Banks...

[INSINR8R]

The last few months, Amanda and I have been having huge problems with Commonwealth Bank.

First was on Easter, they cancelled our debit cards when we closed old accounts we didn't use. We had the new accounts linked to the cards but they cancelled them anyway. So for 5 days we had no access to cash.

Now I'm helping my brother pay back his loan while he looks for a diesel mechanic apprenticeship after finishing his pre-app at Thornlie TAFE. I specifically told the CBA they only had the authorization to take his weekly repayment, not what he owed in arrears. If they wanted it, they had to chase him for it.

This morning, they decided to take $310 out of our account. I flipped big time and now this is the final straw.

It's time to switch banks, where should we go? Who is having a great experience with their current bank? I'm thinking ANZ, but I'd like some opinions if possible.

Thanks.

And if you're wondering, yes they are refunding the money.

[colt75]

thats pretty bad.

maybe it was just abit of miscommunication.

ive had no dramas with CBA for years.

what was their reason behind taking 310 out of your account?

[mys1]

I specifically told the CBA they only had the authorization to take his weekly repayment, not what he owed in arrears. If they wanted it, they had to chase him for it.

This morning, they decided to take $310 out of our account. I flipped big time and now this is the final straw.



Unless you have Power of attorney over your brother then the bank have no reason to nor will they do anything you say on your brothers behalf.

Your brother is doing himself no favours keeping the account in arrears - especially with credit ratings and future lending.

I laugh a little when people get upset about taking money tht is owed to them, I mean If I lent you 300 bucks I'd be kind of pissed if you just didnt pay it back when we orignally agreed to it in a fairly straight forward repayment schedule such as a loan agreement. Especially if I was also paying interest on the money lent to you! (as commonwealth bank is doing)

Changing banks wont make a difference

[INSINR8R]

To pay for the arrears my brother's loan was in. He called them just before as he spoke to them yesterday about it. He was told they would put a note in that he would call today and sort it, when he rang, there was no note, that's why they took the money.

[Tocchi]

i run duel ANZ accounts,
- access advantage account... unlimited withdrawals/eftpos, $5 fee per month (students get this waived), no interest earned.
- online saver account, not on a card (i think you can do that though), i access it via net banking, earn bulk interest compounded monthly, no fees.
my interest gets paid on the 17th of each month, so i just swing all my money into the online saver account on the 16th, grab all the interest, then put it back into everyday access advantage account :)

[INSINR8R]

Unless you have Power of attorney over your brother then the bank have no reason to nor will they do anything you say on your brothers behalf.

Your brother is doing himself no favours keeping the account in arrears - especially with credit ratings and future lending.

I laugh a little when people get upset about taking money tht is owed to them, I mean If I lent you 300 bucks I'd be kind of pissed if you just didnt pay it back when we orignally agreed to it in a fairly straight forward repayment schedule such as a loan agreement. Especially if I was also paying interest on the money lent to you! (as commonwealth bank is doing)

Changing banks wont make a difference

Yeah but I don't owe them the money, he does.

The fact that the repayments are being made should have been enough for the time being, especially since he was there when we switched the accounts to make the payments.

He has the power over that loan. He made the notes yet they did not take them on board.

[family guy]

i run duel ANZ accounts,
- access advantage account... unlimited withdrawals/eftpos, $5 fee per month (students get this waived), no interest earned.
- online saver account, not on a card (i think you can do that though), i access it via net banking, earn bulk interest compounded monthly, no fees.
my interest gets paid on the 17th of each month, so i just swing all my money into the online saver account on the 16th, grab all the interest, then put it back into everyday access advantage account :)

ANZ been pretty good for me. The $5 dollar fee was dropped after they found out who i worked for. If you work for a larger company they have shares or dealings with they might drop it for you too.

I have one normal account and the online saver too. Very handy

[_S9_]

I specifically told the CBA they only had the authorization to take his weekly repayment, not what he owed in arrears. If they wanted it, they had to chase him for it.

sorry dude - a a bit of common sense on your part here is lacking. giving a family members creditor your direct debit authorization - you must be on crack! alarm bells should have been going off here!

there are a million other ways to pay a loan for someone else - direct deposit, bpay, cheque, and cash too!

