My husband and I are due to sign mortgage papers Monday, if interest rates drop before then would we get it?tia

redsparkles2 - 2021-01-11 15:23:00

redsparkles2 wrote:

My husband and I are due to sign mortgage papers Monday, if interest rates drop before then would we get it?tia

What do the papers you are about to sign say?

johnston - 2021-01-11 16:02:00

johnston wrote:

What do the papers you are about to sign say?

I don't have them..they are being done by the bank and off to the lawyer..should I call the bank and ask do you think?

redsparkles2 - 2021-01-11 16:25:00

redsparkles2 wrote:

I don't have them..they are being done by the bank and off to the lawyer..should I call the bank and ask do you think?

You could call the bank. Perhaps their advisor has already told you what would happen? There are better informed people than me here but what is the likelihood of an interest rate change in the next week?

Edited by johnston at 4:33 pm, Mon 11 Jan

johnston - 2021-01-11 16:33:00

johnston wrote:

You could call the bank. Perhaps their advisor has already told you what would happen? There are better informed people than me here but what is the likelihood of an interest rate change in the next week?

50/50 since Westpac did a change today

jethrocat - 2021-01-11 16:50:00

redsparkles2 wrote:

My husband and I are due to sign mortgage papers Monday, if interest rates drop before then would we get it?tia

Yes, you should get the rate applicable when the loan settles.

beansie3 - 2021-01-11 16:54:00

beansie3 wrote:

Yes, you should get the rate applicable when the loan settles.

Excellent settlement is the 20th..I'm wondering if as will follow Westpac hence the question.

redsparkles2 - 2021-01-11 17:13:00

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kittycatkin - 2021-01-11 17:19:00

You could always call your lawyer towards the end of this week to see if he can negotiate on your behalf - nothing ventured nothing gained. Capricorngirl

mlarkin - 2021-01-11 18:52:00

If you used a broker, contact them.

If not, I would talk to whoever you are dealing with at the bank and ask for a better rate as you can do better at Westpac. Not suggesting you should, but your bank will be well aware that you can cancel any deal with them and move to another lender up to 7 days past settlement day without losing out.

tony9 - 2021-01-12 09:07:00

If you are yet to sign then surely you are not under contract yet? Did you negotiate a rate? Although rates are low I know a Westpac client who has been offered a discount on advertised rates this week. 3 year rate advertised at 2.69 and their offer at 2.39 with a small amount of cash back too.

carstauranga001 - 2021-01-12 10:26:00

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andrew697 - 2021-01-12 14:41:00

andrew697 wrote:

Were they switching to Westpac?

Current clients there I believe.

carstauranga001 - 2021-01-13 10:20:00

My advice would be to fix for 12 months then review, rates not going north any time soon and may fall a bit. Some of the comments above are incorrect, if you lock in a rate today and they fall before settlement you get the rate you locked in for, NOT the lower one.

jeffqv - 2021-01-13 11:06:00

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andrew697 - 2021-01-13 11:37:00

andrew697 wrote:

Interesting - I've found Westpac shocking for borrowing, interest rates and any kind of customer service. This is despite a very low mortgage and money in the bank.

When Westpac bought Trustbank (promising we wouldn't see any changes) things rapidly went downhill, and eventually we closed our account. They wanted us to fill out a leaving survey, to which our answer was that we had been customers of Westpac in the past- and would never willingly touch them again.

apollo11 - 2021-01-13 12:29:00

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andrew697 - 2021-01-13 12:59:00

andrew697 wrote:

Agree.

I currently have a very low mtg and money in Westpac (more than double the mortgage). Yet still Westpac are unhelpful, obstructive, rude and more .......

Am seriously thinking of switching to another mortgage provider. Just need to find the time.

Gee.. I have been with Westpac for 40 years plus and I have not had any problems... but saying that I have not been "troublesome" to them... never bounced a cheque or excessed my overdraft and all my mortgage payments have been on time etc..
In the good old days your bank was as good as the branch manager and his / her staff.. but now you are forced in the first instance to deal with a low level employee on line or at the branch, who has no authority to divert from what the book says... Branch Manager are now keep locked away in a back room, never to actually met with the "grubby customers" !!..

onl_148 - 2021-01-13 13:28:00

andrew697 wrote:

Agree.

I currently have a very low mtg and money in Westpac (more than double the mortgage). Yet still Westpac are unhelpful, obstructive, rude and more .......

Am seriously thinking of switching to another mortgage provider. Just need to find the time.

ANZ are no better. I'm looking to switch at the moment as their service has gone downhill in last 5 years and they don't offer incentives to stay like they used to.

sooperdoopa - 2021-01-13 13:28:00

jeffqv wrote:

My advice would be to fix for 12 months then review, rates not going north any time soon and may fall a bit. Some of the comments above are incorrect, if you lock in a rate today and they fall before settlement you get the rate you locked in for, NOT the lower one.

IF you rate lock

beansie3 - 2021-01-13 13:46:00

onl_148 wrote:

Gee.. I have been with Westpac for 40 years plus and I have not had any problems... but saying that I have not been "troublesome" to them... never bounced a cheque or excessed my overdraft and all my mortgage payments have been on time etc..
In the good old days your bank was as good as the branch manager and his / her staff.. but now you are forced in the first instance to deal with a low level employee on line or at the branch, who has no authority to divert from what the book says... Branch Manager are now keep locked away in a back room, never to actually met with the "grubby customers" !!..

This is the norm now unfortunately- the average minion works off a tick list of things they must do to process the loan

scuba - 2021-01-13 14:21:00

This message was deleted.

andrew697 - 2021-01-13 14:48:00

redsparkles2 wrote:

My husband and I are due to sign mortgage papers Monday, if interest rates drop before then would we get it?tia

Be happy with what it is. We bought when they were over 20%

lythande1 - 2021-01-13 15:08:00

sooperdoopa wrote:

ANZ are no better. I'm looking to switch at the moment as their service has gone downhill in last 5 years and they don't offer incentives to stay like they used to.

ANZ started going downhill when the took over Postbank and continued after taking over The National Bank. Mucked me around when I refinanced to buy out the ex. A young work colleague was given the run around by them before Christmas when she was waiting to see if her mortgage application was approved. Made her wait right until the last minute. She was successful.

Edited by joanie04 at 3:32 pm, Wed 13 Jan

joanie04 - 2021-01-13 15:31:00

beansie3 wrote:

IF you rate lock

Yes, however you can't have Loan Docs without it

jeffqv - 2021-01-13 17:25:00

onl_148 wrote:

Gee.. I have been with Westpac for 40 years plus and I have not had any problems... but saying that I have not been "troublesome" to them... never bounced a cheque or excessed my overdraft and all my mortgage payments have been on time etc..
In the good old days your bank was as good as the branch manager and his / her staff.. but now you are forced in the first instance to deal with a low level employee on line or at the branch, who has no authority to divert from what the book says... Branch Manager are now keep locked away in a back room, never to actually met with the "grubby customers" !!..

Same here and when we had our business they were great and with staff at that time being rural, they knew how things worked for farming and contracting businesses. Things might have changed now but we found them much better than 'town' banks who had no idea how things worked in the country---told to me by a rural Bank Manager about their own town/city staff. When ANZ transferred all business accounts to Auckland we were just a number so went to Westpac where they got to know you personally. A few years ago now, luckily I don't need them much these days.

kacy5 - 2021-01-14 19:08:00