Westpac time to process fixed rate

Discussion in 'Loans & Mortgage Brokers' started by big_ben02, 16th May, 2020.

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  1. big_ben02

    big_ben02 Well-Known Member

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    I'm surprised as to how long it is taking Westpac to process a fixed rate request.

    I have loans with both Westpac and CBA. CBA will process a change from variable to fixed rate via netbank and it happens immediately, however Westpac you have to call up and it has been two weeks and it still isn't processed.

    I called the Westpac call centre again today and they are saying it currently will take 3-4 weeks to process a fixed rate! Surely they should be able to do it immediately?
     
  2. euro73

    euro73 Well-Known Member Business Member

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    EVERYTHING is extremely slow with Westpac at the moment...its been like this since late January
     
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  3. Morgs

    Morgs Well-Known Member Business Member

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    COVID has slowed all lenders down. Both from a remote working perspective, and having to manage the whole hardship / loan pause scenario.

    Westpac group has been the worst hit but word is their international teams should be coming back to work in the coming week.
     
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  4. euro73

    euro73 Well-Known Member Business Member

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    In Westpac's case, they were way behind, before COVID
     
  5. Owlet

    Owlet Well-Known Member

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    CBA have been great - fixing has been seem less and timely.

    Is there a chance that by the time WBC process peoples fixed requests that the rates will be higher?
     
  6. Greedo

    Greedo Well-Known Member

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    I’ve been waiting almost 6 weeks now. Was told that there was an offshore team of 30 in this space who have been unable to work. Currently a local team of 3 doing the same thing with significantly increased workload obviously
     
  7. wylie

    wylie Moderator Staff Member

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    My plan is to fix with Westpac and my broker says that it is more simple just fixing than fixing and arrangement prepayment of interest. I've had terrible service with fixing and prepaying, loans just ignored, etc. Documents done with weeks to spare, and then they just haven't managed to get it right. Every year I've fixed and prepaid in the past I've had problems.

    This year, my broker says it is much simpler and we don't need the lead time that we usually do with a fix and prepay.

    With no plan to prepay, at least I don't have a 30 June deadline, so I'm not concerned if rates shift a little but I'm curious to know for those who've put in fix requests, have you gone direct through the website or branch, or through a broker?
     
  8. virgo

    virgo Well-Known Member

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    Hi Wylie

    I am also with Wesucks bank; and i have done interest in advance for the last 5 years; my rollover date is always 2 weeks before end June...when the date comes nearer, (like now) i will call Wesucks to remind them...then about late May or early June , Wesucks will send me a letter telling me how much to prepay...

    Not a problem each time...

    (but one year i did have a problem with Not-A-Problem Bank ; which resulted in interest in advance payments in July ...i actually requested Not-A-Problem to write a letter to say it was their fault; and my accountant accepted it and was deducted for that year's tax.
     
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  9. wylie

    wylie Moderator Staff Member

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    Yep. One year we requested seven loans fixed. All done in one phone call and followed up in one email. All documents received and returned together in one envelope. We'd started mid may so it was all ready to go by mid June).

    From memory four loans had interest debited as planned and documented on the designated dates. Three loans were simply forgotten, left out, too hard, who knows?

    After follow up, assurances they were in a queue, at 4.45pm on 30 June, after several frantic calls and promises that interest would be debited before COB that day, it still hadn't been done, so I was asked to manually transfer it over, and I was issued with a letter covering us if we were ever audited.

    I've no idea if that letter would have covered us, but had we been penalised, I would have gone looking for reimbursement by the bank.

    I've done this several years, and have not once had it go smoothly. There have always been problems and last minute scrambling for them to honour their documented commitment.
     
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    ANZ came out today with 26 days to pick up a new file :)

    Up from 18 on Thursday

    India has only recently crunched down on COVID stuff, so I expect this to further blow out just like WBC

    As previously commented by Euro, WBC et al, were well into trouble before Manilla Lockdown.

    Thats what happens when Marketing doesnt send the pork barrel memo to production

    Same thing for the last 10 years ...................

    BPRE ......... hahahhah

    ta
    rolf
     
  11. Blueshoes99

    Blueshoes99 Well-Known Member

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    It’s 4 weeks plus to fix rates now at wp. No one to do the work... might be a good idea to hire people... one person with a brain would have thought...
     
  12. milobear

    milobear Well-Known Member

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    Any chance they back date the fixed period from when the request was put through? I mean on a large loan, this would be quite a bit of money
     
  13. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member

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    Does it really matter? The back date it an you save a couple of bucks now. If they don't back date, you get the cheaper rate for a few weeks longer at the tail end. Odds are you'll likely be better off in the long run if they don't back date.

    The service levels from the big banks is a complete mess at the moment and has been for quite a while now (CBA being the exception). They've diverted all their resources to assessing hardship cases. A lot of their overseas call centres are shut. Many staff are working from home but they're not properly positioned to do this.
     
  14. Waterboy

    Waterboy Well-Known Member

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    Does this Snail Paced processing time also apply to St George Bank?
     
  15. Morgs

    Morgs Well-Known Member Business Member

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    It has been for a while for brokers that are not top tier with them; but apparently all resolved now on processing. They still have extensive delays they're working through on DocPrep though.
     
  16. Blueskies

    Blueskies Well-Known Member

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    Well I have to say i have been pretty impressed overall with Westpac considering the circumstances. I applied for equity release and re-origination on 3 of my properties a bit over a month ago. 2 are finished with funds sitting available and the third is just held up with a valuer. Can tell they are flat out at the moment.

    On top of that the sent this nice hamper to me to apologise for the delays, i really wasnt that bothered by the timeframe but thought it was a nice gesture.
    IMG20200521222238.jpg
     
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  17. wylie

    wylie Moderator Staff Member

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    Wow... I reckon I'm owed several of those hampers. :p

    Question for the brokers...

    If I fix our rates, does the bank adjust the monthly repayment to reflect the lower rate?

    Or does the repayment stay the same?
     
  18. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    I was given 0.24% cut when I spat the dummy about 6 weeks to go from fixed to variable. And it was backdated. I dont want some crap in a basket. Two weeks after than that a 395 credit for annual fee since they hadn't done a thing. All sorted 8 weeks later I'm ok
     
  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    New repayment cycle usually based on the remaining PI term, and surely yes if IO

    ta
    rolf
     
  20. Skinman

    Skinman Well-Known Member

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    Been waiting 4 weeks for break from existing loans and refix to occur with Westpac this is across 7 loans and as the break fees were locked in its getting to the point were the savings on the reduced rate for the term of the current loans will no longer justify the break fees.

    Have lodged a complaint and requested back dated new rate.

    Any other tips or suggestions from your collective experiences