Ken Oath ! Do it Jen. I am angry for you. I wouldnt back down if it was me even after all the hassles. This is disgusting treatment.
Can the banks make us change our loan??
- Thread starter Bandita
- Start date
Ken Oath ! Do it Jen. I am angry for you. I wouldnt back down if it was me even after all the hassles. This is disgusting treatment.
Jen
If it were me I would perhaps seek the opinion of one of the financial experts on this forum, just to be sure the way you are structuring your loan is the best option. You may be using up all of this time and energy unnecessarily.
I wonder if you obtained an independent valuation, would it be less than what the one done by ANZ has come in at???
I had an issue with Westpac and was given a case number with the assurance they would get back to me within seven days. I received a standard letter on the seventh day saying they would investigate and be in touch. Eventually they called and the dispute went in my favour.
It doesn't matter how long they take to sort this out. You have your loan in place. Just so long as you document all of your contacts with the bank and what took place. Just relax. It's ANZ that should be getting worked up over this.
Good luck.
Cheers
CK
If it were me I would perhaps seek the opinion of one of the financial experts on this forum, just to be sure the way you are structuring your loan is the best option. You may be using up all of this time and energy unnecessarily.
I wonder if you obtained an independent valuation, would it be less than what the one done by ANZ has come in at???
I had an issue with Westpac and was given a case number with the assurance they would get back to me within seven days. I received a standard letter on the seventh day saying they would investigate and be in touch. Eventually they called and the dispute went in my favour.
It doesn't matter how long they take to sort this out. You have your loan in place. Just so long as you document all of your contacts with the bank and what took place. Just relax. It's ANZ that should be getting worked up over this.
Good luck.
Cheers
CK
G'day JenD,
Failing that, I'm with Rolf L and Jireh (Quintets) - go to the Banking Ombudsman. The scenario you have painted is despicable - and SOMEONE should be beating a path to your door to put things right !!!
Regards,
Yep!! And I almost hate to say it, but I do want to help.... Get Geoff to call !! If he is feeling as upset about this as you are, he'll be talking to the CEO of ANZ within 10 minutes.
Failing that, I'm with Rolf L and Jireh (Quintets) - go to the Banking Ombudsman. The scenario you have painted is despicable - and SOMEONE should be beating a path to your door to put things right !!!
Regards,
I am with you too Les .....
Thanks so much for all the help and support! Even though I'm not happy with what's happening, I think the learning experience from this has been absolutely amazing -
You are probably right - and we were initially willing to change the loan (although wanted to get the best deal for us we could get) - but the whole turning off the offset account has changed my happiness to negotiate completely - I'm too angry, and helping them out is now my last priority.
I believe the valuation was fair - if not undervalued. It's rented out at $370/wk - valuation of $330k - in South Melbourne - other similar properties in the area have sold around 350k. But you may be right - this valuation was free - and meant to make us comfortable with the new loan.
I think you're right (unfortunately ). Geoff would probably get much futher than myself. However Geoff is very different than me - he's a very simple guy - doesn't argue, he can see they've done the wrong thing and he'd rather just remove all our accounts, no explanation necessary. For me - knowing how many things we have linked to these accounts - getting rid of the accounts is not the best solution. But he does have a strong understanding and passion for property and where it's going to take us - so I might just be able to get him on the phone.....if I get nowhere on Monday (which is pretty likely ), I'll throw him on the line - couldn't do any worse!
Thanks again all!
Cheers,
Jen
You are probably right
- and we were initially willing to change the loan (although wanted to get the best deal for us we could get) - but the whole turning off the offset account has changed my happiness to negotiate completely - I'm too angry, and helping them out is now my last priority.I believe the valuation was fair - if not undervalued. It's rented out at $370/wk - valuation of $330k - in South Melbourne - other similar properties in the area have sold around 350k. But you may be right - this valuation was free - and meant to make us comfortable with the new loan.
G'day JenD,
Yep!! And I almost hate to say it, but I do want to help.... Get Geoff to call !! If he is feeling as upset about this as you are, he'll be talking to the CEO of ANZ within 10 minutes.
,
I think you're right (unfortunately
). Geoff would probably get much futher than myself. However Geoff is very different than me - he's a very simple guy - doesn't argue, he can see they've done the wrong thing and he'd rather just remove all our accounts, no explanation necessary. For me - knowing how many things we have linked to these accounts - getting rid of the accounts is not the best solution. But he does have a strong understanding and passion for property and where it's going to take us - so I might just be able to get him on the phone.....if I get nowhere on Monday (which is pretty likely ), I'll throw him on the line - couldn't do any worse! Thanks again all!
