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  1. #51
    Join Date
    Jan 2004
    Location
    Whangarei
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    5,867

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    Quote Originally Posted by PhiCapital View Post
    Generally loans can float or be fixed, or a mixture of both, within a defined facility term. Interest only loans are viewed slightly differently and it may be that some form of request for an extension of the I/O period would be required, but that wouldn't be an application for a continuation of the facility itself, just the I/O structure.
    Not with Westpac. I've been told I need to fill in the full application form again to go on interest only again.

  2. #52
    Join Date
    Nov 2008
    Location
    Karratha WA
    Posts
    1,444

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    Quote Originally Posted by drelly View Post
    Not with Westpac. I've been told I need to fill in the full application form again to go on interest only again.
    Glad I'm not with them - not sure I'd qualify now .

    How about calling again and telling them that is crazy and other banks don't require it. I was told I'd have to sign an extention - not an application though - (which means I would have to hassle my trustee again) but I moaned & complained & snarled a bit and I said the other bank didn't require it. I got a call back in 5 mins saying it was all done, no paperwork!
    Last edited by Tan; 03-08-2011 at 09:34 AM.

  3. #53
    Join Date
    Nov 2007
    Location
    north shore
    Posts
    377

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    Hi Drelly, I have 5 mortgages with Westpac, three are on fixed rates of which two of them are interest only at the moment. When they come off the fixed rate term they just go on normal unless I change them back to interest only, three of the mortgages we have had for nearly 10 years, I have never had to fill out another application form to go back on interest only, I just ring them up, they get the forms ready and we go in and sign. Do you have a personal banker with Westpac?

  4. #54
    Join Date
    Jan 2004
    Location
    Whangarei
    Posts
    5,867

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    Quote Originally Posted by north shore View Post
    Do you have a personal banker with Westpac?
    Yes I do... maybe I'll press a little harder.

  5. #55
    Join Date
    Aug 2010
    Posts
    358

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    I am constantly amazed by the so called economists who keep giving conflicting views on a daily basis.
    The main stream banks main interest is to generate revenue, Fixed Interest rates are money in the bag for them so they have a vested interest (excuse the pun here) in them.
    As for predicting Interest rates judging that almost all economists mainstream banks and non banks alike all have being wrong since the last developments since Friday. And who didn't see that coming?

  6. #56
    Join Date
    Nov 2009
    Location
    North Shore Auckland
    Posts
    565

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    Quote Originally Posted by Tan View Post
    There is no such thing as fixed interest only. As explained above, if your interest only term is 2 years, your 3 year fixed interest mortgage will suddenly start charging principal as well 1/8/13.

    So will your other bits of mortgage, be they on floating or fixed at the time.

    Ask the bank when your interest only period finishes and diarise to renew prior.
    Been to the bank to sign the docs.....and re-checked the terms etc.

    It's fixed, interest only, and at the expiration will go back to an interest only floating rate loan, OR I can refix for a further period, i.e interest only for x years.

    Who do you bank with to make you think what you do?

  7. #57
    Join Date
    May 2007
    Location
    Chch
    Posts
    773

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    Quote Originally Posted by Ahar View Post
    It's fixed, interest only, and at the expiration will go back to an interest only floating rate loan, OR I can refix for a further period, i.e interest only for x years.

    Who do you bank with to make you think what you do?
    I'll back Tan. We have loans with ANZ, NAT and ASB which all work the way his do.

    On the other hand, if we had a very long interest-only period agreed at the start, then ours would also effectively work the way yours do. Except that fixing in the bit I've bolded above would surely imply the interest rate was fixed, rather than the IO aspect.

  8. #58
    Join Date
    Jun 2005
    Location
    Mt Maunganui, NEW ZEALAND
    Posts
    1,463

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    Hey Drelly,

    I have multiple mortgages with Westpac and have been on IO for a few years now. My personal manager calls me whenever the IO period is coming to an end and he sends me the Docs to sign re. my wishing to remain on IO for another defined period. There has never been any drama about reapplying for the loan amounts as such.

    Tell him/her that they can keep their wooly blindfold…

  9. #59
    Join Date
    May 2008
    Location
    Torbay, Auckland
    Posts
    3,868

    Default

    Quote Originally Posted by Marcus View Post
    Hey Drelly,

    I have multiple mortgages with Westpac and have been on IO for a few years now. My personal manager calls me whenever the IO period is coming to an end and he sends me the Docs to sign re. my wishing to remain on IO for another defined period. There has never been any drama about reapplying for the loan amounts as such.

    Tell him/her that they can keep their wooly blindfold…
    Drelly is up north, they are a bit how do I say it...... the opposite of forward .... get an auckland banker Drelly.

  10. #60
    Join Date
    Jun 2005
    Location
    Mt Maunganui, NEW ZEALAND
    Posts
    1,463

    Default

    Quote Originally Posted by Bluekiwi View Post
    Drelly is up north, they are a bit how do I say it...... the opposite of forward .... get an auckland banker Drelly.
    Ah that explains it!

    I wonder who owns the pub up there these days?...


 

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