[Bomber]

i run duel ANZ accounts,
- access advantage account... unlimited withdrawals/eftpos, $5 fee per month (students get this waived), no interest earned.
- online saver account, not on a card (i think you can do that though), i access it via net banking, earn bulk interest compounded monthly, no fees.
my interest gets paid on the 17th of each month, so i just swing all my money into the online saver account on the 16th, grab all the interest, then put it back into everyday access advantage account :)

you realise interest is calculated daily and credited monthly?

[mys1]

Yeah but I don't owe them the money, he does.

The fact that the repayments are being made should have been enough for the time being, especially since he was there when we switched the accounts to make the payments.

He has the power over that loan. He made the notes yet they did not take them on board.

Yes but all you did was change the payment media to your account, you still have no authority over it, your just now paying for it.

[AGIT8D]

I've always been with CBA, for Netsaver accounts, Savings accounts, Mortgages, Contents insurance, Home and Contents insurance, Credit card.. Never had too much of a problem with them but like anything I'm interested to save money where I can.

I signed up to ANZ's 2.99% credit card to wipe my CBA one, no drama. Have been into ANZ once or twice to activate the card and get online banking. ANZ chick was asking me what accounts I have where, what my status is etc etc, just having a sniff. She offered someone to call me to compare my accounts etc and see if they could look at increasing my business with them. Sounded good to me so I confirmed it and have not heard anything since, that was about 2 months ago.

That's the same sort of shit I deal with at work, muppets ringing up daily wanting to offer me better goods and servicing and a cheaper price then not even following up with the information. That's a black mark against ANZ for me already.

[Riggs]

All my personal and company accounts are with ANZ, mrs was with CBA and just changed over to ANZ as they fucked up with her Visa debit account a few times.

ANZ have been fantastic to me, can only talk highly of them.

In saying that all banks are the same. At the end of the day, your situation will more than likely repeat itself whoever you change to.

[brynj]

Was with CBA for 20 years, applied for a loan with them which they rejected due to ONE late payment on my credit card.. pingpingpingpings!
Closed all accounts and moved to Bankwest recently and couldn't be happier.

CBA fees suck and customer service at my branch was average.
Have savings, debit and CC with BWA now, no fees on any and free ATM transactions with major banks.

[INSINR8R]

Yes but all you did was change the payment media to your account, you still have no authority over it, your just now paying for it.

Doesn't he have authority over it?

[mys1]

Yes, but read his Loan terms and I believe you will find that they are entitled to take money. Theres a Booklet with alot of Terms and Conditions you should have read yourdelf before letting the payment media change. Whilst he has "Authority" He can't change anything about the loan agreement, its a contract!

Ill chat to you about it on saturday in more detail if you want, Im not trying to be a pingpingpingping, but in these cases there is normally more to it.

Read what you sign people! Know what you are getting yourself into!

[Kilma]

i run duel ANZ accounts
Why do your bank accounts duel? Which one wins?
Or do you mean duAl bank accounts??


CBA fees suck and customer service at my branch was average.
Have savings, debit and CC with BWA now, no fees on any and free ATM transactions with major banks.
Despite the fact that Bankwest is now owned by CBA, I'd highly recommend them. They look after most of my money & debts. I wouldn't piss on their rewards credit card to put out a fire. This was about 8 years ago, but I spent $35k on their cards over a couple of years and got 4 movie tickets out of it.

[INSINR8R]

Yes, but read his Loan terms and I believe you will find that they are entitled to take money. Theres a Booklet with alot of Terms and Conditions you should have read yourdelf before letting the payment media change. Whilst he has "Authority" He can't change anything about the loan agreement, its a contract!

Ill chat to you about it on saturday in more detail if you want, Im not trying to be a pingpingpingping, but in these cases there is normally more to it.

Read what you sign people! Know what you are getting yourself into!

Yeah I'll come by Vastese and we'll talk. I know you aren't, it's frustrating that he told them to stop and that he would call them today about it, but they still went and did it.

Thanks Tyson.

[Tocchi]

you realise interest is calculated daily and credited monthly?
nope i did not know that.. time to earn free money (interest)
thanks :)



Why do your bank accounts duel? Which one wins?
Or do you mean duAl bank accounts??
dammit ! haha.
nah actually they fight for my money... to the cent ! haha

[Missile]

I switched over to NAB from Bankwest - the move has worked very well for me. NAB classic banking is a no fee account - no minimum deposits/values etc. I also took out credit cards, and linked a savings (high interest) account for the cash that doesn't do in to the offset account.