Cheers,
Jen
Hi Jen
Try the ANZ contact here
I bet you will get a good resolution in 48 hrs
ANZ Banking Group Limited
TELEPHONE:
Aussie Credit Cards Phone:
Toll Free No: 1300 660 841
ANZ Toll Free Phone:
Toll Free No: 1800 988 899
All ESANDA disputes to be referred to ANZ Customer Liaison
Aussie Credit Card Customers should be referred to 1300 660 841
Comments:
WRITTEN COMPLAINTS:
Ms Judith Swan Fax: (03) 9273 6423
National Manager Customer Liaison
ANZ Banking Group Limited
100 Queen St
MELBOURNE VIC 3000Ta
rolf
Try the ANZ contact here
I bet you will get a good resolution in 48 hrs
ANZ Banking Group Limited
TELEPHONE:
Aussie Credit Cards Phone:
Toll Free No: 1300 660 841
ANZ Toll Free Phone:
Toll Free No: 1800 988 899
All ESANDA disputes to be referred to ANZ Customer Liaison
Aussie Credit Card Customers should be referred to 1300 660 841
Comments:
WRITTEN COMPLAINTS:
Ms Judith Swan Fax: (03) 9273 6423
National Manager Customer Liaison
ANZ Banking Group Limited
100 Queen St
MELBOURNE VIC 3000Ta
rolf
Jen,
talking to the ANZ Banking Ombudsmen Rep should get you real good results fast.
Unfortunately, in your case, you are better off staying with ANZ because of the LMI implications (you would have to pay LMI again when re-financing).
Have a great Sunday.
talking to the ANZ Banking Ombudsmen Rep should get you real good results fast.
Unfortunately, in your case, you are better off staying with ANZ because of the LMI implications (you would have to pay LMI again when re-financing).
Have a great Sunday.
Jen
I am curious. I fell like there must be a final chapter!!
Cheers
CK
I am curious. I fell like there must be a final chapter!!
Cheers
CK
Hi CK,
Not yet!
After making countless phone calls to ANZ, I eventually got accelerated up to some higher-up loan repayments person - who refunded the amount we lost when offset was setup and was looking through the system and found that we had 4 outstanding loan applications - turns out everytime our bank mananger had sent us out a new loan to sign, she hadn't deleted the old ones - the person said this would be bad for our credit rating, so I said put a stop on all of them (except one which was a pre-approval for a new loan). She did, but made enquiries to the bank manager to find out what she was doing - ended up calling me back and said she didn't want to touch it - for fear she would do something wrong and get in trouble herself - we would have to call the bank manager and speak to her personally if we wanted them stopped. I said we obviously don't want 3 loans for the same property - couldn't she stop 2 of them - she repeated that she wasn't going near it. (Then she said something to the effect that our bank manager is doing everything she can to help us so we don't have to pay LMI, she doesn't want to mess that up - our bank mananger has obviously not been totally honest and forgot to tell her that we don't have to pay anymore LMI - as is stated in our signed loan - and in fact it's her problem much more than ours)The day after this, our offer was accepted on a new property, and I didn't want to jeopardise our new loan, so I've stayed quiet on it until this new property settles. The loan for this property has been all organised, just waiting on settlement - I'll fuss back up then
Cheers,
Jen
Hi Jen
I've been watching this post with great interest.
As a query (unless I missed it and apologies if I am asking too much).... Did you use the property with the loan in question as collateral for the new property you are buying? i.e. cross collateralise ?
The reason I am asking is that if you did and on your overall lvr between say the two properties, if LMI was involved they may seek to recoup the 'lost' lmi with the new loan as the 1st premium wasnt paid in full to begin with (from the banks view). So you may want to check what the premium is 'normally' and see if it matches up with your premium in your documents (if you are going thru anz again that is). You should be able to get that info from somewhere on the website etc. But where I'm heading is that if the LMI premium on the website is "X" and they are quoting you "Y" then they are picking up the missed premium.
If its the higher premium then Id be inclined to find one of the brokers on the forum to do the loan to structure it.
Other side of it is that the branch manager probably doesnt want to have to wear it on her 'costs' as a loss.
Hope that makes sense. Anyone feel free to clarify above if you need to.
I've been watching this post with great interest.
As a query (unless I missed it and apologies if I am asking too much).... Did you use the property with the loan in question as collateral for the new property you are buying? i.e. cross collateralise ?
