Hello Guys,
Here is our story ... we did settlement in Q1 2014 and got loan from AMP
(450k for 3 Year Fixed Rate Loan - P&I and 180k in variable rate)
Now, looking at the loan documents (Pre-approval letter and all docs from FMS which we received) I noticed the interest rate was changed a lot for our 450k for 3 Year Fixed Rate Loan - P&I whereas no change in variable part.
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Early Oct 2013 : Mortgage broker gave us loan proposal showing interest rate for 450k for 3 Year Fixed Rate Loan - P&I will be 4.79%
End Oct 2013 : Pre-approval letter shows same interest rate of 4.79%
End Nov 2013 : Copy of Loan Details from FMS shows interest rate of 4.89%
End Dec 2013 : Copy of Loan Details from FMS shows interest rate of 4.89%
Settlement time (Q1 2014) : We were given interest rate of 4.99% and been paying as per 4.99% now.
=====
I noticed that jump of 4.79% to 4.89% in Dec 2013 and I asked that Q to our mortgage broker and this was his response :
======
The fixed rates have changed a bit couple of weeks ago where almost every lender moved up the rates a little bit. The current rate with AMP is 4.89% but the fixed rate always applies on the date of settlement. We can lock in today?s rate but it comes at a cost . I will check with AMP but I believe it is 0.15% of the loans amount.
========
He didn't get back to us on it and we didn't follow upon that later either
So wife and I am wondering :
(1) Is this type of scenario very common with the bank? OR
we have been fooled by AMP and/or mortgage broker?
(2) If someone (who also has loan with AMP or any helpful mortgage broker here in this forum) can please check if AMP did really increased the interest rate during the above timeline OR was it by mistake (which can be corrected now) ?
Thanks
Anna and Glen
Here is our story ... we did settlement in Q1 2014 and got loan from AMP
(450k for 3 Year Fixed Rate Loan - P&I and 180k in variable rate)
Now, looking at the loan documents (Pre-approval letter and all docs from FMS which we received) I noticed the interest rate was changed a lot for our 450k for 3 Year Fixed Rate Loan - P&I whereas no change in variable part.
=====
Early Oct 2013 : Mortgage broker gave us loan proposal showing interest rate for 450k for 3 Year Fixed Rate Loan - P&I will be 4.79%
End Oct 2013 : Pre-approval letter shows same interest rate of 4.79%
End Nov 2013 : Copy of Loan Details from FMS shows interest rate of 4.89%
End Dec 2013 : Copy of Loan Details from FMS shows interest rate of 4.89%
Settlement time (Q1 2014) : We were given interest rate of 4.99% and been paying as per 4.99% now.
=====
I noticed that jump of 4.79% to 4.89% in Dec 2013 and I asked that Q to our mortgage broker and this was his response :
======
The fixed rates have changed a bit couple of weeks ago where almost every lender moved up the rates a little bit. The current rate with AMP is 4.89% but the fixed rate always applies on the date of settlement. We can lock in today?s rate but it comes at a cost . I will check with AMP but I believe it is 0.15% of the loans amount.
========
He didn't get back to us on it and we didn't follow upon that later either
So wife and I am wondering :
(1) Is this type of scenario very common with the bank? OR
we have been fooled by AMP and/or mortgage broker?
(2) If someone (who also has loan with AMP or any helpful mortgage broker here in this forum) can please check if AMP did really increased the interest rate during the above timeline OR was it by mistake (which can be corrected now) ?
Thanks
Anna and Glen