Jump to content

Do banks actually help you?


  • Please log in to reply
5 replies to this topic

#1 *JAC*

Posted 25 February 2013 - 09:26 PM

Hi

We are looking at topping up our mortgage to consolidate a personal loan and if the bank will allow it, to get solar panels put on to save us some money.

We have been struggling a bit financially, have been late with a couple of mortgage repayments (a few days), have had to redraw some repayments and have just been playing catchup with everything generally.

In a week we stand to be saving approx. $400 per month as our mortgage comes out of fixed terms, and if we get to consolidate our personal loan that's over another $400 we will save.  Our plan is, with the $800 monthly saving, plus having minimal electricity bills with the solar panels, we will be able to catch up very quickly on all of our expenses, set a proper budget and then use the extra money to smash our mortgage.  Basically once we're caught up with everything, the savings will be placed into our mortgage.

I'm worried once the bank looks into our circumstances - sees our transactions etc. they will refuse our application.  I guess what I'm asking is will the bank look at our transactions and say no on the spot, or will they take the whole situation into account and realise we will be better off, and therefore in a better place to make our regular repayments (which incidently because of the lower interest rate once it comes off fixed will be less than what the min repayment amount is now).

Thanks :-)

#2 FeralZombieMum

Posted 25 February 2013 - 09:33 PM

Do you have much equity in your house? If so, you might be better off applying for a line of credit account. Interest is slightly higher than the variable rate - but it gives you more freedom.

#3 Shellby

Posted 25 February 2013 - 09:38 PM

If you have had late payments in the last 3 months you may find their software will say no on the spot. We were always told you need to show perfect payment history for 3 months as that is normally as far back as the computer looks.

We have a lady at work and they missed only 1 payment and were told they need to wait 6 months with prefect payments before the bank will look at consolidating their car loan into their homeloan even though like you they will be saving $400 a month.

You can go in and just have a general chat with the loans person, they will tell you what you need to do to be approved - they won't need to look into your account or anything - just go with what you have said here and they can give you the general idea of how your bank works.

#4 PatG

Posted 25 February 2013 - 09:38 PM

How long have you had your mortgage and will a fee apply if you exit? Banks want your business and if you can legitimately threaten to take yours somewhere else they may be more flexible.

#5 PeggyLou

Posted 25 February 2013 - 09:54 PM

We have only recently refinanced (as in end of last year).

In order to get to that point, we had to, as mentioned above.
Have at least 3 months of no late payments on our credit cards/loans etc.
It was hard to do, we were the same. If we could refinance we'd be so much better off and it would be so much easier to pay the bills.
But they had to see no late things. So yeah.
We were just super lean for three months and got there in the end.

#6 *JAC*

Posted 25 February 2013 - 09:55 PM

Thanks for your replies.

PatG - I don't to change banks if I can help it. I guess it's an option though if they don't approve us....

Shelby - I just checked our transactions, and according to the loan statement it was paid, but we were overdrawn in our account.  It happened maybe twice?  Definitely within the last 3 months though sad.gif.

Zombiemum - I'm not really interested in a line of credit TBH.

I don't know - maybe we're better off waiting for a few months - at least we'll have the $400 we'll be saving on the lower interest rate to put to good use in the meantime.... I would love the opportunity to get some financial freedom though!






0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

Exclusive Black Friday Sale!

Get over 40% off selected products, including prams, baby carriers, cloth nappies, sleeping bags and much more! 24 hours only, on May 6 - register now for your special code.

Kelly Clarkson shares first photos of son

Kelly Clarkson has shown off the first photos of her son, Remington Alexander Blackstock.

5 childbirth myths that need to be busted

Birth is an unpredictable, mysterious process that intrigues us all, and there is a lot of misinformation out there.

Mum of three fatally shot by toddler while driving

A US mother has been shot by her toddler while driving on a highway in Wisconsin.

All you need is one minute to work out

The seven-minute-work out is old news. Research shows the effectiveness of going hell-for-leather for just one minute.

Pregnant women needed to join diabetes study

Pregnant woman in country Australia will help Adelaide researchers figure out why cases of type 1 diabetes have doubled over the past two decades.

Just announced: the Mountain Buggy Unirider

It's the perfect solution to combat those toddler meltdowns when they no longer want to be in a pram but can't walk long distances.

Authorities euthanise dog that fatally bit a newborn baby

A pit bull mix that fatally bit a 3-day-old infant last week has been euthanised, authorities said.

The push for Medicare to fund lactation consultants

While meeting with a lactation consultant can make an enormous difference to a new mother, it's not a service that is available through the public health system.

Why it's perfectly natural to dislike other people's children

Members of a popular forum are fiercely debating whether it is acceptable to dislike a friend's child.

