Home Loan Interest rate

[ToxicBunny]

Do they adjust the rate if you leave?

As far as I know from my mate who used to work at a bank, yeah they do, more often than not. Sometimes its slips through the cracks though.

 

[DominionZA]

As far as I know from my mate who used to work at a bank, yeah they do, more often than not. Sometimes its slips through the cracks though.

My wife better not leave then. At least not for 14 years or so

 

[reactor_sa]

Do they adjust the rate if you leave?

It's worse than that, they can actually back charge the saving if they wanted to as well. At least that is according to the contract a had for vehicle finance back in 2007. Never heard of it actually happening to anyone though.

 

[blunt]

I pay a flat 6%

/Whispers... Perk cause wifey works at the bank.

lucky.

 

[xrapidx]

It's worse than that, they can actually back charge the saving if they wanted to as well. At least that is according to the contract a had for vehicle finance back in 2007. Never heard of it actually happening to anyone though.

Can't imagine that flying in court. You could bankrupt someone.

Imagine you're in year 19, and suddenly you have to back-pay 2% interest over the 19 years.

 

[reactor_sa]

Can't imagine that flying in court. You could bankrupt someone.

Imagine you're in year 19, and suddenly you have to back-pay 2% interest over the 19 years.

I don't know, it was only on a car finance agreement which, being 20+ pages long, I didn't read comprehensively. As for my bond well that was worse, maybe twice or more as many pages, I didn't really read any of that. I doubt any bank has done this anyway.

 

[Goliath]

Got 8.9% over 30 years, first time buyer, 15% deposit eeek but overall happy,best of the 3 offers i got.

 

[Zak87]

1st time buyer, got 8% (prime less 1) with Investec with an 18% deposit this year

 

[Suspect99]

First time buyer got. 8.5% with 5% deposit

 

[SauRoNZA]

Got 8.9% over 30 years, first time buyer, 15% deposit eeek but overall happy,best of the 3 offers i got.

30 years...ouch.

I hope you don't plan to pay for that long.

 

[Goliath]

30 years...ouch.

I hope you don't plan to pay for that long.

Nope,much earlier than that,term helps cashflow for now and no early penalties for settling bond earlier if i give the required notice