Annual package fees
- Thread starter molly1a
- Start date
Hi Molly
the Advantage Package has a single annual fee, pretty much regardless of the number of loan splits and properties.
Perhaps be Careful of Xcoll and Concentration risk, especially if borrowing with LMI or using fixed rate loans
ta
rolf
the Advantage Package has a single annual fee, pretty much regardless of the number of loan splits and properties.
Perhaps be Careful of Xcoll and Concentration risk, especially if borrowing with LMI or using fixed rate loans
ta
rolf
So if you have investments and you paid the package once in the calendar year Then if you buy another investment are you playing this 395 again in that same calendar year
I have checked and I have been charged 4 lots of 395 in 2013
We had investments and we purchased 2 more in 2013 I wonder how many times we should be paying this amount
Thanks
I have checked and I have been charged 4 lots of 395 in 2013
We had investments and we purchased 2 more in 2013 I wonder how many times we should be paying this amount
Thanks
4x annual fee's shouldn't be charged unless some of these loans don't have the package holder as a borrower.
If in the same name as original purchase you should only be charged one annual fee.
Ad pack can have 4 splits and another 10 if the LOC is added.
This product, like all bank products, are designed for x coll but it can be used for stand alone effectivley if managed/structured correctly from the outset.
You will have to call/visit to get it sorted or get your broker to fix it.
Ad pack can have 4 splits and another 10 if the LOC is added.
This product, like all bank products, are designed for x coll but it can be used for stand alone effectivley if managed/structured correctly from the outset.
You will have to call/visit to get it sorted or get your broker to fix it.
The loans are all in our names exactly the same for all. As I said we had investments we purchased 2 more in 2013 paid 395 in 29/4, 3/5, 26/9, and 10/12 and we have just paid again on the 26/2/14 that's a lot of fees. All loans are crossed with St George
I wonder what other money I have paid in previous years
Again checking have investments we pay our annual fee and then say u buy 2 more in the same year do u pay package again 2 more times .??????
Thanks
I wonder what other money I have paid in previous years
Again checking have investments we pay our annual fee and then say u buy 2 more in the same year do u pay package again 2 more times .??????
Thanks
Yea, look at a restructure via a broker who is clued up on the correct set up (circa 60%+ are not). Someone on here should be able to assist.
Also consider your next IP with another bank to avoid having all your assets controlled by one institution.
Also consider your next IP with another bank to avoid having all your assets controlled by one institution.
Mistakes
Yes that's right mistakes that don't benefit us I will be now asking they go through all our accounts to see what other mistakes
Gets worse I also find out that last purchase the repayments aren't coming out of the right offset . The whole thing annoys me massively
Daughter bought house had 5% deposit we lent the rest not once was LMI mentioned now she's paying loan plus us not happy
Just venting at the moment sorry
Thanks
Yes that's right mistakes that don't benefit us I will be now asking they go through all our accounts to see what other mistakes
Gets worse I also find out that last purchase the repayments aren't coming out of the right offset . The whole thing annoys me massively
Daughter bought house had 5% deposit we lent the rest not once was LMI mentioned now she's paying loan plus us not happy
Just venting at the moment sorry
Thanks
Its not abnormal unfortunatley. Banks seem to have a knack of doing the opposite of what makes sense even when implicit instructions are given. Some then say the broker did it, lol.
My advice to people is to check it has been set up correctly especially offsets linked to the correct accounts. I have set things in place for clients to then find out at the next deal the bank have given them contrary advice!
My advice to people is to check it has been set up correctly especially offsets linked to the correct accounts. I have set things in place for clients to then find out at the next deal the bank have given them contrary advice!
St George actually do have a habit of making the error of charging the advantage package fee on multiple occasions. It's reasonably easily fixed by ringing your broker or bank manager, but very annoying.
No you won't get a refund.
