Browse Forums Home Finance 1 Feb 04, 2009 3:52 pm I put in the amount of the loan the interest rate and the length and the amount it gives me is $200 less than the amount the bank says I am required to pay each month.
Why would this be?? I have a standard variable loan with no on going fees?? Re: Why does the mortgage calc give a different repayment amount 2Feb 04, 2009 7:10 pm Re length, did you use the full loan term (eg 25 years) or the remaining loan term? Post your interest rate, remaining term, and frequency of payments and I or someone can verify it for you.
Chris Re: Why does the mortgage calc give a different repayment amount 3Feb 04, 2009 8:19 pm I called the NAB and asked apparently every time the rate drops you have to ask for a review or you keep paying the higher amount. I have been paying $200 more than nessacery. Good to know that will that review and the one after this rate cut we will be better off by about $500 a month.
How stupid is having to ask for a review!!!! Re: Why does the mortgage calc give a different repayment amount 4Feb 08, 2009 9:12 am Yes both NAB and ANZ require you to call them to reduce the repayments when the interest rate drops.
Don't worry, the payments may not have reduced on their own but the interest charged to you would have dropped. In other words they didn't rip you off, you were just paying off the loan a little faster than before. If you can afford to keep paying the old payments then by all means do so. Making additional repayments is one of the best ways to save money on your loan. Re: Why does the mortgage calc give a different repayment amount 5Feb 08, 2009 4:53 pm I think this is normal - our credit union does it too - they don't call it a review but the onus is on the customer to change their payments if they want to - when interest rates change, we get a letter saying As of x date, your new minimum repayment will be x.
It is then up to us to change our payments if we need to pay more to meet the new minimum (if interest rates went up) or reduce if we want to pocket the difference if interest rates went down. In fact we have always paid more than the minimum so have never changed our repayment (unless by choice when we get a payrise and want to pay extra) so its simply a matter of the amount comeing off the principle each month that changes. Re: Why does the mortgage calc give a different repayment amount 6Feb 09, 2009 8:16 am Helyn I think this is normal - our credit union does it too - they don't call it a review but the onus is on the customer to change their payments if they want to - when interest rates change, we get a letter saying As of x date, your new minimum repayment will be x. It is then up to us to change our payments if we need to pay more to meet the new minimum (if interest rates went up) or reduce if we want to pocket the difference if interest rates went down. In fact we have always paid more than the minimum so have never changed our repayment (unless by choice when we get a payrise and want to pay extra) so its simply a matter of the amount comeing off the principle each month that changes. Most lenders will automattically adjust your payments downward when rates fall. It is just these few exceptions. When rates rise and the minimum payment increases then the bank will automattically increase your repayments unless you are already paying more than the new minimum (as in your situation) in which case there will be no change. 10 3825 yep you need a joint, foam is easiest, will look fine once rendered with a joint. 2 5245 Hi, have purchased a house with 2 single garage doors. The Centre pillar one side sits proud to the other. Can I change 2 doors into one. Please see picture. 0 6357 |