ANZ IO Renewal or Variable to IO fixed process

Feedback from my clients has been pretty yuk on this new lite renewal process for extending an IO period,or flicking from variable to fixed

with many lenders such as wbc and CBA is tick and flick process, but it looks like ANZ still want vals, financials and body parts.

ANZ has always used the "responsible lending" excuse for their outdated Hogan ( cobol based?) process.

Broker and end user feedback pls?

Id post some of my clients words, but the other mods mightnt like the choice lingo : )

ta
rolf
 
I havent had issues with ANZ... maybe im lucky!. Infact as i mentioned in one of my previous posts, anz have applied a 0.95% discount instead of the 0.6% discount on a existing var loan without me having to ask!.

Ive got 2 house loans with anz. One of the house loans is split into 3 seperate loans. I have had no issues in getting the loans from var to fixed. this loan is under 90% lvr.

Will be doing interest in advance shortly for my other loan, can let u know how i go with this one.
 
Hi Rolf

I had 4 Low-Doc. loans coming off 5 yr IO in May last year, spoke to a "Lending Specialist" requesting a 5 yr IO extension.

The 4 new contracts arrived by priority post the next day, I returned these the same day in the prepaid priority post envelope included.

The following day the ANZ Lender rang to inform me that the new contracts were in place.

Don't know if this was the new lite process or not but was gobsmacked by the service and efficiency.

Cheers

Pete
 
Hi Rolf,

I am trying to convert my P&I to IO (3 yrs) with ANZ (not changing the loan balance), now apparently they have changed the process so something that used to be done by vising branch will need to be done by full application again.....it has been 2 weeks since they haven't got my docs right....they keep sending the me the docs with incorrect loan balance....hate it.

rowena...you are lucky!!!!!!! getting discount without even asking..wow..
I am trying to get more than .90% on my 580K+....they refused to budge....
 
thanks Pete....

sometime it feels so frustrating....that even if you give other offers to them they refuse to budge...wat's your tip to get best out of them.....negotiate individually or via broker?
 
Hey Turk,

that is amazing.

About 18 months ago I had a similar scenario coming off fixed and with ample security, I was promptly advised that "this would be a credit critical application" despite not wishing any extra cash out and coming off a fixed product saving around 15 K a year, thereby increasing servicibility even further.

I should be thankful for the lack of simplicity in their approach. Took the (not insignificant) loan to Suncorp. Too easy. No bank has more than one title any more. Happy days.

Just wait till you need to extract a clear title from their clutches.
 
presumably if you are coming off IO and want to continue that, yet your security value has collapsed, you'd just shut up and roll onto P&I?
 
I

Ive got 2 house loans with anz. One of the house loans is split into 3 seperate loans. I have had no issues in getting the loans from var to fixed. this loan is under 90% lvr.
QUOTE]

So yours was done over the phone or with an email, or was it a 10 page application with new financials

How old were the base loans pls ?

ta
rolf
 
I

Ive got 2 house loans with anz. One of the house loans is split into 3 seperate loans. I have had no issues in getting the loans from var to fixed. this loan is under 90% lvr.
QUOTE]

So yours was done over the phone or with an email, or was it a 10 page application with new financials

How old were the base loans pls ?

ta
rolf

Hi Rolf,

loan 1, bought unit dec 2008 for 300K. borrowed 273K including LMI in that 273K. a year later I split the loan into 3, so that i had one var and 2 fixed loans, one that i did for 2 yr and the other as 3 yr. (this was my ppor at the time). They did not do a reval on the property, and it was just a matter of me emailing the broker i dealt with at anz from when i had the original loan setup, and he referred me onto the bank mgr to set it up and sign the paperwork. Basically went down there day 1, got paperwork within a week (think it was about 2 days to come up from melbourne), signed paperwork, then that was all done within a day or two in regards to splitting the loan out and fixing. This loan is break free.

