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Is there a lead time to fixing rates?

Discussion in 'Property Finance' started by jaybean, 29th Jul, 2015.

  1. jaybean

    jaybean Well-Known Member

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    I'm with Bankwest (too late), AMP (7 Sept), Macbank (10 Aug).

    For the last two, if I make the request on the final day will it be ok? Or do I need to allow for some lead time...I've never done this before. In the past I've decided to fix up front, I've never done it mid cycle!

    thanks
     
  2. DanW

    DanW Well-Known Member

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    Yes there's lead time.

    Usually between 1 day to 10 days depending on the bank.

    Macquarie did the fix on the phone.

    NAB does on the phone but takes 2-3 days.

    AMP need written request, and money for the fee.

    St George wanted to send documents out and wait for them to come back (unless go to a branch), takes a day after that.


    Also - they can change fixed rates on offer any time without warning - so wait if you like but realise they may adjust fixed again.

    Why do you need to wait is probably the best question to ask?
     
  3. jaybean

    jaybean Well-Known Member

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    Ok thanks. I'll do it tomorrow as you're right I don't want to risk it. Can AMP's written request be via email or do I have to physically post it? How long do they usually take? And how much is their fee? Also is there a risk it could affect my broker's trail? I don't want to mess with that as he's earned it (I just don't want to bother him right now with something so small as he's crazy busy).
     
  4. DanW

    DanW Well-Known Member

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    Can be by email attachment but you have to call them first and get the details. They talk you through it.

    Not sure how long as mine not gone through yet, $350 fee. But mine is basic product, not sure about others.

    I doubt it will affect the broker as it's not being re originated. Never be afraid to bother your broker.
     
  5. Mick C

    Mick C Well-Known Member

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    1. You know your broker gets paid trail comm every month ...why? TO MAINTAIN your file and answer any questions you have....USE him/her to your full extent.

    An im sure your broker is happy to take your call/email as well...might not return it straight away....but just follow up.

    2. AMP re-fix is a pain in the ass as it's a long process..and lots of paper work...
     
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  6. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    I am fixing AMP at the moment. Heres what u need to do, takes 3-5 days

    1) Call 13 30 30 and choose home loans options
    2) Advise the person you want to fix. They will get your acct no, ID check, read you the rates, then create a request.
    3) Write a letter with your name, address, acct number and state "Please fix my rate for my basic home loan, account number xxxxxx at 4.55% for 1,2,3 years as discussed. I approve the charge of $350 for fixing the rate. Please take payment from my offset account number yyyyyyyyyyyyyy. Sincerely Name" and sign it.
    4) Scan and email it to loan_servicing_enquiries@amp.com.au with subject Rate Fix Acct#xxxxxxxxxxxx
    5) Ensure there is a clear $350 in your loan offset account. If not transfer immediately so its ready for next day when they pick up the email and work on it. Any queries they come back you with take another day to get a reply from so to speed things up, get the money in there asap.

    Note that the $5pm monthly fee is due in a day or two so put more than $350 in. I suggest checking Banknet before transferring as I found my offset in debit due to the $5pm fee drawing down off a $0 balance.
     
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  7. jaybean

    jaybean Well-Known Member

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    Thanks for putting so much detail in your reply!!!
     
  8. Eric Wu

    Eric Wu Mortgage Broker Business Member

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  9. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    The address they gave me was the one I put. The email they reply from has "Please forward this information to email address : loan_servicing_enquiries@amp.com.au or fax 1300 656 392" in the footer.
     
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  10. Eric Wu

    Eric Wu Mortgage Broker Business Member

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    thanks Dave
     
  11. jaybean

    jaybean Well-Known Member

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    I just called them and they cited the same email. I would go with this.
     
  12. sammmeee

    sammmeee Well-Known Member

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    Just spoke to AMP. Rate hike is 0.47 to go through on the 7th of september.
    sent through letter using the proforma from above (thanks for that). Should be processed in 7-10 days. I am doing a 3 year fix of 4.55% email is loan_servicing_enquiries@amp.com.au
    charge is 350 per security held not home loans held.
     
  13. Hodor

    Hodor Well-Known Member

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    With BankWest you can pay a 400 fee on application to hold the rate in case it increases before it is fully processed. Think it can hold for 90 days. You will get the better rate if it lowers too.

    Do any other lenders have similar?
     
  14. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    That's called a rate lock fee Hodor - most mainstream lenders offer it and the fee is varied between each institutions, some are free, some charge a fixed amount, others a %.
     
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  15. magma

    magma Active Member

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    CBA had issues with mine because of the way my broker setup my variable rate. They quoted 3-5 working days (initially rang them 3 days before the new rates were released) so I requested notes to be placed saying regardless of the lead time, I should get the rates on the day I initially requested it. They obliged kindly and just yesterday, my rates have been fixed accordingly.
     
  16. sammmeee

    sammmeee Well-Known Member

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    Wowsers AMP fixed my rates today. 3 day turn around, very quick and dare I say it painless for 3 loans.
    Almost too easy...hmm