Thread: Cancelled our foxtel today

I have a small amount on term deposit with our bank. When it is time to renew they ring me and offer a higher interest rate than the one they advertise. I could renew on line myself but at the reduced rate. Jim

Originally Posted by vnx205

In that case, that is further evidence that banks are ripping us off. I have two examples of banks suddenly being able to offer a better deal when they were trying to avoid losing a customer.

Back when I was paying about 18% on my bank home loan, I was really struggling and was living from hand to mouth. On several occasions I was a few dollars overdrawn and was hit with outrageous fees. When I rang the bank to tell them I had transferred my home loan to my credit union, they asked why I was leaving them. When I said it was because of the penalty fees they kept imposing they said that they could probably come to some arrangement about those fees. So why did they need to impose them in the first place?

I met someone who was really struggling with quite high interest rates on some sort of business loan. After a few years during which time his wife and he used to pack shelves at night in the local supermarket to keep their heads above water, he found a way of transferring the loan to a local building society with a much lower interest rate.

When he told the bank, they asked what interest rate he would be paying the building society, so he told them the new rate. The bank's response was, "We could match that."

i hear you - we took out loans with westpac when we had our business, made sense at the time to have commercial loans for house as well, business went to the crapper couple years ago, we devise an exit strategy, i get a good paying job and we go to the bank to restructure loans. They say thank you for coming to us, as you are now considered a risk we are withdrawing our discount rate offer, we have no interest in restructuring your loans but are happy to leave the current facilities with you..

HERES THE THING!! - we are paying 2.25 to 2.75% above market rates, have been for 2 years now, never missed a payment but cannot refinance because our LVR is outside the 80% and 70% by about 40,000$. we can't save the difference because the WESTPAC bank is happy to take an additional $30,000 per annum in interest from us.

I hate WESTPAC more than the adds in PayTV lol...

Originally Posted by vnx205

In that case, that is further evidence that banks are ripping us off.

Ah yes, the only growth industry in Australia right now - counting profits not people of course

Originally Posted by James P B

I hate WESTPAC more than the adds in PayTV lol...

I hated them too. Until I voted with my feet