I went in to the bank last week, and the teller chick noticed that my 'bonus interest rate' (an additional 1% for the first 4 months) on the savings account had run out, so she simply closed that account down and opened up an identical account (new account number obviously) - still linked to the savings account. The process took under a minute to do, and there was/is no cards associated with the account so no dicking around there.

[Bomber]

nope i did not know that.. time to earn free money (interest)
thanks :)
Best way to maximise it is to put all your money into it (when you get paid etc) and then transfer what you need out of it, when you need it (iPhone banking app etc is handy here because it does the transfer immediately).

BUT

Having like $5000 in a high interest account (say 6.5%) yeilds less than $15/mth in "interest" yet would cost you over $800 if you owe that 5k @ 16.5%. IMO it would be better to pay off that $5000 into a loan and pay less interest for the long term then to think you are sticking it to the man by getting enough for a pint and packet of BBQ chips at a pub for free. Unless you are a straight up pimp in which case kesh is king

[INSINR8R]

Best way to maximise it is to put all your money into it (when you get paid etc) and then transfer what you need out of it, when you need it (iPhone banking app etc is handy here because it does the transfer immediately).

BUT

Having like $5000 in a high interest account (say 6.5%) yeilds less than $15/mth in "interest" yet would cost you over $800 if you owe that 5k @ 16.5%. IMO it would be better to pay off that $5000 into a loan and pay less interest for the long term then to think you are sticking it to the man by getting enough for a pint and packet of BBQ chips at a pub for free. Unless you are a straight up pimp in which case kesh is king

Yeah those interest savers are a load of shit.

We had $1000 sitting in a Award Saver account for over a month which was supposed to give 6% interest. Ten percent of $1000 is $100, so it should have been $60. We got $2.60. That's well clear of the 6% we thought we were getting.

[Buckets]

I'm with the ANZ & Macquarie. I recommend both of them. ANZ has been very helpful when things haven't gone to plan over the years and the person I deal with always seems to be able to work out a bloody good deal on everything if you ask.

[Lasoya]

Yeah those interest savers are a load of shit.

We had $1000 sitting in a Award Saver account for over a month which was supposed to give 6% interest. Ten percent of $1000 is $100, so it should have been $60. We got $2.60. That's well clear of the 6% we thought we were getting.
Its 6% P/A not monthly, divide 6%x12, thats what you would of got

[Ryan1080]

Interest savers, term deposits, and all that are only good for people without a mortgage or other loans. If you have a mortgage, you're better off chucking your cash into it than a high interest saver account. Firstly, loan mortgage interest rates are higher, and secondly you get taxed on interest earned, but not on interest saved :) Plonking your hard earned against a mortgage with 7.5% interest (and drawing out as you need to) as opposed to an interest savings account with 6% will almost double your returns in comparison.

[Buckets]

^ Correct !

[Tocchi]

sticking it to the man by getting enough for a pint and packet of BBQ chips at a pub for free. Unless you are a straight up pimp in which case kesh is king

http://images.wikia.com/en.futurama/images/1/1b/Super_King.jpg

[Bomber]

ROR good form

[INSINR8R]

Its 6% P/A not monthly, divide 6%x12, thats what you would of got

Yeah, it's not how they explain it when they set up these accounts to you.

[Huy]

Interest savers, term deposits, and all that are only good for people without a mortgage or other loans. If you have a mortgage, you're better off chucking your cash into it than a high interest saver account. Firstly, loan mortgage interest rates are higher, and secondly you get taxed on interest earned, but not on interest saved :) Plonking your hard earned against a mortgage with 7.5% interest (and drawing out as you need to) as opposed to an interest savings account with 6% will almost double your returns in comparison.

Cha Ching! This is what I do. I put everything into the mortgage.

Been with NAB for a long time, never had an issue. I'm happy with their services.

[jedi_luke]

I worked for a bank for 7 years and I learnt that 90% of people shouldn't have access to big person money, you should get food stamps, I quit after some one demanded I let them access their parents accounts because they have the powers of eternity

this is not a dig at anyone, just .. read what you are signing up for and how shit works please :)

[TJ]

I quit after some one demanded I let them access their parents accounts because they have the powers of eternity


Powers of forever - that is awesome

[Ryan1080]

Yeah, it's not how they explain it when they set up these accounts to you.