Woman gives birth on plane, names baby after airline

A pregnant woman who unexpectedly gave birth on a flight has named her new baby after the airline, Jetstar.

Heartwarming photos show the joy of adoption after foster care

Children living in foster care can feel like their future is less than clear. But that uncertainty disappears the day they are adopted by their "forever family" 

'Oh my god, it's a baby!' Mum shocked to give birth

When the cramps started to kick in, Klara Dollan just assumed a painful period was starting.

Mum's Facebook plea: 'Help me find my daughter's father'

Kerryn has a unusual present planned for daughter Imi's 13th birthday celebrations - she hopes to be able to be able to give the soon-to-be the teenager her first ever photo of her dad.

Is it possible for your house to be too clean?

Our houses are cleaner than ever before. But how clean is too clean? Could a sterile home be putting your family's health at risk?

Millions of Monkeys: puzzles that grow with your toddler

Here's a puzzle that grows with them; the Puzzle Grow Pack by Millions of Monkeys.

Baby names from Britpop

If you grew up in the 90s you might want to look to the genre of Britpop music for baby name inspiration.

What to eat and drink when you have gastro

When you catch a bug that causes acute infectious gastroenteritis (gastro), your stomach and intestinal tract become inflamed, causing diarrhoea, nausea, vomiting, abdominal cramping and pain. The last thing you probably feel like doing is eating.

'To this day, I owe her my life'

Would I have survived if I hadn't crossed that street?

Why baby Sonny needs you to vaccinate your children

Caitlin is a firm believer in the importance of immunisation to protect children from harmful and deadly diseases.

Five-year-old's photo captures beauty of motherhood

There is no make-up or special outfits and hairdos, but the five-year-old boy who took this picture captured the essence of motherhood as well as any professional photographer.

Babies know whether you are naughty or nice

Studies have shown that infants in the first months of life try to avoid dealing with social wrongdoers - for example, sharing less with them and helping them less - and they expect others to, too.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

What's hot on EB

The babies who are one in 70 million

Bethani Webb was excited to find out she was pregnant, but the first time mum did not realise she was carrying four babies not one.

Exclusive Black Friday Sale!

Get over 40% off selected products, including prams, baby carriers, cloth nappies, sleeping bags and much more! 24 hours only, on May 6 - register now for your special code.

Cafe offers breastfeeding mums a free cup of tea

A Sydney cafe is offering breastfeeding mums free cups of tea in a bid to show support for the right of women to nurse their babies wherever they choose.

To snip or not to snip? When the decision is not clear cut

Jamie Oliver, who considered a vasectomy, is to be a father again. A fellow dad reflects on his own decision 11 years ago

Doctors stunned by rare twins born almost six weeks apart

To everyone's surprise, Kristen Miller "kept doing better each day", keeping her second baby safe.

Baby book ideas for modern parents

Before my son was born I was given a lovely baby book full of blank pages waiting to be filled with weights and heights and first words.

The adorable smile of a baby seeing his mum clearly for the first time

There is no doubt seeing their child smile for the first time is an unforgettable moment for parents everywhere.

Mum tells how toddler 'nearly hung himself' in cot mishap

When Alison Johnson put her 18-month-old Caleb down for a nap, she had no reason to believe her son was in any danger.

Babies are still switched at birth? Yes, it can happen

All my panic and tears aside, my biggest question looking back is about the kind of security measures used in the maternity ward.

Doctors slammed for taking selfie with newborn

Everyone who visits a mum in hospital in the days following childbirth wants to get a photo with the new baby.

ergoPouch Twosie Sleepsuit for winter breastfeeding

Finally, there's a way to keep warm while breastfeeding through winter.

Health check: How long does sex 'normally' last?

What to do with this information? My advice would be to try not to think about it during the throes of passion.

When breastfeeding sucks: fixing common problems

From niplash to tight boobs, biting to milk supply issues, Pinky McKay looks at common breastfeeding issues and how to solve them.

10 things I've learnt in my first six months with twins

Six months on we're all still alive, and the more we get to know each other the easier the days become.

Mum's loving kiss leaves baby fighting for life

Kirsty Carrington thought nothing of giving her newborn son a kiss, little did she know it would leave the baby fighting for life.

When doing chores is your new 'me time'

After children, 'me time' looks a little different.

Get going: 14 travel strollers for families on the move

A stroller can make or break travelling with a baby or toddler. Here are 15 great single travel stroller options.

10 ways toddlers are terrific

It always pays to remind yourself of how terrific toddlers can be - they're little like this for such a short time

 

ENTER NOW

Do your kids love bananas?

This is the comp for you! We have $800 worth of Myer gift cards and boxes of Australian Bananas to be won. Entry is simple: just post a pic of your little one enjoying a banana in the comments of the FB post to enter.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.