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Viewing 16 posts - 1 through 16 (of 16 total)
  • Profile photo of RMAARMAA
    Participant
    @roslyn77
    Join Date: 2004
    Post Count: 21

    Sorry for the lengthy post but I needed to get this off my chest.

    About an hour ago I checked my lenders interest rates on their website and lo and behold they have upped their fixed rates like everyone else.
    Ok so yes you take the punt with everything and you will say that I am whinging, which I am.
    The reason why is because this may have cost me upwards of $12k in interest over the next couple of years.

    My issue – I have tried every available avenue with my lender to lock in my loans on a fixed rate period while the rates were reasonable, for the past 6+ WEEKS!
    Yes you heard me correctly. Not within the last couple of days, or past week. I started trying to do this process around mid-March!
    What’s the issue? Every person I have spoken to has fobbed me off to another, or not bothered to follow up with me. What I keep hearing – Easier to do it with over the phone, Or at the branch, Or you can’t do it with us you’ll need to speak to X, I’ll get so and so to call you etc.

    I’m just so frustrated right now because I’m floundering with nowhere to go.
    If I was trying to give them more lending to hit their sales targets I’m sure they’d respond!

    Rant over.

    Profile photo of N@than[email protected]
    Participant
    @n-than
    Join Date: 2010
    Post Count: 241

    Frustrating indeed! Was it one of the big 4?

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    My issue – I have tried every available avenue with my lender to lock in my loans on a fixed rate period while the rates were reasonable, for the past 6+ WEEKS!

    It’s unacceptable.

    If one of my clients wants to fix a rate – it’s a priority. We work to get it done as quickly as possible in order to avoid potential increases.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of RMAARMAA
    Participant
    @roslyn77
    Join Date: 2004
    Post Count: 21

    Nathan yes it’s a big 4. How’d you guess?!
    Jamie, it is totally unacceptable.
    Every one I’m dealing with lately (not just the fixing saga) is so focused on sales/ targets it seems they forget there’s a customer attached so anything admin related or seeming remotely like work is involved is not important.

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,366

    Hi RMAA,
    I think your rant is totally justified – I would be seething too !!

    Seeing that Jamie has replied, I would suggest opening the bidding with him to see if you may be able to “have your revenge and eat it too” (excuse me while I mix metaphors in midstream!)

    e.g. If you are in the situation where you are able to refinance away from this gormless mob, and into a new situation (hopefully with better rates, but hey… stick it to ’em anyway, as it doesn’t seem like they deserve your ongoing business), then initiate a chat with Jamie (above) about your options.

    Once Jamie knows more of your current situation, who knows – he may be able to provide GAINS for you, even while you kick some butts. Revenge is a meal best served cold – so with your rant over, give Jamie a call just in case he can serve up a cold snack for them, while he fills your plate with a hot meal!!

    ;)

    Benny

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282

    Totally unacceptable and I wouldn’t stand for it.

    Basically, moving forward I see two options:

    1. Take your business elsewhere. I’m biased of course but I strongly believe that going through a great broker is the way to go. Poor customer service should be answered by customers leaving. However, if it’s important for you to stay with the current lender, there is option 2:

    2. Lodge a complaint to the lender. If they won’t give you the previous fixed rate, lodge a complaint with the ombudsman. That should sort things out.

    Would be happy to know how it worked out. I’m sure that with kindness and persistence, you will be happy with the end result 👍😎

    Best wishes,
    Ethan

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
    Email Me | Phone Me

    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of RMAARMAA
    Participant
    @roslyn77
    Join Date: 2004
    Post Count: 21

    You’re all right.
    Unfortunately we’re like many caught in the new APRA trap, we don’t have any other options to move to.
    I’ve been trying to consolidate some things for myself (and family as per other posts) but we’ve been told we can’t do anything. If I could sell the kids I might have more hope.

    I’ve been collecting education online and as a result spoken to numerous brokers, I’m not saying good or bad but in some cases after an initial discussion, their silence has been deafening.
    Not wanting to waste anyone else’s time my plan was to fix majority and knuckle down during that time to reduce some debt to be able to move forward. Which is why this peeved me even more as if I had to wear it, it would mean less off principle.
    The harder part is all my stuff is 90% without LMI due to being able to access certain benefits and we’d be talking BIG $$$ if we had to pay it. They win again.
    So Ethan, yes a complaint is looking like our option. I’m the type that would do that and I’m not going down without a fight.

