I'm just going through the final stages of setting up a mortgage, and the bank have detailed different rates on the loan document than what they agreed to in the unconditional approval.
Apparently they changed their rates 2 days before the application was lodged but failed to advice anyone (myself or my broker) that the interest rates had changed. The lower rate was written into the application.
The application (that they conditionally approved and later unconditionally approved) was based on the lower interest rate and was one of the main reasons for choosing this product. It's now too late to change lenders (due to the impending settlement date).
We have approached the bank and they refuse to honour their offer at the lower rate.
At this stage I am intending to enter into the loan as it stands (due to the settlement date being tomorrow) and complaining to the bank and the ombudsmen if necessary.
I'm wondering if the bank are compelled to honour their unconditional approval.
Thanks in advance.
Apparently they changed their rates 2 days before the application was lodged but failed to advice anyone (myself or my broker) that the interest rates had changed. The lower rate was written into the application.
The application (that they conditionally approved and later unconditionally approved) was based on the lower interest rate and was one of the main reasons for choosing this product. It's now too late to change lenders (due to the impending settlement date).
We have approached the bank and they refuse to honour their offer at the lower rate.
At this stage I am intending to enter into the loan as it stands (due to the settlement date being tomorrow) and complaining to the bank and the ombudsmen if necessary.
I'm wondering if the bank are compelled to honour their unconditional approval.
Thanks in advance.