IMB just RAISED my three mortgage rates by 0.1% each

Discussion in 'Loans & Mortgage Brokers' started by sector7g, 1st Jun, 2019.

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  1. sector7g

    sector7g Member

    Joined:
    22nd Dec, 2015
    Posts:
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    Location:
    Melbourne
    Hi all,

    Slightly peeved to check my mortgage accounts today and see that IMB raised my three mortgage rates by 0.1% each.

    Owner Occupier P&I went from 4.23% to 4.33%
    Investment #1 P&I went from 4.57% to 4.67%
    Investment #1 P&I went from 4.42% to 4.52%

    Can I being too skeptical that IMB are raising rates now.... so that they can pretend to be kind to customers when passing on potential RBA interest rate cuts next week?

    I have just messaged the bank directly with a similar message asking them to reset the loans back to their original rates.

    Thanks for any constructive input.
     
    Dean Collins likes this.
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    14th Jun, 2015
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    Hiya S7g

    Id call the bank personally and find out

    It may have to do with just your loan set, and similar ones falling into a particular category

    I recall mac bank a few years back raising rates hoping that the borrowers would " refinance and bugger off"

    ta
    rof
     
  3. Rugrat

    Rugrat Well-Known Member

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    Location:
    Australia
    Just checked ours with IMB. They have gone up 0.1% too.
    Sneaky *******s.
     
    Dean Collins likes this.
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    mutuals by definition, dont have shareholders or big end of town CEOs, so they pass the increases to the borrower :)

    ta
    rolf
     
  5. dabbler

    dabbler Well-Known Member

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    You have 2 IPs #1

    So I do not trust your maths.

    Anyways, I think your not losing, maybe you would like to refi away to Liberty or Bluestone and co ? So you can get a real grip on IP costs....lol

    I would support the smaller lenders at quite a bit more than .1%, and, in fact, I do, i spent more than 2 decades giving near every lender apart from big 4 the job.

    I think you can find other reasons to keep IMB, from memory zero charges on any acc type or trans, you should proudly support them IMO, and any other number of smaller lenders, and I am not being a smart A either.
     
  6. sector7g

    sector7g Member

    Joined:
    22nd Dec, 2015
    Posts:
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    Location:
    Melbourne
    You think it is a case of them wishing to offload (i.e. scare away) customers? Or something else?

    Quite puzzled that they would raise rates when the general market sentiment is that rates will fall.

    Couldn't reach them over the weekend (outside business hours) and no response to online query yet.
     
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
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    Posts:
    10,599
    Location:
    Gold Coast (Australia Wide)
    dont want to make assumptions

    lets see what they say

    ta
    rolf