates of 8.7% etc. I don't know this for definite, just what I've been told.
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Old Feb 26th 2008, 1:58 am
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Default Re: If Mortgage Rates

Originally Posted by Wottodo View Post
If mortgage rates are so high in NZ, would it mean that bank interest rates are also high for savers. If so it could be a good place to open an account regardless of whether you live there.

What am I missing
You are missing currency fluctuations. You can get 9% in NZ but that is only applicable to NZD. GBP interest rates in NZ are a lot lower 5% if you are lucky.
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Old Feb 26th 2008, 2:29 am
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Default Re: If Mortgage Rates

We have some of our money invested in high interest term deposit savings accounts in NZ and we're no longer resident in the country. If non resident for tax purposes you pay a different rate of tax on the interest but don't ask me how much.....

I've heard of Japanese housewives buying kiwi dollars to open up savings accounts in NZ , there must be a lot of foreign investment in the country.
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Old Feb 26th 2008, 3:32 am
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Default Re: If Mortgage Rates

I've got an small account with BNZ. I just pay 10% witholding tax.
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