My bank is very efficient...

[YvonneVincent]

Just a whinge of the day to share with u

I spoke to nab requesting fixed rate on our home loans and since then the only thing they had done was swiftly extending my interest only period and loan term to 2041......they did it without needing me to sign on those precious paperwork he emphasized a lot, on the contrary the interest rate wont be fixed till I signed on it according to him hmmm

I really feel like calling them tomorrow to ask why it took them a couple days only for the loan term but ages for the actual interest rate.....I is becoz the guy didnt like us when we said no to his offer of 'guarantee' the rate if we paid 0.25% or something

 

[tvadera]

Hi,

Thats typical with most of the banks there. I am not complaining, however in general it happens because its people on salary who might not have the right info, bad day, slack or overworked with lots of other files to look at.

My suggestion, talk to a broker and a good one would sort out your stuff.

Good luck

 

[delfredo]

I understand that fixed rate is granted on approval/drawdown of the loan rather than on application. If one does not opt for rate lock at application date, and submits an application to fix (from existing variable loan) and the rate subsequently rises by approval/drawdown date, can the applicant withdraw the application?

 

[tobe]

fixed rates are applied either at application, approval or settlement, depending on the lender. Each lender is diferent.

as a general rule, asking your existing lender to fix your existing home loan, with no other changes, is one of those 'love' jobs. No one at the bank is getting paid directly or indirectly for fixing, or seeing it at the end of the month in their bonus, so you need to chase them up to make sure it gets done.

 

[delfredo]

fixed rates are applied either at application, approval or settlement, depending on the lender. Each lender is diferent.

as a general rule, asking your existing lender to fix your existing home loan, with no other changes, is one of those 'love' jobs. No one at the bank is getting paid directly or indirectly for fixing, or seeing it at the end of the month in their bonus, so you need to chase them up to make sure it gets done.

That's a really timely comment. I found that out recently. But it is really short sighted on the part of my lender to be ignoring my request as I am now certainly not going through him for my next & upcoming property purchase.

 

[Marty McDonald]

want to get his attention? you could always mention you have just exchanged and need a $600K loan but are just wanting to tidy up your other loans first!!

 

[tobe]

or speak to his manager, or speak to that banks discharge team, or make enquiries with the banking ombudsman or hold for it, use a broker, and let them do the work for you......

 

[Aaron_C]

or speak to his manager, or speak to that banks discharge team, or make enquiries with the banking ombudsman or hold for it, use a broker, and let them do the work for you......

Thing is some brokers are worse than loan officers, especially for client maintenance stuff like loan increases / fixes.

 

[YvonneVincent]

An update
I called on last Friday to the discharge team and told them I am sick of the waiting as it has been over a month
The guy promised to have have the things sorted out by Monday
And he did he really did
This morning I just noticed that the interest rate for one of the loan went down to 5.09fixed from 5.5 variable but the agreed interest rare is 4.99.....
The amazing thing is that the interest rate for the other loan is as increases to 5.68 from5.5!!!!!!!!!!!!!!!
WTF is wrong with these ppl???? They can read email or some kind of revenge for declining the rate guarantee fee?
Alright end of my whinging...

 

[DEVIL]

They are crazy there at NAB lending dept !

It took them 3 months ! to do what I want: split IO loan into IO + P+I with offset account. How hard is that?

First they didn't want to agree on my current interest rate of 5.58
Later they said I need set up different Offset account for that and can't use current one.
Mistake after mistake in paperwork, later person who looked after my case didn't get in contact with me \ so I tried to deal with others and I told them what I want and how over and over again.

Finally I signed everything and sent it back just to find out that they forgot to send me another paper for my signature.

Never again,....

 

[delfredo]

An update
I called on last Friday to the discharge team and told them I am sick of the waiting as it has been over a month
The guy promised to have have the things sorted out by Monday
And he did he really did
This morning I just noticed that the interest rate for one of the loan went down to 5.09fixed from 5.5 variable but the agreed interest rare is 4.99.....
The amazing thing is that the interest rate for the other loan is as increases to 5.68 from5.5!!!!!!!!!!!!!!!
WTF is wrong with these ppl???? They can read email or some kind of revenge for declining the rate guarantee fee?
Alright end of my whinging...

The fixed rate of 5.09% is for interest-only loan as compared to 4.99% for principal & interest loan. Or did you agree on the lower rate?

 

[trish266]

I am exhausted just reading this. Can only imagine how you're feeling.

There are plenty of good brokers here. Contact one of them and vote with your feet!!