I have just paid a break fee to go from a fixed rate repayment to a one on floating interest rate.I had a talk to Westpac and clearly stated I also wanted to throw a lump sum payment onto my mortgage.
My account went onto floating interest rate as of today.However I am unable to make any lump sum payments using online banking.Maybe my thinking is wrong but isnt that the idea of moving onto floating rate?Seems like the only thing I can do is adjust my repayments amount.
If someone could explain it what going from a fixed rate to floating rate repayments is truly about.I dont think I was fully informed even though I state twice I also wanted to throw in a lump sum.
Cheers.

nesta129 - 2021-06-10 18:13:00

I’m with ANZ and had a floating rate and was able to put extra money in when ever I liked. Should be able to do that via internet banking. Id phone or email and the bank and ask why you can’t seem to put money through.

jojo76 - 2021-06-10 18:26:00

Is it because there is a limit to how much you can transfer via internet banking? ie nothing to do with your mortgage arrangements, but rather the daily limit set for your banking transactions?

cinderellagowns - 2021-06-10 18:34:00

cinderellagowns wrote:

Is it because there is a limit to how much you can transfer via internet banking? ie nothing to do with your mortgage arrangements, but rather the daily limit set for your banking transactions?

I am not sure but I have transferred big sums (like $20K) onto my mortgage before after it came off my fixed rate.Westpac online isnt allowing me to do that with my floating rate,it only allows me to do repayments up to $9999 each fortnight.Seems strange,I checked Consumer.org
"Floating-rate mortgages offer greater flexibility. If you come into some extra cash, such as an inheritance or work bonus, you can put it towards your mortgage without being stung by fees. "

I might call Westpac tomorrow and ask.The main thing I wanted to do was put the lump sum on the mortgage,the one thing they aren't allowing me to do.

nesta129 - 2021-06-10 18:40:00

If you are wanting to transfer more than $10k at any one time to your mortgage you will need to ring Westpac and get your daily limit increased for that day. Usually takes effect about 15minutes after you ring them.

kiwicarol - 2021-06-10 18:48:00

nesta129 wrote:

I have just paid a break fee to go from a fixed rate repayment to a one on floating interest rate.I had a talk to Westpac and clearly stated I also wanted to throw a lump sum payment onto my mortgage.
My account went onto floating interest rate as of today.However I am unable to make any lump sum payments using online banking.Maybe my thinking is wrong but isnt that the idea of moving onto floating rate?Seems like the only thing I can do is adjust my repayments amount.
If someone could explain it what going from a fixed rate to floating rate repayments is truly about.I dont think I was fully informed even though I state twice I also wanted to throw in a lump sum.
Cheers.

you can't do this by internet banking, you have to go into a branch, hurry because higher interest is accumulating.

gabbysnana - 2021-06-10 18:50:00

nesta129 wrote:

I am not sure but I have transferred big sums (like $20K) onto my mortgage before after it came off my fixed rate.Westpac online isnt allowing me to do that with my floating rate,it only allows me to do repayments up to $9999 each fortnight.Seems strange,I checked Consumer.org
"Floating-rate mortgages offer greater flexibility. If you come into some extra cash, such as an inheritance or work bonus, you can put it towards your mortgage without being stung by fees. "

I might call Westpac tomorrow and ask.The main thing I wanted to do was put the lump sum on the mortgage,the one thing they aren't allowing me to do.

Go to a branch, simple.

gabbysnana - 2021-06-10 18:51:00

kiwicarol wrote:

If you are wanting to transfer more than $10k at any one time to your mortgage you will need to ring Westpac and get your daily limit increased for that day. Usually takes effect about 15minutes after you ring them.

Has this been a recent change?As I have never had to do that when I put in lump sums previously (did one last year in August).And also,my online banking does not allow me to transfer any money at all into that mortgage account.Its almost as if the account is fixed but on floating.

nesta129 - 2021-06-10 18:52:00

gabbysnana wrote:

you can't do this by internet banking, you have to go into a branch, hurry because higher interest is accumulating.

