ANZ Policy change - defaults

[Spectre]

A 'cleansing of the books'...............?

Auto decline policy update

As part of our ongoing review of the performance of the portfolio, from 7th June 2010, applications meeting the following criteria will no longer be assessed by ANZ:

*Applications with adverse credit history
*Adverse history includes defaults, judgements or bankruptcies. These applications generally have significantly higher arrears than average, therefore ANZ will not be assessing these applications unless there are valid written justifications submitted along with your application.
*To achieve a faster and more accurate decisioning outcome, please ensure you address these potential issues with your customers up front.
*Are there any exceptions?
*An application will not be auto declined if the default is less than $200 and has been paid, however justification will still be required within 7 days.

 

[Ausprop]

well i guess when you are a govt g'td company that keeps all the profits you can pick and chose and after all who is going to complain, you are too big to fail right? customers going elsewhere? yeah right. these guys can lift the bar as high as they like, their only concern is adversely affecting property values. oops... better close off some more development funding. $200 default, what a joke.

i recently sold a property that had a loan with a rate of 10.4%. i was outside the penalty early repayment period. it was a great feeling shoving the cash back under their nose...go find some other bunny to pay your fat margins. i hope they can't relend it and choke. Allco tried to stiff me over 2 years ago and they went down the gurgler soon after. I cracked a nice bottle after I saw that unfold.

 

[Aaron Sice]

that's f__king disgusting.

i have one mark on my credit history because the complainant didn't remind DnB that the problem had been resolved - never mind that they won't pull the complaint because they were sending the invoices to a NON EXISTENT ADDRESS.

but, clearly, i'm a credit risk because other people can't manage their own affairs correctly.

 

[Rolf Latham]

gets better

the ANZ declined a loan from an existing client because they had a default to some collections co.

Fair enough I thought...........maybe she didnt know

As is usually the case, when a borrower is being stuffed around by a lender, we love to pick up the ball and see how far we can carry it.............

Background

Client is a 5 year + mortgage client of ANZ with 300 + k in lending. Always in front of repayments, same job for 7 years, same resi address for 5 years.

Services its boots off. Cant really get stronger crdit score xcept, she wanted some cash out

So I was a little amazed when I get the DECLINED fax for a loan of less than 80 % looking to invest in some shares etc .

Spoke to the assessor..............mate she fails credit score and there aint nuffink we can do, system says HIGH risk client.

We pull credit file for client .................109.32 default 2 years old.................. to a telco collections co. Now paid

Having spoken to credit its unlikely they will provide the facility, looks like we need to move to another lender.

Black box logic gone VERY wrong

ta
rolf

 

[MCS_80]

*Walks into an ANZ branch.....then walks straight back out*

Cheers

Mick

 

[sash]

Yep....I have a loan with OneDirect which was a subsidary of ANZ.....can't do anything with the loan unless I move to an ANZ product.

The catch is that I am then tied to them for another 4 years....so I am seriously considering moving the lock stock and barrell out of these nuffys.

The only thing the big 3 banks understand is moving business away from them.....their arrogance is going to hurt them later down the line. I have found the NAB surprisingly flexible ...I think if they continue down this line thye may take market share fromt the others.

 

[tdh78au]

Yep....I have a loan with OneDirect which was a subsidary of ANZ.....can't do anything with the loan unless I move to an ANZ product.

The catch is that I am then tied to them for another 4 years....so I am seriously considering moving the lock stock and barrell out of these nuffys.

I've got good news for you. My broker approached ANZ to move the OneDirect loan (PPoR) over and they agreed to do the same without any exit penalties (the loan was 1.5yrs old). Amazingly enough the offer letter for the "new" ANZ loan had the standard exit penalties (I think $700 if in first 4 years). Worked out for my broker as well cause ANZ still shouted him the usual upfront commission for writing the "new" loan ... ha!