Vent—b$#@*y banks!

We once was $6000 short of finishing a reno just before puting it on the market, so we got a credit card and finished the job, it was ok for the short term.

Is the ANZ Loan able to be transferred to another property. I have heard of loans being “portable”……. this may avoid the $700 sting??

Lifexperience

I love Banks….they are my greatest ally in building wealth and cashflow streams from my investing endeavours. They are my partners who unequivocally stand by my side and treat me with respect as long as I perform all of the functions explicitly stipulated in the contract that governs our financial relationship.

What I don’t do is not read the fine print, sign the documents anyway and then whinge after the fact that I’ve been sucked in.

The Banks fully expect a more mature financial approach to the contract details than that.

One final comment, there is no such concept as “basically” and “sucked in” in a legal contract, that type of wishy washy language should be reserved for some tall story on a Saturday afternoon BBQ with a few mates. It merely indicates a distinct lack of financial acumen about the subject matter.

Hi I borrowed $15K in a personal loan to complete my renovations in sydney, then i got the property revalued and moved lenders to borrow enough to pay off the personal loan and mortgage, all within 5 months. it worked well for me.
I just sold that property for $50K more than i paid for it 12 months ago with only $20K spent on renos. no cap gains tax as it was my first ppor. who said there is no money to be made in this market in sydney? you just have to work for it thats all.
Good luck, next time read the fine print, and I always ask if there is an early repayment fee with ANY lending, they must disclose it if you ask.

Quote from above – “I love Banks….they are my greatest ally in building wealth and cashflow streams from my investing endeavours. They are my partners who unequivocally stand by my side and treat me with respect as long as I perform all of the functions explicitly stipulated in the contract that governs our financial relationship.”

My experience with the Commonwealth bank has ceratinly not been like this. I have performed all the functions required plus more and managed to still get stuffed around whenever I deal with them.

I find there is always some last minute hitch, especially when they have you over a barrel like just before signing and they pull out fees that were never mentioned before.

On my lasts loan the approval process dragged out because the loans officer decided he would only approve the loan as a business loan, despite the loan being a personal loan, for personal investment, secured by my own owner occupied house. My accountant said the bank can call the loan whatever they want but it was by law a personal loan. This meant the loan did not come under consumer protection laws and they said “we have had to make the monthly fees $48.00 because of the discount in interest rate we gave you” – this will more than negated the interest discount – to me a complete deception.

Is there anything that stops a bank from deciding at the last minute to classify a loan as a business loan and pull out last minute fees? Why can a bank classify a loan as a business loan when legally it is a personal loan?

They will do this when they know you don’t have time to go somewhere else. It is not fair to say “don’t complain about signing something after you have signed it ” Ok so the bank may make their legal declarations before you sign but is it fair if they do this at the last minute after some internal reviewer has had his say and well after you have come to an understanding (subject to final approval) with your personal banker whith their full knowledge about needing to meet a settlement date?