The reason I am asking is that if you did and on your overall lvr between say the two properties, if LMI was involved they may seek to recoup the 'lost' lmi with the new loan as the 1st premium wasnt paid in full to begin with (from the banks view). So you may want to check what the premium is 'normally' and see if it matches up with your premium in your documents (if you are going thru anz again that is). You should be able to get that info from somewhere on the website etc. But where I'm heading is that if the LMI premium on the website is "X" and they are quoting you "Y" then they are picking up the missed premium.
If its the higher premium then Id be inclined to find one of the brokers on the forum to do the loan to structure it.
Other side of it is that the branch manager probably doesnt want to have to wear it on her 'costs' as a loss.
Hope that makes sense. Anyone feel free to clarify above if you need to.
Hi Lukentel,
No, the "old" property is not being used as collateral for the "new" property loan. I believe the LMI we have to pay on the new loan is about 1.7% of the loan (we have a 95% loan) - I can't find the LMI fee % on ANZ - but does this seem like a reasonable % for LMI? If they were adding on the LMI of the other loan - I think it would much much higher?
Edit - Just went into ANZ's loan calculator, and came up with the exact same LMI figure as they're charging for this loan - so I think it's all good!
Cheers,
Jen
Thought I would just update this thread,
It's been about 2 months since we talked to a high-up banking person at ANZ (to fix our offset account that was turned off by bank manager) who advised we had multiple outstanding loan requests on our name (adversely affects our credit history) - which we asked to be removed - so she talked to our bank manager about the scenario and decided it was far too complicated for her to get involved and we had to speak to the bank manager to get anything removed (bank manager kept creating new loans she wanted us to sign without deleting the old ones). We decided to leave it be until the loan on our new IP settled.
The new IP loan has settled (not without it's dramas of course!!). We've heard absolutely nothing since them from the bank manager, no daily phonecalls as before, nothing. So my plan in about a months time is to call up an "unknown" at ANZ, ask if we have any outstanding loan requests, and then ask for them all to be removed - without mentioning our story at all. Will hopefully be all good then, and this whole "change our loan drama" might disappear!
I'll update around Feb with the final results!
Cheers,
Jen
It's been about 2 months since we talked to a high-up banking person at ANZ (to fix our offset account that was turned off by bank manager) who advised we had multiple outstanding loan requests on our name (adversely affects our credit history) - which we asked to be removed - so she talked to our bank manager about the scenario and decided it was far too complicated for her to get involved and we had to speak to the bank manager to get anything removed (bank manager kept creating new loans she wanted us to sign without deleting the old ones). We decided to leave it be until the loan on our new IP settled.
The new IP loan has settled (not without it's dramas of course!!). We've heard absolutely nothing since them from the bank manager, no daily phonecalls as before, nothing. So my plan in about a months time is to call up an "unknown" at ANZ, ask if we have any outstanding loan requests, and then ask for them all to be removed - without mentioning our story at all. Will hopefully be all good then, and this whole "change our loan drama" might disappear!
I'll update around Feb with the final results!
Cheers,
Jen
yeah very interesting read i must admit, sorry to hear of the trouble the ANZ people have been, hopefully it will have been resolved, let us know the latest?
We have been suggested to go for the ANZ professional package for purchasing our ppor (whenever that will happen) by a local broker but no i'm definately thinking twice.
We have been suggested to go for the ANZ professional package for purchasing our ppor (whenever that will happen) by a local broker but no i'm definately thinking twice.
ANZ are known to change their mind when the loan papers go to their headoffice. I won't deal with them again, they costed me a good deal of money when I was looking to buy a property. They delayed approving the loan
when I already had preapproval, and then asked me to pay LMI for a deal where I had 20% deposit. What???
Maybe if I had used a mortgage broker they would have looked at my situation diffferently. I closed up all my bank accounts with them, walked out and never looked back. Never again I'd say, .....
Good luck
when I already had preapproval, and then asked me to pay LMI for a deal where I had 20% deposit. What???
Maybe if I had used a mortgage broker they would have looked at my situation diffferently. I closed up all my bank accounts with them, walked out and never looked back. Never again I'd say, .....
Good luck
Wow Jen! It's the first time I've read this thread and WOW you've been having a rough go.
I worked in 2 of the Big 4 banks for years before I became a mortgage broker (including ANZ) and I think your bank manager has been acting shamefully. And frankly, I'm furious on your behalf.
At this point, my best advice is that you don't talk to your Heidelberg manager any longer. She doesn't have the authority to sort this out for you, and she apparently is more interested in covering her mistakes than in actually doing the best thing for you.
The first port of call is her immediate supervisor. If they stonewall you, or don't sort the situation out, then ask to speak to the area manager (or next manager up). Usually, by one or two managers up the line, you will get someone who percieves the bigger picture (ie not just protecting the branch managers ***) and most importantly, to a manager who has the authority and the willingness to sort it out, rather than face the potential PR nightmare.
