New ANZ switch process

[tobe]

Submitted my first 'loan change request (non credit critical) form today.

lets see if it is really as easy as they are trying to make out.....


I must say Ive had an awful time with ANZ assessment recently, getting an odd shopping list with every submission. It'd be lovely for this new process to work smoothly.

 

[luckyone]

So is this to change from variable to fixed or something?

 

[tobe]

Yup, extending I/O terms, stuff like that, that used to be deemed 'credit critical' and needed a whole new set of income verification etc.

 

[luckyone]

So now you just have to submit the form? That seems much better!

 

[tobe]

lets see.....

 

[Ausprop]

how do you get the form please? I clicked the link on internet banking and have now twice completed the form asking about my finance requirements with stupid questions like have I found the property I want to buy yet and never heard back

 

[Aaron_C]

View attachment ANZ Loan Change Request Form Non Credit Critical Item No 89281 02 2014 W 379629 140214.pdf

Here you go.

 

[Colin Rice]

lets see.....

If they can get this new initiative right they will be a decent bank to deal with IMHO!

 

[tobe]

how do you get the form please? I clicked the link on internet banking and have now twice completed the form asking about my finance requirements with stupid questions like have I found the property I want to buy yet and never heard back

Your broker needs to fill it the form and sign it Im afraid. Otherwise give the branch a call.

 

[Rolf Latham]

average experience to date, hopefully its a proper fix, not just another hop around the block with Hogan

ta
rolf

 

[Jamie M]

Would love to hear how it goes Tobe.

Cheers

Jamie

 

[WilliamB]

Would this work for P&I to IO without triggering a valuation and all sorts of guff?

That would be awesome

 

[Peter_Tersteeg]

Would this work for P&I to IO without triggering a valuation and all sorts of guff?

That would be awesome

For ANZ that's a credit critical process. They may not require a valuation to do this, but they would require an application (payslips and other supporting documents).

 

[tobe]

the new system deems this non credit critical, if the LVR is below 80%.....SO they dont need payslips, or a val to swich back to I/O, theoretically.

 

[Peter_Tersteeg]

Good to know. I haven't done much ANZ lately because there's generally been much better options. Thanks Tobe.

 

[buzzlightyear]

I have just spoken to the ANZ mortgage specialist at one of the Melbourne CBD branches on this very subject.

My loan is ending its interest only period of 5 years in 2 weeks and knowing their process had previously asked me to produce my 'first born' i was surprised when they told me, we can extend your interest only loan at the branch for another 5 years if variable. If you are fixing your rate, they would extend the interest only period to the term of the fixed period.

When I asked what do I need to bring along i.e. payslips, they said nothing. So an appointment is made in 2 weeks to do this. Let's see what happens.

 

[Player]

I have just spoken to the ANZ mortgage specialist at one of the Melbourne CBD branches on this very subject.

My loan is ending its interest only period of 5 years in 2 weeks and knowing their process had previously asked me to produce my 'first born' i was surprised when they told me, we can extend your interest only loan at the branch for another 5 years if variable. If you are fixing your rate, they would extend the interest only period to the term of the fixed period.

When I asked what do I need to bring along i.e. payslips, they said nothing. So an appointment is made in 2 weeks to do this. Let's see what happens.

Please report back space ranger.

Like you, I have one coming off the 5 year I.O. period with them in a few months. In the absence of any credit critical supporting documentation, I pray they don't offer you pliers to self extract any of your pearly whites.

 

[VYBerlinaV8]

I dealt with ANZ a year ago for credit to finish my renovation, and they were terrible to deal with. Lost my application, lost my documents, had emails get stuck at their internet gateway, they wouldn't call back, the list went on.

It would take something very special for me to ever consider using them again.

 

[gronk007]

If we are talking about the same thing, I'm currently trying to convert a P&I loan into an IO with ANZ.

Horrible experience with first point of contacts at the moment; admittedly I'm OS so everything's harder. Went through the IVR, chose mortgages and got told someone from the mortgage team needed to call me, and it would take 5-7 days to call back, nobody ever did.

Complained on FB, someone promised a call back within 24 hours, never for it.

Called again, cracked it hard, did the same on FB, finally got a CB from the call centre 12 days after I wanted to speak to someone. The guy emailed me 2 docs, a privacy form and a form for email addresses. So far over the phone they've only asked two questions, why the change and if my debt had improved, stayed the same or worsened since the creation of the loan, no questions about income, serviceability and so on.

Hopefully the bad start is finished by a seemingly too easy conversion... I did ask if i could choose the day of the month for the monthly IO to come out, he said no.

 

[tobe]

so had a response. the application I submitted isnt eligible for the new process because the loan was originally written with LMI. the new process is strictly for Loans written originally without LMI.

Even if the LVR is now under 80%, even if its been years since the original application.

So it looks like ANZ is still dificult to get minor changes made post approval.