LOL You seriosuly didn't think that it was paying 6% per month? If I could find something that returns 72% per annum it would probably be a loan shark business haha

[jedi_luke]

Powers of forever - that is awesome

i always thought heman was the only one that had that power, but turns out a asian lady in northbridge has them as well, she even rode in on that battle cat thing... interesdating

[Turbo2.6L]

Westpac for me & are awesome.
Also, doesn't matter if the bank 'explained' to you that you'd get $5000 returns eack month for depositing $1000. You need to read the fine print (or in this case, the large print, ie. 6%p/a) when signing up.

[INSINR8R]

LOL You seriosuly didn't think that it was paying 6% per month? If I could find something that returns 72% per annum it would probably be a loan shark business haha

They explain it as your savings is calculated daily at that rate, with that percentage. At the end of the month, you get interest on how they have calculated it with that monthly percentage.

That is how it was explained to me. That if you left in say 1k for a month, you would get 6% interest.

So yes, if someone from the bank has told me that is how it works, then of course I did.

So technically when they say x%p/m they really mean per year?

Actually, reading up on it now, they do mislead you into thinking its x%p/m, not:

Daily compounding = Principal (1 + interest rate/365)365 = (daily compounded amount)

They don't tell you it is then calculated over 365 days at the end of the month.

Better off sticking your savings in a pillowcase.

[cplagz]

They explain it as your savings is calculated daily at that rate, with that percentage. At the end of the month, you get interest on how they have calculated it with that monthly percentage.

That is how it was explained to me. That if you left in say 1k for a month, you would get 6% interest.

So yes, if someone from the bank has told me that is how it works, then of course I did.

So technically when they say x%p/m they really mean per year?

Actually, reading up on it now, they do mislead you into thinking its x%p/m, not:

Daily compounding = Principal (1 + interest rate/365)365 = (daily compounded amount)

They don't tell you it is then calculated over 365 days at the end of the month.

Better off sticking your savings in a pillowcase.

Dude, seriously, put the glass pipe down. I have never seen a bank say you will get x% per month. It's always a per annum rate and they vary how often it is calculated and compounded. Generally it's calculated daily, compounded monthly.

[Wezz]

demanded I let them access their parents accounts because they have power of attorney


Im pretty sure thats the point of powers of attorney, to be able to access some-one elses finances (ie: incase they are incapacitated.) ??

[cplagz]

Im pretty sure thats the point of powers of attorney, to be able to access some-one elses finances (ie: incase they are incapacitated.) ??

I think he said eternity on purpose... ie, the person was a fucking idiot trying to say they had an EPA....but fucked it up.

[Wezz]

I think he said eternity on purpose... ie, the person was a fucking idiot trying to say they had an EPA....but fucked it up.

hah, my bad

Person sounds like a nutter. I saved some classic letters from crazy people who used to come into my old work... wonder how legal it is to post that sorta stuff on the net... hrm

[Ryan1080]

Im pretty sure thats the point of powers of attorney, to be able to access some-one elses finances (ie: incase they are incapacitated.) ??

Wrong. Power of Attorney won't let you do shit after someone is incapacitated as it is automatically revoked. Only an Enduring Power of Attorney can :)

[INSINR8R]

Dude, seriously, put the glass pipe down. I have never seen a bank say you will get x% per month. It's always a per annum rate and they vary how often it is calculated and compounded. Generally it's calculated daily, compounded monthly.

So then why do banks have special offers for new savings accounts that for the first month the interest rate is x%, then it goes back to y%?

Care to explain champ?

[jedi_luke]

Im pretty sure thats the point of powers of attorney, to be able to access some-one elses finances (ie: incase they are incapacitated.) ??
Ummm... yer thats the joke man ... i think i need to go lay down for a bit

http://media.apocalypticfail.com/lulz/asian_facepalm.jpg

[INSINR8R]

Think everyone needs to chill the fuck out.

Getting tired of threads that were discussions turning into a bunch of 5 year olds arguing stupid things.

All I wanted was to see if there was a decent bank I could change to. Those two things were just two of many things that have happened since I have been with the CBA.

Now it's just a shit fight with everyone thinking they're right, myself included. Thanks for the head up from a few, think ANZ may be the goer.

