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Were you given notice of investor rate increase?

Discussion in 'Property Finance' started by drg86, 11th Aug, 2015.

  1. drg86

    drg86 Well-Known Member

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    So we've passed the date of the rate increase for investors and many will now find the new rate showing on their online banking etc.

    Who if anyone was made aware of the change from their lender?

    I knew it was coming from the PC discussions but my lender didn't give any notification.

    In the past I have been given 5-6 weeks notice of any change in rates. Normally receive letter in mail with notice in change of payments, "you are currently paying $x, after this change your new payments will be $x, commencing on x date"

    Are they meant to formally notify you?

    Why do we get 6 odd weeks notice on a rate drop and nothing on an increase?
     
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  2. Jkat

    Jkat Well-Known Member

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    We got a letter saying that the rate will increase as of date X for the loans we have with Macquarie Bank. But it was only a week or so notice.
     
  3. KMD

    KMD Well-Known Member

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    I too received a letter from Macquarie Bank advising me of the rate. I also have loans with ANZ and they never notify me of any changes.
     
  4. Leo2413

    Leo2413 Well-Known Member Premium Member

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    My finance broker notified me of impending changes to any of my loans, what it would mean for my overall position/planned projects, and then made recommendations on how to proceed.

    She's invaluable.
     
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  5. Owlet

    Owlet Well-Known Member

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    I heard about the increase on PC. I have had no communication from the banks via letter or message in online banking.
    Yes they have passed on the 0.27 as of yesterday. Interestingly they have also applied it to a couple of loan splits secured by the PPOR.
    My understanding was that this rate was to apply to investment loans - CBA anyway.
     
  6. BennEznElle

    BennEznElle Well-Known Member

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    We are with Homeside/NAB, apparently for existing loans the change takes effect from 10th September. No notification as yet, but I'm not getting my hopes up.
     
  7. DanW

    DanW Well-Known Member

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    I'd be interested to see if anyone challenges their bank for these changes.

    I'm not saying they have a case, but when big companies scramble to make changes this quickly they often make mistakes in the process.

    Most people would have had the opportunity to fix at a good rate before investor fixed rates went up - if only they had been notified.
     
  8. Fargo

    Fargo Well-Known Member

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    I ve been trying to contact my BOM manger since yesterday only get 10 seconds to leave a text message on answering service, now I am pissed I was going to tell him if the rate goes up I am leaving, now I want an additional discount. Service is absolute crap since BOM took over ST G. Still haven't got promised discounts since before the last RBA cuts. Have been notified by Westpac but not BOM.
     
  9. Perthguy

    Perthguy Well-Known Member

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    I have loans with ING and AMP. No notifications to date and no changes to rates yet.
     
  10. sammmeee

    sammmeee Well-Known Member

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    Amp will be increasing 7th sept. Still time to fix if you want.
     
  11. Perthguy

    Perthguy Well-Known Member

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    Cheers. I won't be fixing though as the property is to be sold.
     
  12. Hanison

    Hanison Well-Known Member

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    Locked in with 24hrs to spare.

    Thanks to PC!

    Not my bank or broker.
     
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  13. Hodor

    Hodor Well-Known Member

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    T
    Although your security is your ppor the purpose of the split was investment (I presume). Hence it will increase. Security is not important only the purpose.

    I fixed my nab broker loan and left the split as purpose was to buy a ppor.
     
  14. S.T

    S.T Well-Known Member

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    Anyone had their LOC loans increase yet? Seems they're not counted as 'investment' loans.
     
  15. Be Developer

    Be Developer Property Developer Business Member

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    Not yet!

    However, out major loans are with westpac.. So word "slow" is obvious.
     
  16. Sashatheman

    Sashatheman Well-Known Member

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    CBA had a pop-up for a few days, but it went away rather quickly.
     
  17. Dumbo

    Dumbo Member

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    Rang when I saw it had gone up with CBA and was told "it's been in the papers for weeks" or words to that effect. Interestingly, my non investment loans were actually reduced to what my investment loans used to . Not sure if it was a mistake or.....
     
  18. Burramys

    Burramys Well-Known Member

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    Today CUA advised of a 0.30% increase from 17 September, which appears to bring the rate to 4.48%. Is there any accurate comparison of post-increase rates?
     
  19. Azazel

    Azazel Well-Known Member

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    Hmm, I haven't received any formal letter or anything.
    I do remember receiving one when they lowered the interest rate.
     
  20. BennEznElle

    BennEznElle Well-Known Member

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    As I mentioned above, we are with NAB / Homeside,. Today we received a letter of our rate increase, 0.29%. Was interesting to note that it wasn't an increase in the variable rate, but a reduction in our product margin discount. Apparently when our interest only period runs out in 2 years, the product margin will revert back.