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!!
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!!