ANZ Mortgage Direct Debit IO

[sydprop]

Hi,

I have a mortgage with ANZ (IO) and want to direct debit from another institution - they are saying they can't do this. Perhaps this is due the variable nature of the payment but does anyone have this set up?

Cheers

 

[Peter_Tersteeg]

This is a major gripe I have with the ANZ. Clients of mine have butted heads on this policy several times and they don't appear to be flexible on it.

It's a different story if your loan is P&I.

 

[Rolf Latham]

Tis not just ANZ, CBA et al play the same game

ta
rolf

 

[sydprop]

Bugger. Its a minor thing but probably enough to entice me to refinancing to someone else (looking at HSBC as a second bank as we will be offshore soon). They seem to be buying business here now too.

 

[Spectre]

actually re cba you can have them direct debit other accounts with other banks. Can be I/O or P&I

Shows what we know as a client taught it to me

 

[tdh78au]

assuming that ANZ IO direct debit is monthly, you could setup a monthly automatic transfer of funds from your other account into ANZ. Just remember to run this a day or two before the ANZ direct debit date.
This could help specially if there's a penalty for you to leave ANZ (first 4 years of loan?)

 

[Bradsdad]

actually re cba you can have them direct debit other accounts with other banks. Can be I/O or P&I

Shows what we know as a client taught it to me

Well,well,well.....3 holes full of water (pre drought days )


I received a firm "no" on 2 occassions from CBA about 3 weeks ago as a client wanted them to come from his Westpac Trust A/C.

 

[Bradsdad]

Hi,

I have a mortgage with ANZ (IO) and want to direct debit from another institution - they are saying they can't do this. Perhaps this is due the variable nature of the payment but does anyone have this set up?

Cheers

Certainly can't with ANZ (I used to work for them and wife still does). Depeding on the mortgage type they should allow you to have a free bank account. Any reason you don't just take them up on this? It would surely save you on any DEF's, registration fees & new set-up fees.



Hmmmmmm 2nd thoughts......... what am I saying? There's no money for a MB if you were to do that

 

[knightm]

Experienced the same thing with ANZ but they did say if I want to have the dd arranged from the other account to send it across in advance they would accept that. Unfortunately that option involves a regular fee from the other bank - the bank account with ANZ is fee free so I took the hassle option and set up the account rather than the fee option.

 

[Nth Brisbanite]

Well,well,well.....3 holes full of water (pre drought days )


I received a firm "no" on 2 occassions from CBA about 3 weeks ago as a client wanted them to come from his Westpac Trust A/C.

I've got loans with CBA and my direct debit comes from an ANZ account. Despite what I was told, it was easily organised with my friendly CBA customer service officer. The direct debits have been working without any hitches.

I arranged the direct debit with CBA in Queen Street, Brisbane. No fees involved.

 

[sydprop]

We do have the "free" breakfree account but this is set up as an offset linked to a separate mortgage account (ie. effectively our LOC). We will be drawing on this positive balance for capital improvements, deposits, other investments etc.

If we transfer funds in and out of this account just to pay the interest it becomes an accounting headache (if anyone has other view, more than interested). It seems sensible to keep it separate.

PS. Thought about transferring the money in but don't think it solves the accounting complexity and also is a pain as have to recalculate/monitor for any interest rate changes (effectively too hard)

Looks like we have to pay the extra fees for another account.