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,366

    Hi RMAA,
    If you were able to share some actual numbers (e.g. what was the Fixed Rate, what is it now, and even an idea of how long you would have fixed, etc – whatever you feel comfortable sharing on a public forum), I would certainly be interested to hear further comment from one or several of the MB’s on here.

    With the wealth of knowledge these folk display on here (including being fully aware of all recent APRA changes) I would think some brain-storming could turn up even more good value, both for you, and for others who might be in the same boat.

    How about it? Care to share? Who knows where it might lead, and the ideas that may spring from it. I am aware that some of the big 4 don’t use external MB’s anyway, and it could be that you have NO option re “going elsewhere”. If so, then let’s hear that from you and our MB’s so we all may learn more of the traps that are out there awaiting us….

    Benny

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282

    So Ethan, yes a complaint is looking like our option. I’m the type that would do that and I’m not going down without a fight.

    Good on ya. I know of a recent similar case where the borrower went all the way with the ombudsman against a big4 lender and got full satisfaction (short of an apology, you can forget about that 😉).

    Will be interested to know how it panned out.

    Good luck! 👍😎

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
    Email Me | Phone Me

    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of RMAARMAA
    Participant
    @roslyn77
    Join Date: 2004
    Post Count: 21

    Benny, What I was trying to fix was-

    Sec 1 – $600,000 was planning to fix at 4.19% 3 years now moved to 4.49%
    another $77,000 as variable using same security but for purchase of sec 2
    Val in January was $810k

    Sec 2 – $815,000 was planning to split $100,000 variable and fixing balance at 3.98% 2 years now moved to 4.38%.
    Val in April – $950k
    These were to fit with IO terms.

    I’ve got a staff member who has explained the situation further up the chain and supposedly waiting to hear whether can use old rates for the past week.

    I know there are good or even better rates with P&I at the moment but I want to concentrate on those variable portions (not be forced by someone else to pay what they want me to) as we’re getting plans and permits on sec 2, so I can debt recycle for soft costs

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,366

    Hi RMAA,

    Thanks for sharing !! And now, following on from the new Budget rumblings, there might be even more reason to go with a smaller lender if that is at all possible.

    Let’s see what some of the MB’s can make of this for you… Or let’s hear if they CAN’T too. It is all quite beyond me, but they can usually do something good for most people, so fingers crossed,

    Benny

    Profile photo of brecciasoundingbrecciasounding
    Participant
    @brecciasounding
    Join Date: 2016
    Post Count: 18

    I find this one a good read about customer service…

    https://www.rebeccaundem.com/is-customer-service-dead/

    Profile photo of RMAARMAA
    Participant
    @roslyn77
    Join Date: 2004
    Post Count: 21

    I wish it was me being difficult!

    Update being, I am no further in my endeavours now than I was a month ago and the month before that.

    • This reply was modified 2 years, 4 months ago by Profile photo of RMAA RMAA.
    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282

    I’ve got a staff member who has explained the situation further up the chain and supposedly waiting to hear whether can use old rates for the past week.

    Update being, I am no further in my endeavours now than I was a month ago and the month before that.

    Hi RMAA,

    Guess you didn’t hear anything from that staff member you mentioned? If not, what’s your plan moving forward?

    Did you discuss your situation with a broker and see what other offers are available for you in the market place?

    Cheers,
    Ethan

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
    Email Me | Phone Me

    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of Sam30Sam30
    Participant
    @sam30
    Join Date: 2017
    Post Count: 9

    so sorry to hear that. but yes, it also happened to one of my friend. it’s just that we were being pointed to different people, which is indeed frustrating.

    Profile photo of RMAARMAA
    Participant
    @roslyn77
    Join Date: 2004
    Post Count: 21

    So my updated response if anyone cares.
    After another couple of weeks with emails back and forth, sending the ‘proof’ that I tried to do this before the change I’ve been told that they will honour fixing one property (2 loans) at the old rate but not the other.
    I’ve questioned this yet again because the only way the banker I’m dealing through got this problem was because I went into the branch (before the change) to get it done.
    Oh the irony.
    In the meantime, I have looked at refi options because I oh so want to take my business elsewhere after this debacle but it’s definately looking like my options are slim to none with all the lending changes and the rates being so crappy.
    I was trying to hold off on going to FOS as I was hoping it wouldn’t come to that but looks like my next couple of days will be putting my head on straight to try and explain (and condense) this saga.

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