[Kilma]

Same as every business. You'll never please all of the customers all of the time. It's a lucky dip as to who will draw the short straw and get treated like crap. All have good and bad points. If you are just chasing an everyday account with no real fees, wander around to the big ones and see who can offer it.

When you want more, then do more research or speak to someone who knows before signing on any dotted lines if you can't be bothered/don't understand the Ts & Cs.


So then why do banks have special offers for new savings accounts that for the first month the interest rate is x%, then it goes back to y%?

Care to explain champ?
$10 says they are still talking about x% p/a. That's the key here. I've never heard anyone speak in anything else personally.

You never hear anyone talk about 0.02739% per day or 0.8333% per month. That's just silly.

Just take from it a lesson learned and leave it be.

[jedi_luke]

Think everyone needs to chill the fuck out.

Getting tired of threads that were discussions turning into a bunch of 5 year olds arguing stupid things.

All I wanted was to see if there was a decent bank I could change to. Those two things were just two of many things that have happened since I have been with the CBA.

Now it's just a shit fight with everyone thinking they're right, myself included. Thanks for the head up from a few, think ANZ may be the goer.

haha i thought it was all going quiet well , good points , no one was called a fag yet .. could be worse.

on topic: most banks are the same man , and all the new products are pretty same same , id avoid using challenge/Westpac and even bank west , they can be pingpingpingpings to deal with , commonwealth are pretty good so it might be worth staying with them and just sorting out your problems , they will be more then happy to help , NAB are good as well , you shouldn't have to pay account fee's anymore and online savers are a good option for bulk cash with easy online access.

at the end of the day banks are there to make money , they are not a free service and if you compare them to any other service or company they are miles ahead is service and products, they really do aim to please, that's why i don't work there anymore, i couldn't give a shit about how happy people are :)
just ask questions and know what you are signing for.


i hope my badly written speal helps

[RELEASE]

+whatever for ANZ
been with them for 7+years with no issues

CBA were useless on my account and business account to the point that even when i closed my business account it took me 3 times in person to get it done as i would close it in person yet get a statement next month saying balance below min, cop this fee pingpingpingping...3 times!

[Ryan1080]

LOL I had a CBA account many years ago, idle, didn't use it, but copped regular keeping fees. Eventually went into negative. Got a letter to pay the balance. Didn't bother for a while. Got a demand letter. Went to the branch and wanted to pay the stupid balance off. Account was closed a week earlier. Dumb bitch didn't know where to put the cash, so I left without paying. Haven't heard anything since haha.

[TheChad]

Interest savers, term deposits, and all that are only good for people without a mortgage or other loans. If you have a mortgage, you're better off chucking your cash into it than a high interest saver account. Firstly, loan mortgage interest rates are higher, and secondly you get taxed on interest earned, but not on interest saved :) Plonking your hard earned against a mortgage with 7.5% interest (and drawing out as you need to) as opposed to an interest savings account with 6% will almost double your returns in comparison.

Did not know this. As a student with a hopefully long career ahead and a love/fear of money normally reserved for the "chosen people" I thank you on behalf of my future self.

[Cpt Beaver]

Was with CBA for 20 years, applied for a loan with them which they rejected due to ONE late payment on my credit card.. pingpingpingpings!
Closed all accounts and moved to Bankwest recently and couldn't be happier.

CBA fees suck and customer service at my branch was average.
Have savings, debit and CC with BWA now, no fees on any and free ATM transactions with major banks.

Although Bankwest are giving you better service, CBA own Bankwest so any profits Bankwest make out of you from loans, credit cards, fees etc. is going straight into CBA's coffers.

[mischief1]

Cha Ching! This is what I do. I put everything into the mortgage.

Been with NAB for a long time, never had an issue. I'm happy with their services.
You haven't invited me into your sexy house...

Before I had my mortgage, I thought it was awesome getting bulk interest on my TD.

Then I sat down and looked at it properly, I think the interest rate on the TD was lower than the interest rate on the mortgage, so I was getting shafted there, as well as paying tax on interest gained... homo!

So yer, offset account ftw!

Also, been with CommBank since Dollarmite days, never had an issue.

[cplagz]

So then why do banks have special offers for new savings accounts that for the first month the interest rate is x%, then it goes back to y%?

Care to explain champ?

Yes - the first month is calculated at an increased interest rate per annum. Thereafter it is calculated at their base daily rate (depending on the type of account they can vary according to the market). It's basically a cash incentive to get you to join with their particular savings product.

