All Topics / Help Needed! / Increase in interest rate without warning

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  • Profile photo of jmnes12jmnes12
    Participant
    @jmnes12
    Join Date: 2015
    Post Count: 20

    Good morning all,

    This is a question for the legal experts..
    I got two investment mortgages through Westpac in November 2015, both variable.
    One was 4.28%, the other was 4.55%, I just logged on right now and have discovered that both loans are now 4.75%. I am aware that banks are increasing their rates for investors but can they increase them without notifying their customers first? I received nothing in the mail, no phone call, no email etc.

    Obviously there is little I can do but surely there has to be something that warrants notification first? Is that even legal to raise rates without notifying your customers first?

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