changing banks

neeko

neeko

hey all.

I want to change loans on my bank but unfortanelty I have lost my job due to lack of work. so obviously this is going to impact on everything the house is rented out. atm I have 5.28% IO but would like a better deal. my bank are telling me to stay but I want out.

what are my options?

Neeko.
 
Hi Neeko

Call your bank and tell them that you're refinancing to bank x because of xyz but you wanted to give them the opportunity to match before you done so.

Cheers

Jamie
 
Exactly what Jamie suggested, find better rate with other bank then tell your current bank what rate you can get and request a decrease
 
neeko said:
hey all.

I want to change loans on my bank but unfortanelty I have lost my job due to lack of work. so obviously this is going to impact on everything the house is rented out. atm I have 5.28% IO but would like a better deal. my bank are telling me to stay but I want out.

what are my options?

Neeko.
Click to expand...

I would be looking for another job ASAP then worry about changing banks
 
neeko said:
hey all.

I want to change loans on my bank but unfortanelty I have lost my job due to lack of work. so obviously this is going to impact on everything the house is rented out. atm I have 5.28% IO but would like a better deal. my bank are telling me to stay but I want out.

what are my options?

Neeko.
Click to expand...

Your options at actually refinancing is unlikely without income, so best to negotiate with the threat of moving to another bank (without actually doing it). Get a few rates from other banks.

Lots of lenders have tiered pricing based on loan amount - at 245k, theres less leverage in getting a larger rate discount. Try quoting Suncorp, they're a reasonable comparison and offer a 4.69% variable rate for your loan size/LVR.

http://www.suncorpbank.com.au/home-loans/interest-rates

Cheers,
Redom
 
Cause originally it was 5.18 then I changed it to Io then it went up to 5.28! I was like wha..... Can they do that?
 
You can't qualify for a loan unless you can demonstrate that you can afford the loan according to the banks criteria. For 98% of people this means they need a job.

If you keep making repayments on your existing loan you'll be fine with what you've got, but no other lender is going to take it on.
 
Neeko did you tell nab youve lost your job?
Try what jamie said. Just ask to speak to retention and ask for a lower rate coz youre considering going elsewhere. if they know u lost your job they probably wont give you as big a drop as they wouldve coz they know it would be difficult for u to refi elsewhere
Doesnt hurt to ask. They should still give you a slight drop as they can definitely move from 5pc
 
I'll speak to my business manager this week. He takes cares of my loan for me.

Hopefully I can do some moving about.
 
neeko said:
I'll speak to my business manager this week. He takes cares of my loan for me.

Hopefully I can do some moving about.
Click to expand...

I'd just bypass him/her and call them directly.

Your 'business manager" probably has a better insight into your current situation - and if they know you're not currently working then you've probably lost leverage to negotiate with them.

Cheers

Jamie
 
well the house is rented out and I will be eventually moving back in. I have work now so I might book in to see him so I can change it back to p&i
 
Do the right thing. I did the same thing with nab recently. Spend 15 minutes on the phone, rate dropped by 0.15%..! Worth it. Cheers
 
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