I have gone back into bank branch to re-apply for fixed loan's when they expired, and i have also called up aswell. All times were done overnight and applied the next day. I prefer to go into the branch as opposed to over phone.

Come 2011 moved out of PPOR, and working up north. Decided to do another IP, and this time i went through a mortgage broker outside of ANZ. He deals with ANZ bank manager in one of the townsville branches all the time. He setup my construction loan, anz were doing 0.9% off new loans at the time with break free but he got me 0.95%. He also got me a second offset account under my break free package, and anz also applied the 0.95% disc on var loan1 too. (i dont know if this was the mortgage broker getting this, or anz stuffing up.. but either way win win for me!). I had a reval done on unit that i bought in 2008 around dec 2011, which it fell by 5K, but i was also ahead in repayments on my unit anyhow. I also had cash sitting in my offset account aswell.


As my construction has just been finished, anz automatically did a valuation on the house. As the property valuation was done 3-4weeks ago and the loan is IO for 5 yrs, I should just be able to do the Interest in advance for 3 yrs to get the 4.64% rate, which i have spoken to a bank about and the latest mortgage broker i have been dealing with never mentioned that i needed to go through and re-apply for the loan, and that she could set this up when im ready to go for this.

I had just been to anz to get a loan pre-approval for a ppor to settle in june, but im going to go through cba in the end to keep loans seperated for tax and hence i asked her about doing interest in advance when i was talking to her about ppor. So for the IIA it will be a matter of emailing her when im ready to have this done and i have her direct ph number aswell. I'm waiting for budget to see if i start it this financial or next financial yr, at this stage it will be july will be of more taxable benefit to me.

Rowena
 
very easy, shouldnt need vals or financials, can be slow though

IO renewals Should be easy ............so my BDM tells me

But im getting stuff like the below from clients, 3 out of 4, where we send the NCC paperwork to the branch with a val ( just to take out that risk)

ta
rolf




Met with L @ ANZ M ,waste of time ,all see wanted to do was financial check up to see if it met my goals etc. etc. to sell more product and to apply for a new loan with all new docs

Whats plan B considering the loan will be approx 57% LVR cash flow postive pretty straight forward.

Thanks
 
I went through this teeth-pulling experience a few months back. The broker only put us in a 5yr IO period by mistake (all our other ANZ loans in that same year were applied for as 10 year IO) so we just wanted to extend the term for another 5 years. Went through the 'lite' process, had the branchie fill out the forms for us and told us just to sign them and return them. Time had passed and I got caught up with other stuff and forget about it. Two months later I call ANZ to find out what's going on to hear that the branchie went on holidays and the day after she left, a request was received by the branch for us to tick a box. But as she was the only one who could act on the request, we didn't hear about it til her manager got involved. After we went back in, ticked the box and resubmitted the forms it took a further 3 weeks or so to be told that we are high risk and they would only grant us a further 2 years IO at which point we would have to go P&I. They said it would be highly unlikely we could get another IO term at that point. Then they had the hide to ask if we would consider giving them back some business we took from them a year or so ago. Awesome work boys.
 
who are you responding to Bigtone??

To Rolf.

They can do them easy if u find someone with a brain ( not easy).

For you I would say that ANZ vals never expire and that if you valued something at the peak you can always use that valuation again as long as you have not done one since then. It is a brilliant loophole or niche or whatever you want to call it that most of their own staff don't know.
 
The problem is that even though the bank changes its policy - a lot of the time the employees don't take heed of it and just operate as if the old policy was in place. See this happen all the time with rookie credit assessors - mainly about stupid things like genuine savings etc.
 
To Rolf.

They can do them easy if u find someone with a brain ( not easy).

For you I would say that ANZ vals never expire and that if you valued something at the peak you can always use that valuation again as long as you have not done one since then. It is a brilliant loophole or niche or whatever you want to call it that most of their own staff don't know.

thanks for that gem of info!
 
I've found its all about the person doing the switch and their experience.

and ask them if they have lending background. Also makes them future fodder for employees when the bank downsizes again.
 
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