If you've had the mortgage for 8 years I would seriously be talking to the bank you do your everyday banking with about what deal they can offer to take on your home loan. Many will offer discounted % rates and other perks - plus you tend to get better service if you deal with them for more than one thing and so much less hassle if you need to sort out a financial issue.
ALWAYS take down the date, time and details of the customer service officer when you make a phone call to a bank, tele co or any other organization. Get their full name and reference number - this way you have valid information if you have been misinformed, e.g. "i spoke with john smith on Monday 31st of December @ 10am and he informed me...." is taken a lot more seriously than "someone there told me....".
You are entitled to hold a company to what is said by an employee in an official capacity, i.e. when you call a customer service line. Don't be afraid to ask to speak to a supervisor if someone gives you different info than what you were told the 1st time. Even if what was initially said was incorrect, most organizations policy is to come to some agreement between what information was given to you and what is actually correct.
Remember that all these calls are recorded and staff are trained and mostly following scripting - so if one of them stuffs up, the onus is on the company to rectify it, not you. If you can tell them time, date and person involved, they can assess that particular call and provide the staff with retraining so they don't continue to provide incorrect information - this is what is meant by "your call may be used for training purposes".
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Results 51 to 53 of 53
31-12-2012 14:46 #51
Re: Home loan payments - sorry, but do you think this is right??
31-12-2012 15:35 #52
Yes Arlais you are correct I just assumed from her posts though that she had an interest + principal loan. We did have interest only when we were building.
And OP as Arlias mentioned have a talk to bank and have a look what other banks can offer. You could be surprised what your bank can do for you and what is around
Ok just read reply.
PICK would go talk to a broker . They can tell you what is best for you and they deal with the banks.
We refinanced a few years ago. Broker did everything. All we did was sign papers. We ended up paying less than $100 in fees with switching banks and a lot less hassles than the original loan. Brokers cost nothing.
actually looked at buying again recently and got broker. Had all the approvals in place but decided against it.
At least broker knows what is around and details.
and no I believe you only have to pay the $1500 minimum and the bank is just confusing you ( they are pretty good at that , hate talking to them)
Last edited by Torrie77; 31-12-2012 at 15:44.
31-12-2012 21:30 #53Senior Member
- Join Date
- Oct 2007
Thank everyone for taking the time to give me your advice and explaining things to me alot more detail than the bank could.
I think it all boils down to the bank explaining too much about the interest and nothing about the actual situation at hand and quite possibily i have got more confused than i was in the beginning. I just dont know how it went from "checking the redraw balance to pay for my monthly repayment" TO "having to pay extra payments to cover interest payments".
Anyway i think it's all sorted and i can stop bothering the bank...
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