I.E - BoQ have an "introductory special" for new customers at say 5.25%, whereas myself (and the rest of the family) who has been with them for 10years+ gets 4.25%... which is bullshit and we fought with them to get the introductory rate as well. But on small investments - they generally wouldn't fold over.

[Ryan1080]

Did not know this. As a student with a hopefully long career ahead and a love/fear of money normally reserved for the "chosen people" I thank you on behalf of my future self.

lol, no worries.

Look into offset accounts. The balance in your offset account (which is your account you use every day) counts against the balance of your mortgage account. So you don't even have to deposit cash into your mortgage, as long as you have an offset facility, it will do the same thing.

[Kilma]

Did not know this. As a student with a hopefully long career ahead and a love/fear of money normally reserved for the "chosen people" I thank you on behalf of my future self.
As a general rule, you will always save more interest than you will earn, especially when you take into account the taxes paid on interest earned. You need to have a DAMN good deal for a high interest account to work in your favour if you have a loan/mortgage/credit card debt of any sort.

Offset accounts are great, but you will almost always pay a price for it. One bank wanted $360/year for an offset account for me. I worked it out (VERY roughly and can't remember the interest rates at the time), for every $5k I had in the offset account I was saving $1/day in interest (not taking into account the compound factor). This meant I was effectively not very far ahead at all after they slugged me the annual fee, so I got rid of that and now use my mortgage like an on-line access only saver account. Very easy and handy now that mobile phones have internet.

1 account with $250 in it that I can access at any time (emergency money), the rest of my savings in the mortgage. I buy everything on my credit card and pay it off in full every month so I don't get charged interest on that and the money stays on my mortgage saving me money for longer.

It's pretty easy to save money if you can restrict yourself from splurging and be strict in keeping track of it. I take care of it all on an excel spreadsheet, but it still gets out of hand every now and then.

[-Luke-]

so I got rid of that and now use my mortgage like an on-line access only saver account. Very easy and handy now that mobile phones have internet.

1 account with $250 in it that I can access at any time (emergency money), the rest of my savings in the mortgage. I buy everything on my credit card and pay it off in full every month so I don't get charged interest on that and the money stays on my mortgage saving me money for longer.

It's pretty easy to save money if you can restrict yourself from splurging and be strict in keeping track of it. I take care of it all on an excel spreadsheet, but it still gets out of hand every now and then.


THIS! I do exactly the same thing. Set out a budget as mentioned in excel or something Similar, Stick to it, Pay off your CC before the Interest free period ends and only buy big ticket items (ie Appliances, expensive car bits) when you have the cash to do so never on credit!

If you can maintain this method of managing your money you will see a real reduction in your primary debt (in my case my mortgage) quite quickly

[nicecar]

LOL You seriosuly didn't think that it was paying 6% per month? If I could find something that returns 72% per annum it would probably be a loan shark business haha

This made me laugh. 6% per month, everyone would be rich.

[Huy]

You haven't invited me into your sexy house...

Before I had my mortgage, I thought it was awesome getting bulk interest on my TD.

Then I sat down and looked at it properly, I think the interest rate on the TD was lower than the interest rate on the mortgage, so I was getting shafted there, as well as paying tax on interest gained... homo!

So yer, offset account ftw!

Also, been with CommBank since Dollarmite days, never had an issue.

I show you next time, boy. It's just a bunky house I rent out. Keen to see yours when it's done!

[bulkos]

all my junior banking was cba, no dramas ... dollarmite acct was the bomb! free plastic wallet and comics for years!

was with st george for ages, had multiple mortgages, savings / visa debit and credit card, on a professional package, service was all good. Even rang them a couple of times to ask for a rate drop and got it! (once I mentioned switching)

recently moved to anz for exactly the same thing but with a lower interest rate on the mortgages, they have been great thus far except when they set up accts they didn't do any combined with the missus (in terms of income to figure out credit limits etc) they just use one income but put both names on the cards? ... although the credit limits were low compared to income. staff have been helpful and quick at either bank.

anyone know if there is a site that compares bank acct fees etc .. like the ones that compare phone plans, insurance, internet etc?????

[INSINR8R]

This made me laugh. 6% per month, everyone would be rich.

I didn't know how it worked, now I know. It was explained to me wrong in the first place.

