Westpac/St George - Do You Think I Can Get out of a Home Loan Because They're Unethical/Criminal?

sandman87 on 27/11/2019 - 08:11

After hearing news that AUSTRAC found that Westpac had been facilitating the laundering of money for both terrorism as well as allowing money from a convicted pedophile to be transfered to the Philippines, I thought to myself that I don't really want the interest and fees I pay to St George (a subsidiary of Westpac) going towards such behaviour or supporting an organisation which seems to have no ethics.

Now I know that most banks are involved in questionable practices/investments, but what do you think the chances are of getting out of a fixed mortgage with St George to take my business elsewhere? Has anyone left a bank because of ethical reasons, and what was your experience?

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Comments

  • John Kimble on 27/11/2019 - 08:12
    +11

    Infinitesimal

  • iforgotmysocks on 27/11/2019 - 08:13
    +26

    What did St George say when you asked them?

    • GoldenDragon888 on 27/11/2019 - 12:57
      +11

      I think we all should know the answer by now.

      At my work place it’s been adopted into official policy that when a client has a query we respond with “Have you asked OzBargain?”
      They usually just give an embarrassed chuffle and say “Sorry I haven’t. I’ll do that now.”

  • bloom on 27/11/2019 - 08:22
    +2

    What's your fixed rate?

  • lunchbox99 on 27/11/2019 - 08:36
    +8

    If you can leave your ethical objection (if real) will not negate the requirement to pay whatever breakage fees are required in the terms of your contract.

  • 69 dollar dealz on 27/11/2019 - 08:38
    +1

    Look at your loan agreement, that is the entirety of the agreement between you and the bank, has Westpac breached any conditions?

  • dust on 27/11/2019 - 08:40
    +2

    In short, no.

  • mick123 on 27/11/2019 - 08:43
    +53

    opportunism veiled as virtue…

    • mini2 on 27/11/2019 - 08:58
      +1

      Yeah and I thought there's no such thing as a dumb question…

    • tsunamisurfer on 27/11/2019 - 11:39

      It's barely thinly veiled.

  • Typical16-bitEnjoyer on 27/11/2019 - 08:49
    +24

    Short answer, no.

    Long answer, definitely no.

  • Seraphin7 on 27/11/2019 - 08:59
    +1

    No. /thread

  • Skramit on 27/11/2019 - 09:01
    +3

    shakes magic 8 ball

    The future is unknown

  • pyramid on 27/11/2019 - 09:02
    +4

    Who is ethical?

    • So lo on 28/11/2019 - 09:29

      Lets not forget its a publicly traded company… there isn't even a real "who"

      As far as I understand it…
      CEO exists solely to increase share price.
      BOD exists solely to choose a CEO to increase share price.

      What and why is ethical? Zoolander face

  • Duram on 27/11/2019 - 09:10
    +1

    The borrower is slave to the lender. Until you break those shackles, they are free to do whatever they like with 'your' money.

    • ribbonsofnight on 28/11/2019 - 18:19
      +1

      I think you're a bit confused with who has whose money

  • FareEvader on 27/11/2019 - 09:39

    You're not obligated to stay with your bank for the entire loan term, you can always refinance with another bank and pay any exit fees.

    When you say you have a "fixed mortgage", it doesn't mean that you are fixed to the bank/, it means you have a loan product where the interest rate remains the same through the term of the loan as opposed to an "adjustable/variable mortgage" product where the interest rate may change.

    -Former lender, current banker.

  • Baysew on 27/11/2019 - 09:44
    +3

    Yes you can leave, but are you prepared to pay break fees etc?

  • HighAndDry on 27/11/2019 - 10:13

    Hahahahaha.

  • [Deactivated] on 27/11/2019 - 10:20
    +5

    Face it. You wanted to break your fixed mortgage anyhow.

  • Bluberry on 27/11/2019 - 10:20

    Lol

  • Bargain80 on 27/11/2019 - 10:33

    which major bank that is ethical?
    they all have only one goal in mind.
    Profit.

  • elgrande on 27/11/2019 - 10:45
    +3

    Sounds like you want to get out of your fixed interest rates at a time when interest rates are dropping..

    Nice try though.

