So this is my first home loan Owner Occupied mortgage with any bank, it's a small loan of $197,358 and I'm curious if other banks also adjust their variable rate as often as loans.com.au and/or increase it above advertised rates as they have with myself.
Here's my history below
30-Apr-2017 From 3.890% to 3.940% (when advertised as 3.72% variable…..)
04-Mar-2017 From 4.090% to 3.890% (Got a phone call back saying my request was approved and my rates were lowered however on the same day the advertised rate also lowered and my rate was still above the advertised… I feel like this is a placebo call and my rates would have dropped anyway)
20-Aug-2016 From 4.220% to 4.090% (Still above advertised which also lowered. So I range up and asked for an review of rates as all my payments were on time)
23-May-2016 From 4.470% to 4.220% (Still above advertised)
30-Nov-2015 From 4.270% to 4.470% (Still above advertised)
31-Aug-2015 From 4.020% to 4.270% (Adjusted above advertised 4.020% at the time, I rang up and they said that the advertised rate was only for new customers? I thought I was still a new customer at this point?)
24-Jul-2015 4.020% P.A. (Loan started at rate as advertised)
Isn't this a poor business ethics to always adjust the rate above the advertised? Or is this industry standard?
I'll likely try and switch to a fixed loan if so as I don't gain enough benefit from having an offset account.
Yes