Property Management

Banks may pay late rates - and add them to your mortgage

If you're withholding your regional rates payments, and have a mortgage, your bank could be making the payment on your behalf sooner than you think.

Friday, February 20th 2004

The Regional Ratepayers Rebellion is concerned over a legal loophole that could see banks paying out the amount you owe the Auckland Regional Council (ARC) by adding it to your mortgage.

Although the ARC has to wait until November before it can legally demand the bank to do this, the bank can offer to pay before this date if the ARC notifies them of the outstanding payment.

The Regional Ratepayers Rebellion is approaching banks, urging them not to take this option.

Group spokesman David Thornton says although a small percentage of those who haven't paid their bills may be typical "non-payers", most are deliberately withholding all or part of their rates for seven months after the due date as a stand against the ARC's rating policies and last year's significant rates increase.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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