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!






1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

Wet wipes linked to rise in allergic reactions

The government has issued a health warning after a rise in allergic skin reactions has been linked to a preservative found in some wet wipes.

Gay couple in their 80s first to wed in Dallas after Supreme Court ruling

Love may have won, but it came with quite the wait.

William Tyrrell's family marks birthday with cake and renewed appeal

The family of missing boy William Tyrrell will mark his fourth birthday on Friday making a cake to share with friends and family as NSW police renewed their public appeal for information on his disappearance.

What all parents should know about safe babywearing

A picture of Ryan Reynolds always gets the girls talking, and a recently shared photo has done exactly that - but this time, it's for all the wrong reasons.

Baby's head shape reveals potentially fatal condition

Thinking her baby just had an unusually shaped head, a mother was shocked to discover it was instead linked to a dangerous condition.

'Help - my toddler hits me!'

My toddler has started hitting when he gets frustrated, is feeling ignored, or just thinks it might be fun.

Why IVF success rates may not be what you think

Transparency, accountability and responsibilityare essential measures to protect IVF vulnerable patients.

On the 10th anniversary of my son's death

This day marks a significant day. Today marks 10 years since I lost my son Kai.

Owning a pair of nail scissors does not make me a hairdresser

It's been a whole year since sleeping in until 10am. A whole year since having a peaceful shower.

WIN A $500 VISA DEBIT CARD

Are you a parent, or are you planning to be? Tell us what you think and you'll go in the draw to win a $500 gift card!

Sexy time

Why you should get excited about scheduling sex

Unfortunately, the belief that sex should always be spontaneous is a myth. It just isn't.

Orphaned baby daughter Ayla wakes from coma

Former All Black Jerry Collins' critically injured orphaned daughter has awoken from her coma and is able to bottle-feed.

Dad takes miraculous catch while feeding baby

One American father has taken multitasking to a new level at a Cubs-Dodgers baseball game at Wrigley Field.

'Samuel is our firstborn, and he will never be forgotten'

Having lost their firstborn at one day old, the Carrolls were overjoyed to welcome their daughter Isobel into the world a year later.

The top 6 misleading parenting terms

From 'morning sickness' to 'the terrible twos', there are many parenting terms that are misleading.

When 'good' nannies go bad

While most nannies take pride in their work, there can be some who have a hidden side.

Woman hospitalised for skinny jeans injury

Beware: skinny jeans might be bad for your health.

Gauze seeding: the bacteria-breeding birth trend

A number of women having caesarean deliveries are now taking steps to give their baby a better 'microbiome' start in life.

Jimmy Fallon writes new children's book for dads

Jimmy Fallon, host of NBC's The Tonight Show, recently wrote a children's book about every father's secret wish for their baby's first word to be "dada" - not "mama".

28 names for babies born in winter

Looking for some baby name inspiration for a bub born during the colder months? Here are 28 options from around the world to consider.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

27 funny ultrasound pictures

Ultrasounds give you a look at your growing baby ... and sometimes what appears to their womb-buddy, or your bub in an amusing position.

The horrible act that sparked a brawl at child's birthday party

The uncle of the seven-year-old girl at the centre of the brawl at child's birthday party in Sydney's west has described the events leading up to the alarming show of violence.

Babies 'benefit from iPads at a young age': study

More often than not, you'll read that screen time for children should be kept to a minimum - but some scientists are now challenging this way of thinking.

Do mums really just obsessively talk about their children?

Natalie Reilly describes three main types of conversations mothers have. And, surprise, they're not all about kids.

Why some dogs might attack babies or young kids

A baby's smell, the noises it makes and even its gaze can contribute to the potential for a dog attack.

Mum demands refund for 'beargina' christening cake

It was meant to be a tasteful cake to help celebrate a three-year-old's christening.

5 things no one warns you about after giving birth

How many times have you been warned about all the sleepless nights you have to 'look forward to' when you become a parent?

Police officer sang nursery rhyme as heartbreaking photo was taken

A police officer arrived at a devastating scene on Thursday: a car crash resulting in all passengers being thrown from the vehicle.

Don't worry, working mums: Just leave Dad in charge at home

Want to open the boardroom doors for women? Encourage - heck, praise - dads who stay home with their children.

Hilaria Baldwin shares post-baby selfie

Just two days after giving birth, actor Alec Balwin's wife posted a post-baby picture on social media.

'Help - my child won't ever do what I ask!'

Compliance is part of the parent-child relationship, but so is resistance. It's all natural.

Postnatal depression support gets $23 million boost in NSW

The Baird government will include $22.8 million in Tuesday's NSW budget to expand a program designed to help parents at risk of postnatal depression (PND).

'I'm just as tired, scared and stressed as you': stay-at-home dad's plea

I'm really lucky to have two great kids, but I found it really tough with so much being aimed at the mothers and not the fathers.

6 tips for transitioning back to work after baby

Mums returning to work - and yes, dads too - aren't the same as when they left. But that doesn't mean they're not as good as they once were.

Couple reveals pregnancy with epic Britney Spears parody

How do you create an original pregnancy announcement and gender reveal? You turn to Britney Spears.

The truth about birthing a big baby

When told that they are having a 'big baby', many women have a lot of fears. But those fears are often unfounded.

Eight months pregnant and addicted to eating soap

This bizarre snack takes the cake (of soap) when it comes to weird pregnancy cravings.

Can you spot the drowning child?

Can you spot him in the video? The child who loses his rubber ring, panics, and then almost drowns? It isn't easy.

Noodles, peanuts, wee wees and lady bits

Yes, I know it's silly. I know all the advice from experts is to use the right terminology from the moment your child can talk. But I just can't.

Mum's brave battle for unborn triplets amid cancer diagnosis

Bree O'Malley has a cancer diagnosis, a rare blood condition, kidney and liver failure and other complications. And she is pregnant with triplets.

 

Win $500

WIN A $500 VISA DEBIT CARD

Are you are parent or planning to be? We want to know what you think - let us know and you'll be in the draw to win a $500 gift card.

 
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.