[cplagz]

all my junior banking was cba, no dramas ... dollarmite acct was the bomb! free plastic wallet and comics for years!

was with st george for ages, had multiple mortgages, savings / visa debit and credit card, on a professional package, service was all good. Even rang them a couple of times to ask for a rate drop and got it! (once I mentioned switching)

recently moved to anz for exactly the same thing but with a lower interest rate on the mortgages, they have been great thus far except when they set up accts they didn't do any combined with the missus (in terms of income to figure out credit limits etc) they just use one income but put both names on the cards? ... although the credit limits were low compared to income. staff have been helpful and quick at either bank.

anyone know if there is a site that compares bank acct fees etc .. like the ones that compare phone plans, insurance, internet etc?????

Money magazine website possibly - or one of their issues with comparisons.

[Kilma]

Despite the fact that Bankwest is now owned by CBA, I'd highly recommend them.
I'm going to withdraw a chunk of my praise for Bankwest.

I have just discovered that a brand new customer in the same financial position as me can go to them and get a better interest rate for the life of their mortgage, than someone with 10 years of dealings with them (me) can. This annoyed me greatly. My money might be a drop in the ocean for them, but it is everything to me. I can understand introductory rates for 1-2 years etc. to attract new customers, but for the life of the loan is BS and shows no customer appreciation IMO.

[Cold Fusion]

^ thats so true! im with bankwest but probably gonna move when i start a mortgage in the next few months...

[cplagz]

All banks do it Damon, it's the way it works unfortunately. Unless you have pulling power (ie, substantial funds) they don't give a shit.

[2JZA70]

Do not go with NAB!!

[Lump]

^ thats so true! im with bankwest but probably gonna move when i start a mortgage in the next few months...
pm easytiger when ready to shop around, got us an awesome mortgage thru westpac

[easytiger]

pm easytiger when ready to shop around, got us an awesome mortgage thru westpac

^WHS (thanks Andy)
Hit me up with any queries, I'm more than happy to help fellow antilaggers

[Lonewolf]

you should be re-evaluating mortgages on a regular basis anyway?
Often just calling up and threatening to leave can get you a better rate lol.

[Lump]

you should be re-evaluating mortgages on a regular basis anyway?
Often just calling up and threatening to leave can get you a better rate lol.
you got that right..

I got a call from Mark (easytiger), out of the blue yesterday to do just this, end result is a saving of 0.2% off my loan.

thanks a lot :)

[AGIT8D]

you got that right..

I got a call from Mark (easytiger), out of the blue yesterday to do just this, end result is a saving of 0.2% off my loan.

thanks a lot :)

RBA just dropped another 0.25, hope you didn't sell yourself short given the decreases that may now take place.

Everyone has gone low fixed rates except CBA hahaha. I'm still waiting for them to come to the party and I'll fix mine for 2-3 years I reckon.

[Lump]

depends if westpac passes on the cut, if they do i should get that as well.

[AGIT8D]

Not much chance they won't.. They were all pretty quick to do it last month. Fixed rates was another thing entirely.

[Lump]

yeah, im assuming it will just be 0.2% not the full .25%.

anyway, PM easytiger for a better mortgage or checkup.

[MadDocker]

Yeah, I really doubt that the banks will pass on the entire cut this time. Hope I am wrong though.

Good time to be increasing mortgage payments as well if you can afford it.

[AGIT8D]

Yeah, I really doubt that the banks will pass on the entire cut this time. Hope I am wrong though.

Good time to be increasing mortgage payments as well if you can afford it.

Precisely the reason I am going fixed. Drop rate, pay roughly the same, knock some capital off. The market hasn't been kind to my LVR over the past few years so I need to take it into my own hands a bit more now.

[MadDocker]

I'm no expert but doesn't having a fixed rate loan have limitations on making extra payments etc?

I was under the impression you can only pay off a certain amount on top of the minimum payment before you start getting hit with penalties etc?? If this isn't the case, I will look into fixed a bit more as I haven't even been considering it at the moment.

Edit: The fixed rate version of my current variable loan allows 5k of extra payments per year. Doesn't make sense for me to make the switch at the moment.

[AGIT8D]

I'm not in a position to be dumping a lot of extra cash on my mortgage anyway, especially given I'm coming from interest only payments, so that is a bit of a "non issue" for me. If/when I sell my car I have made the decision that I will put the money in a high interest account and still have access to the money rather than reducing my loan, interest payments, and tax claim each year.

