Hi everyone,
I refinanced from Westpac to Bankwest in July for 3 years fixed rate, the rate on the contract signed was 3.78%. The home loan was settled at the beginning of August. A few weeks after the settlement, I found out that the rate has been increased to 3.98%.
I spoke to Bankwest's customer service and complaint officer and they said that I signed up to a disclaimer that the rate could change anytime between signing the contract and the settlement date. I understand that they can change the rate but I need to be informed of the rate change before entering into the final contract? No one at Bankwest has told me about this.
What should I do now?
Thanks,
Patrick
This is common, unfortunately.
You only lock in the interest rate on settlement, basically.
If the interest rate had dropped .2% (rather than rise) you would be angry if they locked you into the higher rate.