Can any one with experience with Advantage Package in StGeorge Bank shed light on my query? 
We have had our own home and an investment property (IP1) with StGeorge for over a decade. In Oct 2007, my husband and I decided to borrow from StGeorge for a second Investment Property (IP2)
In 2008, we went for the advantage package option to include all the 3 loans.
So the situation is as follows:
Advantage Package started 2008 to incorporate all 3 loans above: But presents as two different numbers though we pay only one fee.
This year we found that the market value was very attractive and would benefit our situation if we sold the IP2 and put more into the IP1.
Upon applying to discharge the IP2 we were unhappy to find that the Loan 3 and Loan 4 were each treated to early termination fee of $1000 each.
The Loan 3 has been held for a little OVER 3 years but the bank views the splitting into fixed has not been over 3 years and as such this is the reason to apply the penalty.
Anyone been in a similar situation ? I think $1000 is okay but not $2000. Any luck in resolving the situation with StGeorge in this regard?
We have had our own home and an investment property (IP1) with StGeorge for over a decade. In Oct 2007, my husband and I decided to borrow from StGeorge for a second Investment Property (IP2)
In 2008, we went for the advantage package option to include all the 3 loans.
So the situation is as follows:
Advantage Package started 2008 to incorporate all 3 loans above: But presents as two different numbers though we pay only one fee.
- Package a: Loan 1 - own home (dated 1997 - very little balance)
Loan 2 - IP 1 (dated 2000 )
- Package b : :Loan 3 - IP 2 - taken Oct 3, 2007;
Loan 4 - resulted by split of Loan 3 into fixed and variable around 2008 - but later converted to discounted variable recently.
Loan 2 - IP 1 (dated 2000 )
- Package b : :Loan 3 - IP 2 - taken Oct 3, 2007;
Loan 4 - resulted by split of Loan 3 into fixed and variable around 2008 - but later converted to discounted variable recently.
This year we found that the market value was very attractive and would benefit our situation if we sold the IP2 and put more into the IP1.
Upon applying to discharge the IP2 we were unhappy to find that the Loan 3 and Loan 4 were each treated to early termination fee of $1000 each.
The Loan 3 has been held for a little OVER 3 years but the bank views the splitting into fixed has not been over 3 years and as such this is the reason to apply the penalty.
Anyone been in a similar situation ? I think $1000 is okay but not $2000. Any luck in resolving the situation with StGeorge in this regard?
