Browse Forums Home Finance 1 Oct 29, 2009 4:38 pm I had 2 investment loans with Adelaide Bank, now Bendigo Bank. One variable rate and one fixed rate. Now when I want to move to Westpac who offers me much better rate, I was told that my variable rate loan also attracts a penalty of $1200 (which they called Deffer establishment fee) to get out! The reason, my loan was set up less than 4years. I just could not believe it given that I paid all setup fees and charges when I signed the contract. I wonder has anyone experience the same issue. Anyway, I would like to warn people to be aware of this if you are thinking of having a variable loan with Adelaide Bank OR Bendigo Bank. Read the 'freaking' fine print very carefully. Re: Read the fine print before signing home loan contracts 3Oct 30, 2009 9:27 pm Yes link, make sure you know what the deferred establisment fee for the new Westpac loan is as well. Re: Read the fine print before signing home loan contracts 4Nov 01, 2009 4:17 pm I dunno, maybe it's just me. I thought it was standard practice, common sense if you will, to read the fine print for any contract, especially for one that is for such a large sum of money. Re: Read the fine print before signing home loan contracts 5Nov 01, 2009 4:59 pm Dont all banks do these type of breaking fees? We just refinanced not long ago and had to pay a deferred establishment fee for breaking early, but I was well aware of this and happy to pay it to get away from them. Caz & Co ALL MOVED IN!! Now comes all the hard work-decorating.... [b]Blog: http://cazoraz.blogspot.com/ Settling in Thread: viewtopic.php?f=31&t=36993 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19091 MBA and HIA both have sub contract agreements, check them out 2 7312 Industry type domestic contracts are prepared by industry bodies for the benefit of the builders. This means that if you are the owner watch out. One of the points is… 0 3225 |