CBA trying to back out of written offered and accepted interest rate

Discussion in 'Loans & Mortgage Brokers' started by James Bond, 6th Mar, 2020.

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  1. James Bond

    James Bond Well-Known Member

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    Well this is going to be interesting....

    I asked the CBA to reprice my loans more competitively, they came back with a better % which I accepted, the offer and acceptance were by email.

    Upon checking that the new rate had been applied, I found that it was 0.1% different to what I had been offered and accepted in the email. I contacted the CBA and they informed me that they had made a typo in their offer, and the actual rate was different. I have told them that they will have to honour the rate offered and accepted in writing... but let's see how this pans out...
     
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  2. AnnaSophia

    AnnaSophia Active Member

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    Following! Best of luck!
     
  3. Brady

    Brady Well-Known Member

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    My bet. They honour.
     
  4. AnnaSophia

    AnnaSophia Active Member

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    That would be brilliant but actually no more than what they are obliged to do!
     
  5. Blueskies

    Blueskies Well-Known Member

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    Can I ask what rate you were able to get? IO, investment or OO, LVR? Curious as I think I need to push WBC for a rate review againThanks
     
    Last edited: 6th Mar, 2020
  6. Morgs

    Morgs Well-Known Member Business Member

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    You are one very patient & loyal customer :)
     
  7. James Bond

    James Bond Well-Known Member

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    The CBA have come back with a revised offer which is 0.08% higher interest rate than what was proposed and accepted in writing. They say that in the offer the discount offered is correct, however there was a typo in the maths and the final rate offered was wrong.

    I'm not sure how to push this further.....it's interesting they believe that they can renege on written and accepted offer....
     
  8. AnnaSophia

    AnnaSophia Active Member

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    So frustrating! I wish I had some words of advice. Fingers crossed you get the result originally agreed upon.
     
  9. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    You should sue them.
     
  10. James Bond

    James Bond Well-Known Member

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    Probably on principle, but the sums of money involved don't warrant such severe action.
     
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  11. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    I was joking! Assuming its a variable rate ?. Key word is variable. They can up the rate any time they want. They probably wouldn't single your loan out though.
     
    Last edited: 10th Mar, 2020
  12. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    Not to mention the fine print of your loan contract indicates they can change the discount as they please.

    The big banks have done a great job of opaque pricing over the last few years.
     
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  13. Phar Lap

    Phar Lap Well-Known Member

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    .....in between the time they hit the send button of the email to when you received it! They can change it the minute you get the rate you think you are supposed to have.