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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.
Ok, it went something like this......
Last Friday (14/3), I went in for my appointment. Told them the fixed interest rate term i wanted. They checked to see if the loan was previously issued with LMI. It wasn't. That was it. No forms, nothing to sign, no pay slips or anything else required to be submitted.
Today, (18/3) confirmed via email that the rate is locked in and variation letter is in the post.
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.
I thought I would give my experience a bump - and it hasn't been a good one. After 7 weeks of chasing, providing my PSF (Position of Financial Statement), scanning docs, slips etc from abroad - I have been rejected due to insufficient income. My payments on the property concerned will go from $3,700 a month as a P&I to $3,100 a month as an I/O, and still I have an apparent serviceability issue despite:
- my gross income being higher as an expat OS than it ever was in Australia
- my net income being higher as an expat OS than it ever was in Australia (15% personal tax rate in Mauritius)
- IP #1 is cash flow positive
- no credit card debt
- no personal loans, store cards, car loans = $0
- Uncommitted monthly income larger than the required payment if the I/O loan ever reverts back to P&I (as they mentioned in their email as their rationale)
Completely at a loss, and have asked for the break fees.
Am I being unreasonable?
My payments on the property concerned will go from $3,700 a month as a P&I to $3,100 a month as an I/O, and still I have an apparent serviceability issue
They've dredged up a $95 amount with Vodafail 6 years ago now. All too hard.
6 years ago? Should be off by now?