As some of you may know, STG have two types of offset a/cs. A/c type #1 if for a PPOR and works whereby the money in the offset reduces the principle and not the loan repayments. Offset a/c type #2 works whereby the a/c balance reduces the actual monthly repeyments.
I recently purchased a property as a PPOR with St George. Its also an interest only loan with 20% deposit.
I was getting conflicting infor from the customer service centre and my acutual bank manager before settlement - The CSC said that a/c type #2 is only available on investment loans. Bank Manager insisted that it would be available on the PPOR and he would set it up for me after settlement. I had this conversation with him numerous times to confirm and even put my request in an email (which I still have a copy of).
Now that settlement has gone through I find out that it is only type #1. Bank manager is bactracking and claims he didnt know. He has agreed to have another word with head office on Monday. There was definately no ambiguity in my communications with the bank manager about my request, nor his that it would be provided.
I know from what other people on this forum have said is that the above scenario is actually St George policy. The point is though : I was obviously lied to in order to close the deal.
1. What type of recourse do I have to make STG stand by their promise of the offset product that I specifically asked for? What is the likelihood/possibility that I will get what i want?
2. If they refuse can I force them to allow me to refinance with someone else (without financial repercussions)?
I would be interested in hearing stories of other people who have had similar problems with lenders and how you resolved it.
What would you do?
I recently purchased a property as a PPOR with St George. Its also an interest only loan with 20% deposit.
I was getting conflicting infor from the customer service centre and my acutual bank manager before settlement - The CSC said that a/c type #2 is only available on investment loans. Bank Manager insisted that it would be available on the PPOR and he would set it up for me after settlement. I had this conversation with him numerous times to confirm and even put my request in an email (which I still have a copy of).
Now that settlement has gone through I find out that it is only type #1. Bank manager is bactracking and claims he didnt know. He has agreed to have another word with head office on Monday. There was definately no ambiguity in my communications with the bank manager about my request, nor his that it would be provided.
I know from what other people on this forum have said is that the above scenario is actually St George policy. The point is though : I was obviously lied to in order to close the deal.
1. What type of recourse do I have to make STG stand by their promise of the offset product that I specifically asked for? What is the likelihood/possibility that I will get what i want?
2. If they refuse can I force them to allow me to refinance with someone else (without financial repercussions)?
I would be interested in hearing stories of other people who have had similar problems with lenders and how you resolved it.
What would you do?