Just wondering if anyone has heard of this...
My bank (ANZ) allows mortgage holders with fixed-rate loans to make one additional lump-sum payment per year (so long as it's not more than 5% of the loan).
I had been putting aside a small amount that I had intended to pay in a lump sum at the end of April (my re-fixing date is May 1st).
When I called today to make the payment, they told me I was not allowed to make a lump sum payment because I had already reserved my interest rate for the next loan period. They said any lump sum I made now would invalidate that rate I'd locked in.
My question is - why does that matter? I can make a lump sum payment at any time during the year, but not in the last month because I had been organised and locked in my next rate? I guess I'm just annoyed that I wasn't made aware of this restriction. I know it's not a huge deal to wait for the next term to make my payment... but I had hoped to make lump sum deposits both in the current and next loan years.