Hi friends, with St George and Westpac merging, do you think they will integrate their home loan products or keep them standalone?
I am asking specifially re the infamous cross-collaterisation and all-monies clauses: if you have a loan with one of the banks already will you be able to get a STAND ALONE loan with the other bank?
Many thanks and have a great day
I believe they are going to keep the 2 separate for now – that means even if there are branches next to each other, they will still operate both.
They are still separate companies, so I am not sure if they could consolidate loans etc. But your relationship with the bank is a contractual one. The contract you signed probably gives them the right to amend the terms at their discretion and they could probably do that.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
They are merging officially today but will stay seperate for now. However, will eventually merge everything into one and many jobs will be lost. Rams which is owned by Westpac will remain a seperate business. Westpac's originations centre is in Adelaide, whilst Rams is in Sydney. I have a lot of contacts there, and Westpac are happy to run it as a seperate business….for now
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