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Since the 6/12/2016 RAMS have increased the line of credit…

Customer Question
Since the 6/12/2016 RAMS...

Since the 6/12/2016 RAMS have increased the line of credit on my loan four times from 4.3% to 5.39% and my mortgage from 4.3% to 4.96% all under the excuse of the APRA recommendations. There has been no RBA rate increases in this time. Is there anything that can be done about this? Regards

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Bernard Venables

Lawyer's Assistant: Has anything been filed or reported?

Queensland

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No, it just seems the "big four" can do what they like!

Submitted: 11 months ago.Category: Australia Law
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Answered in 5 minutes by:
7/29/2017
Solicitor: Leon, Solicitor replied 11 months ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 46,712
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Hi, I am Leon, a NSW Solicitor. I will be assisting you with your question. If you choose a telephone call, you will be charged an additional fee.

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Solicitor: Leon, Solicitor replied 11 months ago

Good Afternoon

The banks, unfortunately, are not bound to only increase the loan rates by the RBA increases. In the agreement you signed it is clear that they can increase the rates at their discretion.

The only thing you can do is find a better deal and then approach them and advise if they donot reduce the rate you are moving.

They are more than willing to reduce the rate than have you leave provided you have always paid the repayments on time and have not been late.

They do not like losing their good customers.

You are right when you say the bog 4 can do what they like and when you have alleged independent lenders such as rams owned by westpac and aussie home loans by the CBA you wonder how independent they really are.

Your only option it is to look elsewhere and threaten to walk.

I am sorry I cannot give you anything more positive.

I hope this makes sense and is of assistance. If you wish a phone call please elect for one but be aware it will be an additional fee. If there is nothing further thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards
Leon

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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