I do think that the bank cannot change the terms of a contract that has been signed and settled already, unless the loan payments are not being met, but I'm a layman, not a solicitor so don't take that as gospel.
From your recent posts I'm getting the impression that you'd rather just let sleeping dogs lie, and if they stop hassling you, then by all means do.
If they bring it up again, I do suggest that you tell them you're going to approach the banking ombudsmen about the matter, and I suspect that will be a very good motivator for them to resolve it to your satisfaction. If it's still not resolved (and by that I really mean that you get to keep the excellent existing contract without having to pay any fees including the extra LMI) then do go to the banking ombudsmen. Don't let them disadvantage you by pushing you until you either except their less advantagous deal, or you refinance elsewhere. Neither of those options is in your best interests at all.
But mostly... Good Luck! and do keep us updated!
I worked in 2 of the Big 4 banks for years before I became a mortgage broker (including ANZ) and I think your bank manager has been acting shamefully. And frankly, I'm furious on your behalf.
At this point, my best advice is that you don't talk to your Heidelberg manager any longer. She doesn't have the authority to sort this out for you, and she apparently is more interested in covering her mistakes than in actually doing the best thing for you.
The first port of call is her immediate supervisor. If they stonewall you, or don't sort the situation out, then ask to speak to the area manager (or next manager up). Usually, by one or two managers up the line, you will get someone who percieves the bigger picture (ie not just protecting the branch managers ***) and most importantly, to a manager who has the authority and the willingness to sort it out, rather than face the potential PR nightmare.
I do think that the bank cannot change the terms of a contract that has been signed and settled already, unless the loan payments are not being met, but I'm a layman, not a solicitor so don't take that as gospel.
From your recent posts I'm getting the impression that you'd rather just let sleeping dogs lie, and if they stop hassling you, then by all means do.
If they bring it up again, I do suggest that you tell them you're going to approach the banking ombudsmen about the matter, and I suspect that will be a very good motivator for them to resolve it to your satisfaction. If it's still not resolved (and by that I really mean that you get to keep the excellent existing contract without having to pay any fees including the extra LMI) then do go to the banking ombudsmen. Don't let them disadvantage you by pushing you until you either except their less advantagous deal, or you refinance elsewhere. Neither of those options is in your best interests at all.
But mostly... Good Luck! and do keep us updated!
Why oh why did you not send this all off to the Banking Ombudsman months ago? Stop dealing with employees of the bank that is giving you grief...deal with the person who can look at both sides independently.
Do a covering letter summarising what you are asserting the loan terms are. Prepare an index of the documents you have (copies of all relevant correspondence) and then number your documents in chronological order from oldest to most recent. Include a copy of the original loan terms you have. You are trying to make it as easy as possible for a person at the ombudsman's office to undertand your issue with the bank. (btw if a contract has been issued but has not been signed by you there is no contract..its just an offer/proposal...amounts to nothing)
Then do a summary of how you assert you have now been overcharged by ANZ (if this is correct). Refer to documents in your index (document 27 etc).
Then (very important) tell the banking ombudsman what you want done.
I'm fairly certain the Banking Ombudsman will require ANZ to stick to the terms of their contract-even where they say it contained a mistake. I'm also pretty sure it will be resolved very quickly once the ombudsman is involved (you may need to follow up your written complaint to the ombudsman with telephone calls. You may need to briefly explain to teh ombudsman's office your issue with the bank on occassions you call-I suggest "bank not adhering to the terms of original loan contract as to mortgage insurance payable".
Do a covering letter summarising what you are asserting the loan terms are. Prepare an index of the documents you have (copies of all relevant correspondence) and then number your documents in chronological order from oldest to most recent. Include a copy of the original loan terms you have. You are trying to make it as easy as possible for a person at the ombudsman's office to undertand your issue with the bank. (btw if a contract has been issued but has not been signed by you there is no contract..its just an offer/proposal...amounts to nothing)
Then do a summary of how you assert you have now been overcharged by ANZ (if this is correct). Refer to documents in your index (document 27 etc).
Then (very important) tell the banking ombudsman what you want done.
I'm fairly certain the Banking Ombudsman will require ANZ to stick to the terms of their contract-even where they say it contained a mistake. I'm also pretty sure it will be resolved very quickly once the ombudsman is involved (you may need to follow up your written complaint to the ombudsman with telephone calls. You may need to briefly explain to teh ombudsman's office your issue with the bank on occassions you call-I suggest "bank not adhering to the terms of original loan contract as to mortgage insurance payable".
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