Waiving of fixed interest break costs

"Credit Union" is a type of lender, not and individual bank. It was about 10 years ago and I don't even remember which lender it was.

 

Yep, I understand, but those scenarios are starting to happen now. It would've been unheard of from a country leader in the past saying you can't evict a tenant.......but now this has happened.

 

It hasn't happened as far as I know. Sure the prime minister did mention it, but he doesn't make state law and in NSW there are still no laws preventing evictions, unless I missed it?

 

Is ANZ funding the broker rebate or the broker?

 

Banks are struggling to settle and process loan changes. Westpac are doing a loan change for us and they say it will take 4 weeks + delay to process and it will be backdated so we arent disadvantaged. The "mortgage company" are struggling to keep up with applications for hardship and customised advice and all focus is being given to that activity. I get it and agree these people should get focus but I do have to wonder if some buyers will face delays. And new applications - good luck

 

It is due to be announced Friday maybe afternoon as a joint state and federal announcement. Each state is making regulations which dont need parliaments to vote although they re ready to pass laws if they are required NSW Premier said this am. At present in NSW its governed by a temp emergency health directive and not actual regs yet.

 

I had a conversation with one of CBA mobile lender’s today and they said ‘unofficially’ they “might” start waiving some fixed rate loans where the breakout costs are less than $5000 to try and prevent customers refinancing with NAB and ANZ who are giving out $4000 rebates to new customers who refinance with them.

The mobile lender is going to get back to me tomorrow.

 

Thanks for this great inside information. If all comes to fruition, might PM you your mobile lender's contact

 

I was hoping for that to happen. I'm stuck with 4.09% IO until May next year with cba. Let us know the out come~.

 

I am in a same boat till Nov 2020

 

Worth a try and perhaps depends on the numbers of loans . I managed to get one of mine released without break fee however I didn't have the other four fixed so explained that I would move the others if I couldn't break one without penalty . One of the big four who I have been dealing with for years . I have also managed to ask for a reduction on the investment IO loans as well .

 

I would've thought keeping the break fee in place would have a higher chance of keeping the customer. Assume they let you break for free, what stops you from refinancing away once the break fee has been waived? Unless the agreement is to re-fix the loan on the new rate with them.

 

$2m with Westpac at 4.19% IO until Mar 2022....ouch!!!!

 

Ive got same rate until Aug 2021. Wish I'd chosen the 2 year option instead of 3 now! Was on 4.89 prior to fixing though.

 

Can you please elaborate on this?