interest rate - where to complaint

Heaps of us have been in the same boat. If they won't give you a discounted rate, work out whether it's worth you switching. The times I switched, it was very worth it... But what says it won't keep happening?

 

They're betting that once they have you, you'll maybe grumble and complain, but probably won't either get a better deal elsewhere, or won't bother leaving. This probably works for 90% of people, especially if it's a new loan, at least in the near term (changing loans is often seen as a huge hassle). It's not unfair, it's business. This is how it's always been. Special rates are there to get people through the door.

Think of it this way. If you bought a dishwasher, and then in a few months found the same dishwasher on sale for half the price, would you rant and complain about how unfair that was?

 

i just took a loan at 3.9% for PPOR in Melbourne. From reading here is looks like i could of done better.

 

reduced home loans looks cheaper, good canstar rating.

 

Its funny, I did not even call Macq, but they brought down the rate to 3.89, appears on the statement, will be moving to another lender.

 

"Think of it this way. If you bought a dishwasher, and then in a few months found the same dishwasher on sale for half the price, would you rant and complain about how unfair that was?"

...not a reasonable comparison, imo.

 

Just going to put this here again.

 

If a 0.2% rate difference is the most unfair thing you've experienced as a bank customer, or for that matter life in general, things really aren't that bad...

 

Happened to me with Citibank a few years ago and I took my businesd elsewhere after they refused to match the rates they gave to new customers. Just vote with your feet if you really feel strongly about it.

Different rates for different customers is quite common actually. Check your gas and electricity bills, especially if you haven't signed a new one recently.

 

Very common, foxtel, internet, phone, sporting club fees... list continues.

 

The problem with voting with your feet is that the lender you move to may simply increase their rates in the near future. I can show people some compariably cheap interest only rates at the moment, but there's no guarantee that those lenders won't increase those rates. I've seen this occur several times over the last 2 years and I have no doubt it will occur again.

Hence my previous suggests of understanding how your loan really compares to the greater market and fixing for a period of time to guarantee your rates until this regulatory mess passes (another 1-3 years IMO).

 

What are the ways customer protect themselves from bank?Thank you.

 

Pay everything with cash, no loans.

 

It is similar to mobile phone contracts, utility, and so on. You sign a contract, you are locked in, if you don't like it too bad, especially if the loans represent a fair bit amount of funds! They know many will not change as the break out costs will not justify it.
Also, who said the world is fair? We cannot change the circumstances, what banks, authorities do, we can only change ourselves, our set of sails, our personal philosophy, how we think, our ideas! Change yourself and realise that it is part of life and we can deal with it in different ways, say increase your income to compensate for it (could be just one way).

 

The thing with the above mentioned suppliers though, in my experience, they are more than happy to give you something offered only to new customers, provided you sign up for the required term. Eg. I signed up to Telstra internet (NBN) when it launched for $90/mth on a 12 month plan. 2 months later, they offered a new deal for the same amount of money per month, with extras like basic Foxtel channels. They switched me over no worries and just restarted the 12 months. AGL does the same for gas/elec on rates.

 

The lender you move to is likely to do the same

 

Don't borrow money.....it's the ONLY way

 

Star of David? Darlinghurstboy?

 

No point winging

I just went to lock in my investment loan on P&I
Found that all 1-5 year terms are a min of .25% LESS than my current variable rate