  • Garrettau on 27/11/2019 - 10:59

    Absolutely Unrelated reason.

  • GG57 on 27/11/2019 - 11:05

    On face value that OP is really only focusing on the ethics reasoning, OP can make the choice.
    Many other consumers make similar choices (who to choose for energy providers, which clothes brands to buy, etc.).

    There is usually a premium / additional cost associated with those choices, but if OP feels strongly enough, go for it.

  • Tee Rex Arms on 27/11/2019 - 11:10
    +7

    Pay your fees to leave and you can ride off into the sunset on your moral high horse.

  • HardlyCharly on 27/11/2019 - 12:00

    None, what a stupid idea.

  • spiff on 27/11/2019 - 12:54
    +6

    How do people like this survive in the real world

    • GoldenDragon888 on 27/11/2019 - 12:59

      Many that live deserve death. And some that die deserve life.

    • Ugly on 27/11/2019 - 14:51
      +2

      Always remember that half the population is of below-average intelligence.

      (I know that technically it's below-median, but that sounds weird)

      • GoldenDragon888 on 27/11/2019 - 17:48

        I was taught that there are three averages; mean average, modal average and median average. Commonly we just refer to mean or arithmetic average as average.

        • ribbonsofnight on 28/11/2019 - 18:20

          what about the geometric mean etc.

  • SnakeCasablanca on 27/11/2019 - 17:33

    Getting out of a fixed rate? Dream big son! I reckon with a few choice words they might just let you out of paying the loan back at all! Don't tell anyone else about your life hack! The banks will go broke. :)

    I would predict that if the variable rate were higher than your fixed rate you would be able to overcome your "ethics" to stay with the evil bank!

  • Gerry H on 27/11/2019 - 20:11
    +2

    lol @ thinking the other 3 banks aren't funding human trafficking right now.

  • AbsX on 28/11/2019 - 00:24
    +1

    It's also unethical to savers that RBA keep dropping interest rates and making your fixed rate decision a bigger regret.

    Surely you can use ethics to get out of a binding contract with no repercussions xD

  • mortgagebroker on 28/11/2019 - 00:50

    Call up and let us know what the break fee is.

  • PlasticSpaceman on 28/11/2019 - 07:44
    +1

    Fixed just means the interest rate is fixed at a specific rate for a period (part or all) of the loan, but it doesn't mean you cannot end the loan early. There will be fees to refinance with another lender, but many will provide incentives that help reduce or even more than cover those fees. Just ask around.

  • [Deactivated] on 28/11/2019 - 08:53

    If everyone really truely cared about morals and ethics over money we wouldn’t have superannuation invested in coal mining. Money laundering is present in all lenders, even the tiny pay day loan companies fund Nigerian catfish scams. Unless you are going to live off grid in a commune who really cares?

    • GG57 on 28/11/2019 - 10:30
      +1

      You are correct; not everyone will care. But there are businesses that promote themselves as ethical; people have a choice.

      • [Deactivated] on 29/11/2019 - 08:39

        Exactly, we all have a choice, it might not be financially profitable, but it’s there.

    • Zachary on 29/11/2019 - 13:30

      morals and ethics is also subjective….so if we really did care about it, then there would probably be a civil war on it….

  • OzHunterNSW on 28/11/2019 - 09:57

    Of course you can…. the govt has made it easier for customers to shop around.
    Speak to someone in the industry to find out more.

  • farknos on 28/11/2019 - 10:35

    Bankers are W@nkers, you are dreaming

  • HeWhoKnows on 28/11/2019 - 11:00
    +1

    You go where you get the best deal.
    All the banks are unethical.

  • wetsandwich on 28/11/2019 - 15:30
    +2

    Yep, you score a free house in this case.

  • Brainwhacker on 02/12/2019 - 23:23

    You have a greater chance of success if Westpac is found to be criminally liable for the above offences,

  • DrRalph on 02/12/2019 - 23:28
    +1

    'Westpac/St George - Do You Think I Can Get out of a Home Loan Because They're Unethical/Criminal?'

    No.

  • deme on 22/12/2019 - 11:28

    Find a new lender and ask them to pay any break fees. It's quite expensive to acquire a new customer you rocked up to them it's a win-win.
    Go refinance with a new place.

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