Repayments on Fixed Loan (Charges)

Discussion in 'Loans & Mortgage Brokers' started by Michael Barnes, 13th Jun, 2019.

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  1. Michael Barnes

    Michael Barnes Active Member

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    8th Mar, 2016
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    Hi All,

    I've made some additional repayments on my ANZ fixed house loan over the past year and according to their terms there would be additional charges.

    I called their mortgage line and they said you will be charged depending on the "money markets" of that day.

    I haven't incurred any charges over the past year so was wondering whether anyone had the same experience? They were extremely vague and wouldnt release why I hadnt been charged.

    Thanks
    Michael
     
    Michael Barnes, 13th Jun, 2019
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    i think you can repay up to $10k without penalty.
     
    Terry_w, 13th Jun, 2019
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  3. Michael Barnes

    Michael Barnes Active Member

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    They said 5k but I had gone above that :) Maybe they were being truthful and it does depend on the money markets but to be charged not once the whole year seems odd to me!
     
    Michael Barnes, 13th Jun, 2019
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes is does depend on the money markets. If you break say a 4% interest rates when the current rates are 3% the lender will be suffering a loss, which they will pass on to the borrower
     
    Terry_w, 15th Jun, 2019
    #4