I have only ever done lump sum payments by internet banking,never had to go into the branch.Maybe something has changed.

nesta129 - 2021-06-10 18:53:00

Maybe the behind the scenes stuff they do hasn't yet come through to show in your online accounts.I am assuming when you say you have just paid a break fee you mean in the last day or so. But as others have said check it out with your bank or ring the 0800# they are there until 8.00pm

kiwicarol - 2021-06-10 18:56:00

kiwicarol wrote:

Maybe the behind the scenes stuff they do hasn't yet come through to show in your online accounts.I am assuming when you say you have just paid a break fee you mean in the last day or so. But as others have said check it out with your bank or ring the 0800# they are there until 8.00pm

Yes the fee was paid yesterday and I was told my account would move to floating today.Just called them,the home loans team are closed at 6pm.I;ll call them tomorrow morning.I got a repayment going out tonight so I wanted to make sure I could do the lump sum payment first.I'll just adjust tonights repayment to $9999 and sort out the lump sum tomorrow.

nesta129 - 2021-06-10 19:05:00

in the good old days you would write a cheque and go to the chatty friendly teller and say you wanted to pay off part of the mortgage.

jethrocat - 2021-06-12 18:52:00

Perhaps it’s something to do with the new money laundering rules?
We’ve been with our bank since 1970 but nevertheless had to take our passports in before the 4th of June to prove we were us or they were going to prevent us from accessing our account...

lovelurking - 2021-06-12 19:19:00

nesta129 wrote:

I have only ever done lump sum payments by internet banking,never had to go into the branch.Maybe something has changed.

Something has changed, the Anti-Money Laundering regulations. We had a few over $100K transactions to do, we needed to talk to the bank and they only give approval for 24 hours at a time. Had to tell them where the money came from and who it was going to.

tony9 - 2021-06-12 19:45:00

You just need to let westpac know you want to make transfers to that account. A quick phone call is all that is needed.i think you can only show u to 6 transactional accounts online.
In the last year I have paid large lump sums off different parts of mortgage. no issue. Once account Ikept open so I can draw on it in an emergency but not paying mortgage on that one

fromnature - 2021-06-12 20:56:00

This message was deleted.

andrew697 - 2021-06-13 05:43:00

Westpac are making everything harder for their customers.
I have recently changed everything to ANZ who have been much easier to deal with.

traykuku - 2021-06-13 09:06:00

traykuku wrote:

Westpac are making everything harder for their customers.
I have recently changed everything to ANZ who have been much easier to deal with.

It's not just Westpac, it's all banks because of the new national and international money laundering counter actions. No more online mortgage approvals or increases either which we had done for years. You have to go into the bank with ID and proof of account even if you've been with the same bank for decades.

hers.nz - 2021-06-13 17:39:00

hers.nz wrote:

It's not just Westpac, it's all banks because of the new national and international money laundering counter actions. No more online mortgage approvals or increases either which we had done for years. You have to go into the bank with ID and proof of account even if you've been with the same bank for decades.

Does that apply for refixing? Or is it just approvals and increases?

joanie04 - 2021-06-13 20:12:00

joanie04 wrote:

Does that apply for refixing? Or is it just approvals and increases?

I can only speak for ANZ where I can refix our loans online & pay chunks off floating easily.
Getting your KiwiSaver out from ANZ has also been a lot easier thru ANZ.
Niece is still waiting for westpac to release hers for first home while her husband who is with ANZ got his months ago. Niece is still waiting.

traykuku - 2021-06-14 08:47:00

I did call Westpac and thankfully the lady who helped me EXPLAINED everything.The previous person who had "helped" me before,did not.She mis-informed me on a few things,including that Westpac charges interest on the loan limit instead of whats owing etc etc and if I broke the mortgage contract and re-applied,Westpac might not accept my application for the home loan.I felt something was suspect,so did the finance manager at work.
Anyway she also did not give me access to my mortgage account to do lump sum payments despite me informing her of my plans.
So all it took was one click and I could do lump sum payments.

nesta129 - 2021-06-15 19:07:00

traykuku wrote:

I can only speak for ANZ where I can refix our loans online & pay chunks off floating easily.
Getting your KiwiSaver out from ANZ has also been a lot easier thru ANZ.
Niece is still waiting for westpac to release hers for first home while her husband who is with ANZ got his months ago. Niece is still waiting.

I am with ANZ by default, ex National Bank client.

The Kiwisaver thing is not only Westpac I think it is other providers as well. When we sold Mum and Dad's house part of the hold up was the new purchasers getting access to their Kiwisaver. This was also confirmed by one of the people at the local real estate agents.

joanie04 - 2021-06-15 19:29:00