“Indicative interest rates”

I’m finding myself in an unusual situation.

Left Oz to come to work 3 weeks ago…dodging bullets in Yemen (great – missed out on Xmas with the kids, New Years Eve and the wedding anniversary….yes my inspiration to break free from working is a tad high) and when I left the rate quoted from my financier was an ‘indicative 6.86%’ for a 5 yr fixed 100% loan.

Exchanged contracts yesterday and emailed through the docs to the banker. Now he tells me it’s gone up to 7.12% for the same package ?? [angry2]

What’s happened in Oz over the past 3 weeks ?? Also, when do lending institutions get rid of this ridiculous ‘indicative’ wording and guarantee the rate charged ??

Hard to do fin. calcs on a spreadsheet – Mr Gates won’t allow me to type in the cells “indicative x.xx%”

The prop is industrial and the loan is tied to the bank bill rate….

Who’s a guru on IIP’s ?? (Industrial Investment Properties)

Cheers,

Dazzling

“Go hard or go home”