my ever loyal bank just turned on me.

I am currently spewing at the ANZ bank !!

Three years ago I fixed my interest only investment loan at 7.29% for 3 years. Two years ago I fixed a different interest only investment loan at 8.44% for 2 years. Both with ANZ

Well the 7.29% expired last month and they insisted the loan rolls over into a P&I loan NOT interest only !!! (Ditto for the 8.44% one !!)

the first month's repayment came out for P&I this month and the bank took $400 too much. Rang them up and they said that the computer can't manually calculate that I'd switched from fixed to variable (Ummmmm, excuse me but didn't the bank send me a letter TELLING me it was changing???). Then they stuffed up the new interest rate and didn't calculate that we were Breakfree customers entitled to an extra .7% discount.

We've been trying for 6 weeks now to refinance back into (roll into) interest only and now, despite our verifiable income being more than double what it was 3 years ago (!!!) they are giving us **** because we've provided BAS statements but not 2009/10 tax returns. They want pay slips and we are both contractors !!!

Oh yeah - and because we borrowed 80% 3 years ago and now property prices have dropped we're going to get hit with mortgage insurance. This is on our CURRENT loan which was originally interest only for 10 years. Had I known we would have had this crap I NEVER would have fixed the rate.

Think I need to get a new broker!! I'm kinda peeved that we learned the hard way that when you have an interest only loan and fix it, you lose the interest only entitlement when it comes off the fixed rate - even when your original loan was for 10 years or whatever at interest only. That's a huge lesson I've taken from this!!
 
and its that kind of circus crap that makes me vomit when i have to deal with them, rules unto themselves, and if they get it wrong they just change the rules again, go shopping else where, :eek:
 
interesting post Jesskaye - some stuff there I didnt know. I have an ANZ loan and asked about fixing a while back and it was a similar theme... new application pretty much, reassessment of LVR, serviceability etc. I very quickly got out of there
 
Piston Broke said:
I keep saying get out there and talk face to face.
Forget this this email, sms phone BS.
Nothing beats eyeball to eyeball

Even though those numbers don't even register, with all do respect,
get of your bum and get down there and talk to them.
Introduce yourself, tell them about yourself, meet the person who makes the decisions, and ask them why.
Click to expand...
I'd have to agree with PB. I was shopping around for an "ambitious" ;) package of finance last year, and no lender seemed interested. Then a friend of a friend got me an appointment with a fairly senior guy who can sign-off on loans himself, and I went in and pitched. They offered us a package of finance that made my broker's jaw drop, and prompted him to suggest "take that, nobody's going to beat it". (Depriving himself of commission - on this one. Love ya, Spectre!)
 
ozperp said:
I'd have to agree with PB. I was shopping around for an "ambitious" ;) package of finance last year, and no lender seemed interested. Then a friend of a friend got me an appointment with a fairly senior guy who can sign-off on loans himself, and I went in and pitched. They offered us a package of finance that made my broker's jaw drop, and prompted him to suggest "take that, nobody's going to beat it". (Depriving himself of commission - on this one. Love ya, Spectre!)
Click to expand...

You must spread some kudos around before giving some to ozperp!

You always seem to get it done Tracey !
 
hi bluecard
first split up your ideas on funding (debt) and cashflow(business) when you do this
do the same with your banks.
is a bank good at lending
or banking
and they are very different
for me banking is westpac for borrowing forget it.
people look at the two the same but for me they are very different.
when borrowing its lvrs and risk and what the deal is
for banking its relationships and understand the bank, the management,and even the people in the branch.
and even people in different branchs of the same bank.
as they can approve alot on there own bat.
I could post thing that would make your hair curl when it comes to business banking for some banks but thats different to borrowing on an assett as soon as that comes into play then its credit dept etc and thats a very different ball game.
I separate the two very much
and I also try not to borrow from the bank thats is doing the business bank side as it polutes the relationship with the branchs
so one company may have is banking with westpac but its loans with cba and another company may have its banking with cba and its loans with westpac.
so you still have the relationships but they are very clear lines.
I would never have them all with one funder.
you might as well walk into the managers office ask him/her to clear his/her desk bend over and wait
and will leave the rest for your imagination
 
Blue Card I could have writen your post to the letter.

They have just lost my business forever too. :mad:

I hope you get your banking sorted. I will follow this post with interest!
 
i was overdrawn $230-something dollars - well within my overdraft.

they're just plain stupid. i don't give stupid people second chances. fool me once, fool on you. fool me twice, fool on me.

for the record - i've fought bouncing cheque fees and all sorts of ridiculous double dipping. i have no problem with it.

to reneg on a basic gentleman's agreement because i was overdrawn within that agreement's limit is just plain nasty.

so f*ck 'em. CBA and BOQ seemed more than happy to take my queries.
 
ozperp said:
I'd have to agree with PB. I was shopping around for an "ambitious" ;) package of finance last year, and no lender seemed interested. Then a friend of a friend got me an appointment with a fairly senior guy who can sign-off on loans himself, and I went in and pitched. They offered us a package of finance that made my broker's jaw drop, and prompted him to suggest "take that, nobody's going to beat it". (Depriving himself of commission - on this one. Love ya, Spectre!)
Click to expand...

Well there ya go! :)
It does exist, it can be done, and I was'nt just hallucinating.
This does'nt mean brokers are obsolete, just that there's a time & place.
A good broker is always worth having close by, and often comes in handy.

Today walking down the street I noticed 3 broker offices closed and vacant...
Times are a changing people. We're heading forward back to the past.
 
ozperp said:
I'd have to agree with PB. I was shopping around for an "ambitious" ;) package of finance last year, and no lender seemed interested. Then a friend of a friend got me an appointment with a fairly senior guy who can sign-off on loans himself, and I went in and pitched. They offered us a package of finance that made my broker's jaw drop, and prompted him to suggest "take that, nobody's going to beat it". (Depriving himself of commission - on this one. Love ya, Spectre!)
Click to expand...

Think the same guy approved all those storm loans as well
:D
 
I believe we all have bad experience with almost all banks - just depends who you bank with.

Here we have limited choice and almost no competition an banks put up rates at their like and change their policy to suit them. They are spoiled by the toothless government. I wish we had one of those big banks went like Leman Brothers, then they might take care.
 
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