A question for those with ING home loans

[Footy Chick]

Has anyone received any notification of any rate drop and new repayment amount since rates started dropping?

I've received nothing so for all I know they haven't reduced rates at all, and everytime I ring them I'm assured that notification is being sent in the mail in the next week but without telling me what my current rate and repayment is...

Me smells a rat

[JAS]

Have you had a look at their website...might be some info there.

When my building society went t*ts up I got a letter within a week to assure me my savings were safe but never got a thing about my mortgage...had to get the info myself from their website and the Treasuries site.

Regards
JAS

[Dutchy]

Most banks will adjust rates but not adjust repayments until the annual review (at date of original drawdown)

Cant speak for ING but thats what most do

[godoubleblues]

I am with ANZ at the moment and I have been receiving a letter informing me of a rate drop about 3 to 4 weeks after the reserve banks decision, then this rate drop takes effect the end of the next month
admittedly they are a bit slower with their letters advising of a rate drop then they are with their letters advising of a rate rise

[Pseudo]

Has anyone received any notification of any rate drop and new repayment amount since rates started dropping?

I've received nothing so for all I know they haven't reduced rates at all, and everytime I ring them I'm assured that notification is being sent in the mail in the next week but without telling me what my current rate and repayment is...

Me smells a rat

Yes. I got a letter from ING within the last few days, advising of the 2 most recent rate cuts and the days they came into effect.

I bet yours comes in the next post.

Anyhoo you can determine your current interest rate from looking at your repayment scehdule on their web-banking interface, IIRC. On top of that, they advertise any upcoming interest rate cuts on the "news" section of their homepage.

[Hondo]

They leave the repayment as it is if it's higher than your new minimum payment (which it will be). Well, our bank does anyway. So I've had to ring up each time to get our payment reduced. When they go up they automatically increase your repayment at the time.

And the effective date for the rate cut has always seemed pretty close to their public announcement.

They reckon another 1.5% will come off by next April. My tip is don't reduce your minimum payment as far as it can go unless you really have to. Then when they start to rise again as they inevitably will then you won't have to re-adjust your spending habits. In the meantime you've got rid of some extra principal by effectively making extra repayments.

If you've fixed a rate well you're a bit stuck but what goes around comes around you could be laughing again in a couple of years.

[JK]

If you've fixed a rate well you're a bit stuck but what goes around comes around you could be laughing again in a couple of years.

LOL or come back out to an even higher variable, I hate me sometimes!!

[Dutchy]

They leave the repayment as it is if it's higher than your new minimum payment (which it will be). Well, our bank does anyway. So I've had to ring up each time to get our payment reduced. When they go up they automatically increase your repayment at the time.

interesting.....at one bank they will only increase or decrease at the annual review of the Home Loan, unless customer requests otherwise, no matter whether rates go up or down.

Know a few people who locked in in the high 8%'s, shouldnt have hit the panic button, they are now crying and blaming the banks!

[mighty_tiger_79]

They leave the repayment as it is if it's higher than your new minimum payment (which it will be). Well, our bank does anyway. So I've had to ring up each time to get our payment reduced. When they go up they automatically increase your repayment at the time.

interesting.....at one bank they will only increase or decrease at the annual review of the Home Loan, unless customer requests otherwise, no matter whether rates go up or down.

Know a few people who locked in in the high 8%'s, shouldnt have hit the panic button, they are now crying and blaming the banks!

saw on ACA people complaining and whinging about it all.

im not sure that most people would have predicted the market to crash like it has

[Punk Rooster]

They leave the repayment as it is if it's higher than your new minimum payment (which it will be). Well, our bank does anyway. So I've had to ring up each time to get our payment reduced. When they go up they automatically increase your repayment at the time.

interesting.....at one bank they will only increase or decrease at the annual review of the Home Loan, unless customer requests otherwise, no matter whether rates go up or down.

Know a few people who locked in in the high 8%'s, shouldnt have hit the panic button, they are now crying and blaming the banks!

they should be blaming themselves!
Accept reponsibilty for your own actions people...

[Booney]

We have been or variable for nearly 2 years and yes it has hurt us for the last 6 months but we are now comfortable in our current repayment levels and with rates continuing to drop we can afford to keep paying the amount we are now.

Little hurt now for alot of gain later...

FC,what you will find is the bank wont automatically drop your repayments for you. Call centres are too generic for mine so when I really want to do business with the bank I go to my branch and see my manager. He might see my $$ amounts as trivial but hey,I help pay his wage and he can do waht he is paid to do,help me.

[JK]

They leave the repayment as it is if it's higher than your new minimum payment (which it will be). Well, our bank does anyway. So I've had to ring up each time to get our payment reduced. When they go up they automatically increase your repayment at the time.

interesting.....at one bank they will only increase or decrease at the annual review of the Home Loan, unless customer requests otherwise, no matter whether rates go up or down.

Know a few people who locked in in the high 8%'s, shouldnt have hit the panic button, they are now crying and blaming the banks!

they should be blaming themselves!
Accept reponsibilty for your own actions people...

I've missed seeing/hearing people get dirty on the banks for their choice to lock into Fixed rate, but agree wholeheartedly with your last statement there Punk.

I did what I thought was reasonable research, but Im no expert and certainly had no idea the rates were going to plummet in the manner they have, so I locked into a rate that I knew I could comfortably afford ... So whilst it would be nice to take advantage of the current rates, it's not all doom and gloom because I can sleep comfortably at night knowing exactly what my repayment amount is and that I can meet it (even with the knowledge we'll shortly be dropping down to one income).

Swings and roundabouts I guess, I've been better off previously for fixing and this time I missed the boat, but hopefully next time I'll land in it (the boat, not the shite) lol.

Either way, at the end of the day the choice was mine and that's where the buck stops.

[Dutchy]

If only everyone had the same attitude CP....well done

Would have the same people allowed the bank to cancel their H/Loan if rates went to 11%? seriously the way some talk you would have thought the bank forced them to do what they did!!!

and who knows where we might be in 12 months time, it might look like a good rate again

[Ian]

I'm with St George and got a letter 2-4 weeks after each official rate drop, some giving me a later date that my rate will drop, some telling me my rate has already dropped.

[mick]

Whats a home loan? seriously I locked in a loan on an investment property once back in the 90s a couple of months later rated started dropping, got out of the fixed, but had to pay a hefty penalty, fortunately because the loan was for investment the penalty was tax deductable. Late last year it was time to renegotiate my invest loans, the ANZ tried to "encourage" me to go to a fixed loan, lucky I didn't. Unless you can always get the timing right I think you'll generally pay less with variable rates, but it is a matter of holding your nerve!

[Dirko]

Yep I fixed for three years which expires in a month and a bit. Fixed at 6.8 % or something, so I'll be apples !!

[Dutchy]

the ANZ tried to "encourage" me to go to a fixed loan, lucky I didn't.

they arent allowed to do that

[mick]

the ANZ tried to "encourage" me to go to a fixed loan, lucky I didn't.

they arent allowed to do that

To be fair they said the fixed rates were going up in a few days time and I could take advantage of the lower rate if I locked in immediately

[Dutchy]

the ANZ tried to "encourage" me to go to a fixed loan, lucky I didn't.

they arent allowed to do that

To be fair they said the fixed rates were going up in a few days time and I could take advantage of the lower rate if I locked in immediately

ashh Ok thats a bit different

[fester69]

Home loans are a stupid idea, switch to a line of credit and you'll own your home in 7 - 8 years, usually earlier. Do your research and you'll find I'm right.