interest rate - where to complaint

I am with Macquarie, they chrge me 3.94% on my home loan P & I, but for the new customers they charging 3.74%, I have spoke to them, they told me in essence is, that is your rate, that's it. This is grossly unfair. What do I do about it and what are my options?

Thank you for your help.

 

Outrageous. Take your business elsewhere...

 

It seems quite normal practice. Want to do something about it.

 

Your options are:
* Try to negotiate further with Macquarie.
* Fix your rates so they can't do it further.
* Refinance elsewhere.
* Realise that you signed a contract that stated that the bank can change the interest rate they charge you at will.

Making a formal complaint about it has zero chance of success. Every lender does this to some degree and realistically you've still got a better deal than most people.

 

How is it any different from a retail store occasionally having a sale after you buy the same item at the normal price?

 

^^^^^ well normally you can shoplift from a store to get some satisfaction. Try stealing from a bank....they'll chase you around the globe.

 

It's not unusual for banks to have promos to attract new business - which often means lower rates for new customers.

I can understand the frustration if your an existing customer though.

Complaining won't help though - if they won't reduce your rate then you may have to look at another lender.

Cheers

Jamie

 

"...this is their explanation, if you a phone at contract, you struck to your contract rate. I told them you have to compare with apples with apples, I did not buy a mobile phone from you. You offer 3.74 to new client, but you are charging 3.94. Then,they said all the banks are same, you will get the same every where. How grossly unfair and injustice is this?

 

You have signed an agreement.

How would you feel if rates went up and the bank phoned, wanting to increase your rate??? You wouldn't agree, would you!
Marg

 

You have to keep in mind, though, they're trying to attract new customers with the lower rate. They don't need to attract you, so the best you can really do is go to a competitor.

 

There is no logical sense here! They happy to lose me but want to attract new one?
This is unfair, grossly unfair system they have!

 

What's unfair?

You agreed to the loan offer, interest rate and term of loan.

You signed the agreement.

Interest rates may change several times during the term of your loan. If you want to change each time, a variable loan may have been more suitable for you.
Marg

 

What is surprise me here, not to see this as unfair. Probably this kind of thinking is great advantage them, bank will keep moving their pawns in their own way.

Charging more rates to existing client, cheaper rates to new client? It is banana republic.

 

The best place to complain is here.

In all seriousness, perhaps a threat to refinance will help. If not, go elsewhere.

 

Nothing is usual or illogical about it, all businesses do. Retention customers are stickier and will likely stay because if you include exit fees, sometimes you may as well stay. I'm a pricing analyst for an energy company and this is what we do. When you're trying acquire customers you're obviously trying to beat their current providers enough to entice them over. For retention, as long as it's not too far off, they're not likely to change

 

@kabali Were you happy with the interest rate offered when you signed on initially?
Or did you think it was 'unfair' at the time?

 

My lender had a cheaper rate for new lends as well so I called and asked them to match the rate and explained that if they didn't I would look at switching lenders. They agreed over the phone (PPOR P&I 3.74% now) but the difference wasn't as great as yours.