Browse Forums General Discussion Re: Signing my mortgage docs tonight 5Aug 05, 2009 2:16 pm exit fees, redraw fees, early payout fees, switching loan product fee(same bank), Nup brain has gone for a walk somewhere today Onc_Artisan Where you are coming from is where you are going to... Re: Signing my mortgage docs tonight 6Aug 06, 2009 10:42 am [quote="jcjuice"]well for instance our bank had a hidden fee that we get whacked every time we make a progress payment ($80 a pop). 5 progress payments at $80 is an unexpected $400..... /quote] It's funny that it was a hidden fee? I was a lending Mgr with Westpac for almost 5yrs. Every fee is spelt out in great detail in your Terms and Conditions booklet. When I did a sign up I always went through each and every fee - whether it was a definite fee - like a prog drw fee - or a possible fee - like a discharge mortgage fee (which is only paid when the loan is either refinanced to another bank or paid out in full and you want to take the deeds home). Under the Banking Code every fee has to be explained in your Terms and Conditions - did this not happen? Some things are worth waiting for. Re: Signing my mortgage docs tonight 7Aug 06, 2009 12:59 pm kyton jcjuice well for instance our bank had a hidden fee that we get whacked every time we make a progress payment ($80 a pop). 5 progress payments at $80 is an unexpected $400..... /quote] It's funny that it was a hidden fee? I was a lending Mgr with Westpac for almost 5yrs. Every fee is spelt out in great detail in your Terms and Conditions booklet. When I did a sign up I always went through each and every fee - whether it was a definite fee - like a prog drw fee - or a possible fee - like a discharge mortgage fee (which is only paid when the loan is either refinanced to another bank or paid out in full and you want to take the deeds home). Under the Banking Code every fee has to be explained in your Terms and Conditions - did this not happen? it was in our contract of course (in small text hidden away) but our bank manager failed to mention that this fee was payable during our discussions with him prior to us signing up. I know, I should've checked the fine print before signing - but I assumed that we had been told (as is the banks legal responsibility) all of the fees that were applicable... Re: Signing my mortgage docs tonight 8Aug 06, 2009 2:19 pm From my memory of the credit code they only have to provide you with a list of fees and charges - they don't physically have to read you all of them. As I said I used to only because I didn't want someone to ever come back and say "You never said ..........". Even still do this in our own business now - the customer gets read the contract in full - whether they want to or not. The onus is always on the customer - you should never ever ever sign a contract that you haven't read through thoroughly. Even if it means you take it away and sign it another day. I still have our building contract beside my computer and in my carry bag every day - plus read through it at least once every couple of weeks - and we signed it last October. Just so I am always forewarned should something happen with the builder. Some things are worth waiting for. Re: Signing my mortgage docs tonight 9Aug 06, 2009 2:27 pm well that's all good and well, but asfai it is illegal to NOT disclose all fees in the situation I am talking about. That is why my bank manager is so vehemently telling me that he did tell me about it. If it didn't matter, he'd just say, "Too bad, it's in your contract - it doesn't matter if I told you or not".... Re: Signing my mortgage docs tonight 10Aug 06, 2009 2:36 pm Well I will agree to disagree with you on the legality / illegality. As I said from my training it was only law to provide it in written format. We had to do formal training every couple of months that was independant of the institution you were employed by. But if you can confirm that it was illegal then you have a case to either take to your lending institute's Complaint Handling centre or alternatively you can always phone the Banking Ombudsman (although I think you have to approach your Bank first for any dispute resolution prior to this). You would then be able to claim back any undue fees. Some things are worth waiting for. Re: Signing my mortgage docs tonight 11Aug 06, 2009 3:21 pm You are signing up for a 20+ (usually) year mortgage...why anyone would put the onus on someone they've met for probably 5 minutes total to accept responsibility to disclose any or all fees, payments, penalties, etc is beyond me. This is probably (one of) the most important documents in your life. Funny how some people can, off the top of their head, recite a movie line or a song verbatim, yet wouldnt have a clue about their home loan paperwork. Take a day off work....take two days! Read it and re-read it 10 times! At least at a minimum know what you're signing up for! Re: Signing my mortgage docs tonight 12Aug 06, 2009 3:22 pm lol.. well ok mr. lawyer. How about I say that I'm just a dumb *** consumer and I should have known better and it's my own fault that there was a fee I didn't know about... Is that better? Re: Signing my mortgage docs tonight 13Aug 06, 2009 3:27 pm I was more nervous about signing my home loan than the paper work on the day I got married... in fact I sort of forgot how to sign my signiture for my homeloan... I had to practise 10 times on a peice of paper before I got it right again. I read my contract multiple times until I understood it. Re: Signing my mortgage docs tonight 14Aug 06, 2009 3:52 pm Rather than counting on someone telling me, or of myself finding it in the small print, I make a point of asking: are there any other fees? or So the only fee is for doing x? and making notes at the application interview. We are with a credit union and I must say credit unions are much more reasonable than banks with fees or lack thereof - we have no account keeping fees, loan service fees, direct debit or Bpay fees or any of that, no charge to pay out loan or make extra payments and a small $15 fee for redrawals - I think this is reasonable, just enough to make you think twice about redrawing and only doing it when you really need to. Re: Signing my mortgage docs tonight 15Aug 06, 2009 4:16 pm jcjuice well for instance our bank had a hidden fee that we get whacked every time we make a progress payment ($80 a pop). 5 progress payments at $80 is an unexpected $400..... We are the same we are about to sign our papers but as we read the contract all these fees are listed. $600 Establishment Fee $50 per progress payment $350 for refinacing our current loan on the land to create a building loan. LMI $814 Doesn't seem to have as many fees for this loan as what we did for our first loan when we brought the land. But then they have put all these other fees on there just incase we use them such as the fee for bank cheques etc. |