[Ryan1080]

Fixed rate hey? I tend to think banks aren't stupid, and they're not in it to lose money. They've got specialists forecasting interest rates well into the future etc. I somehow doubt you'll be able to beat them in their game. Everytime I looked at fixing my rate out of curiosity (I haven't) looking back I came out better off keeping mine variable.

[Turbo2.6L]

Split loan. One portion fixed, the other portion variable.
I have a 70/30 split over 5 years with the fixed portion @ 6.79%. Can pay extra on the variable portion as you would with an entire variable loan.

[MadDocker]

Split loan. One portion fixed, the other portion variable.
I have a 70/30 split over 5 years with the fixed portion @ 6.79%. Can pay extra on the variable portion as you would with an entire variable loan.

Interesting... Worth having a look into this for sure.

[Ryan1080]

If/when I sell my car I have made the decision that I will put the money in a high interest account and still have access to the money rather than reducing my loan, interest payments, and tax claim each year.

Flawed logic. I may have said it before, but savings interest rate (even on a "high interest" account) is always lower than a mortgage rate. Tax wise, whether you pay tax on interest income, or reduce your tax deduction on interest expense, swings and roundabouts = the same result, except for the higher rate of return on the mortgage...

[Lump]

yeah, i might consider fixing part of my 450k mortgage but probably not for a while yet.

[AGIT8D]

Fixed rate hey? I tend to think banks aren't stupid, and they're not in it to lose money. They've got specialists forecasting interest rates well into the future etc. I somehow doubt you'll be able to beat them in their game. Everytime I looked at fixing my rate out of curiosity (I haven't) looking back I came out better off keeping mine variable.

If it assists me in a better LVR over the next few years aided with a property market that by the time I am finished with my fixed rate will be in a better spot than it is now, I can't see it being an issue. I can then flog the property or keep it and buy into Perth and move on up.

Should I continue doing what I'm doing for another few years with variable rates I just run the risk of being in the same spot now all the way down the track, pointless. If I fixed into something cheap a few years ago when it all went bust and my LVR was better, I'd have been paying off capital all this time at a low rate, and if I came out of it with a higher variable rate, so what? If I was on variable the whole time I'd still be paying that rate regardless.

[AGIT8D]

Flawed logic. I may have said it before, but savings interest rate (even on a "high interest" account) is always lower than a mortgage rate. Tax wise, whether you pay tax on interest income, or reduce your tax deduction on interest expense, swings and roundabouts = the same result, except for the higher rate of return on the mortgage...

Yes we spoke about it before. And like I said then, I'd rather have access to the money for emergencies rather than put it on a a loan, fix the loan and not be able to withdraw the money.

[Turbo2.6L]

Savings interest + Taxable income deduction may work out higher than just slapping the cash on the mortgage. Depends on mortgage size, whether or not it's listed as an investment property & how much cashola we are speaking of.

[AGIT8D]

It's all a moot point til the rig finds a new home either way, but sitting on my hands isn't going to get the LVR in my favour, fixed rate and paying capital is, so that's the way I'll go.. Just waiting on CBA to get with my program haha. I'd jump ship but like I say, LVR is on the piss, not keen to revalue in this market either.

[Ryan1080]

His is a rental, so I presume he claims a deduction on the mortgage.

If you have an offset account set up, you still have all your cash available to you for emergencies. And last time I checked, adding cash into your loan improves your LVR...

[Douche Bag]

Really good read with good info, thanks.

[AGIT8D]

From what I read you couldn't have an offset account with a fixed mortgage.. Not on the fixed mortgage I was looking at anyway. Then we return to the major moot point - car is still in my name, so until it's sold, I need to do something else, sitting on hands is not getting me anywhere, as much as it assists with making it feel like a stranger is jerking me off when I get on the vinegar stroke

[Lump]

I'm on variable with offset account but i can fix the loan (or part of it) and still pay off up to 20k extra. Loans are very flexible now days

[AGIT8D]

Yeah I know I can have an offset account on my variable loan.. Keep in mind I'm at the mercy of CBA at the moment due to my unwant for revaluing the property with the current LVR. Until it's below 80% I'll stick with CBA/Colonial. Have emailed my aunty already to ask her to send me details on the big movers and shakers when they start to drop rates on their loans.