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338 posts

Ultimate Geek


# 242732 12-Nov-2018 08:13
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I got the loan variation letter from ANZ for fixed rate of 4.05 and thought it was pretty good, but got the "bad news" of history low from ANZ. The difference is only a few hundreds dollars, but make it feel worse as the timing of news. To be fair, my mortgage term end 14th this Wednesday ...

 

Can I talk to my mortgage broker/banker to give me the latest deal instead the one I got fixed in 8th?


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Overarching undertones
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  # 2123840 12-Nov-2018 08:21
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What $ value is the loan and for what fixed term is that 4.05%?





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  # 2123856 12-Nov-2018 08:33
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eracode: What $ value is the loan and for what fixed term is that 4.05%?

 

1 year for $300,000 plus 150,000 revolving.


 
 
 
 


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  # 2123887 12-Nov-2018 08:35
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pstar008:

eracode: What $ value is the loan and for what fixed term is that 4.05%?


1 year for $300,000 plus 150,000 revolving.



I would be asking them why you haven’t been offered the new 3.95% pa rate - assuming you meet the minimum 20% equity requirement and any other T&C’s that apply to that special rate.

It’s a matter of principle - and principal 😛



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Ultimate Geek


  # 2123889 12-Nov-2018 08:36
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eracode: What $ value is the loan and for what fixed term is that 4.05%?


If it’s one year, I would be asking them why you haven’t been offered the new 3.95% pa rate - assuming you meet the minimum 20% equity requirement and any other T&C’s that apply to that special rate.

 

I assumed nobody really know the new rate until probably the last couple of days? From the news the new rate available from this Sunday. Yes, I think I should be qualified.


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  # 2123892 12-Nov-2018 08:41
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Yes - thinking about the timing, it’s quite likely your renewal letter was prepared before the new rate was announced - so definitely go back to them.

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  # 2123924 12-Nov-2018 09:28
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4.05 is a pretty good rate regardless.





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  # 2123927 12-Nov-2018 09:30
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Go and talk to a personal banker in the branch. You'll need to book an appointment to do so. You could try over the phone but you'd likely have more luck in a branch especially if you deal with them often.





 
 
 
 


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  # 2123929 12-Nov-2018 09:33
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I never accept the published rates - My bank account manager can always take at least .1% off




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Ultimate Geek


  # 2123940 12-Nov-2018 09:41
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OmniouS:

 

I never accept the published rates - My bank account manager can always take at least .1% off

 

 

Then should I starting to ask for 4.85% then, or 4.75% for the anchor effect to swing in my favour :D

 

 




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Ultimate Geek


  # 2123948 12-Nov-2018 09:54
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Thanks all for reply and especially Sid for PM me mentioned CCCFA which as my understanding it's enable me to cancel my contract within 5 working days after it started, without need to pay penalty/breakage fee?

 

Anyway, my intention was to check what I can do or should not do in the forums before actually call my mortgage broker, and I started called 8:30 and didn't get through until about 9 and decided to email and mentioned CCCFA instead. She called back shortly after but still said there might be a breakage fees and she will check for me.

 

Let's wait and see, for now.

 

 


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  # 2123949 12-Nov-2018 10:05
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When I refixed with ASB, they said if goes lower than the newly fixed rate before the new term started they would honor it.

 

Should just be a matter of talking to your contact at ANZ.

 

 


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  # 2123955 12-Nov-2018 10:24
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I'm pretty sure canceling a credit contract under the CCCFA requires paying for the item in another manner, ie cash.
It something that is never made clear. We used to bump up against when I was doing consumer lending. You could cancel the contract but you needed to pay for the goods still.



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  # 2123979 12-Nov-2018 10:53
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mudguard: I'm pretty sure canceling a credit contract under the CCCFA requires paying for the item in another manner, ie cash.
It something that is never made clear. We used to bump up against when I was doing consumer lending. You could cancel the contract but you needed to pay for the goods still.

 

Yes, cancel the lending doesn't means the buying of the goods got cancelled, I would think. Not borrow the money equal to not paying for the goods.

 

I still think cancel my re-fix of mortgage under CCCFA means that I don't need paying for the breakage fee, still need paying interest from my borrowed money one way or other unfortunately. But my new fixed mortgage haven't stated yet, not until Wednesday.

 

 




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  # 2123980 12-Nov-2018 10:56
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Sounddude:

 

When I refixed with ASB, they said if goes lower than the newly fixed rate before the new term started they would honor it.

 

Should just be a matter of talking to your contact at ANZ.

 

 

That's is what I am expecting, but hope I am not hoping too much.

 

From what my mortgage broker said, she think I might need pay a breakage fee if I want get the new rate, not impressed.


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  # 2124000 12-Nov-2018 11:43
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pstar008:

 

...

 

From what my mortgage broker said, she think I might need pay a breakage fee if I want get the new rate, not impressed.

 

 

Let us know how you get on.

 

If I read your first post correctly, the 'new' agreement doesn't take effect until Thursday, so would you have to pay a breakage fee for something that hasn't actually started yet? Sounds like you're dong the right thing by talking to them now.  You obviously don't have much time.  Can you talk to ANZ directly or are you dependent on your broker to move quickly as well?





"I have noticed even people who claim everything is predestined, and that we can do nothing to change it, look before they cross the road." -  Stephen Hawking


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