ANZ Loan Payout - any charges likely??

Have had a variable P&I loan with ANZ for an investment property, since September 1996. Nearly at the end, with a couple of thousand to go. Would like to walk in and say "here's what's owing ..." but am wondering if there will be a fee/penalty to do so.
Frizzle
 
Call the bank and ask for a payout figure?

Also ask if it will cost extra to discharge/release the mortgage.

Nobody here knows your loan terms, but the bank will.
 
You'll likely get a discharge fee from ANZ. This is their cost of processing the discharge and you'll pay it regardless of how long you've had the loan. ANZ currently charges $160 but this could be different for your contract. Most lenders charge $300-$400.

The Office of State Revenue will charge you $98 to discharge the mortgage.

If the product is currently fixed, they'd be more charges. Call ANZ for the full breakdown.
 
Stop paying it with $1900 remaining on the loan and let me know if the rumours are true that they'll close a small loan for you :)
 
Don't be in a hurry with ANZ

Hi there Frizzle,

It can indeed be liberating to retrieve a title........accomplished same not long ago, it was my Christmas present :) as I received it on Christmas Eve.

Don't be in any hurry however when dealing with ANZ. The ineptness and excuses you will come across for the delays (beyond their control) will be entertaining for a while, :p then frustrating or even worse if you allow them to get to you :(

After much hoop jumping prior to releasing the title (and diligent compliance) a (then) assured two or three week process took over two months. Oh and here's the kicker, mortgage discharged (early November as dated by their document) seven weeks prior to me retrieving the title in my hot little hands, yet they did not register the discharge with the lands and titles office. Where was said title for seven weeks??? ......... :confused:

I was advised that I should leave it with them for this to be arranged.......yeah right :rolleyes:

Went in myself and paid the requisite $ 98.00 and now all is good.

You may wish to have a re-val and establish an equity release to duplicate into another IP (using a different lender) or you may wish to be done with them and when you have your title in your hands then mull over you options and future course(s) of action

If it's the latter, do not be in any hurry to receive your title when you pay off the loan

Good luck

** Edit......my release fee was $320 **
 
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Thank you very much for the replies to date. Michael, I will take heed of your comments and will prepare myself for time delays. Funny (not) how we are expected to pay to the "n"th degree for everything but to get first rate service for those funds, at times, is just out the question.
Frizzle
 
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