ANZ closed equity loan without warning or notification

Ash-Say on 11/06/2017 - 11:01
Last edited 11/06/2017 - 11:01

I opened equity loan with ANZ 4 months ago and wanted to use it to purchase new car. The money was sitting in my offset account of normal home loan due to which I was incurring interest on equity loan.

I had surplus money so I decided to put money back into equity loan two weeks ago to avoid interest. This resulted in net due amount to be zero.

I have noticed today that ANZ has closed my equity loan. There was no notification or warning during last payment that it would trigger closure.

They are closed today so I will speak with them tomorrow. I want my loan reinstated but don't want to go though hassle of credit checks and providing income evidence. Has someone else encountered similar issue and were they able to get their loan reinstated?

TDLR: ANZ closed loan without notification/warning. Would they reinstate it without doing credit checks and need to provide income evidence?

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Comments

  • [Deactivated] on 11/06/2017 - 11:17
    +2

    Sorry but it's your fault :( It's automatic. Keep $100 owing or whatever and remove monthly payments.

    Regarding getting a new one, much of the fees are negotiable so just tell them you'll go elewhere and they will work harder.

    • Peace Maker on 11/06/2017 - 11:30

      Wasn't automatic for me with CBA. I rang to check first and they called it an 'evergreen' loan. Keeps on going no matter what the balance. Likely OP's had different terms but they vary greatly between banks.

    • ChrisLevo on 11/06/2017 - 11:47
      +1

      Mine is with BankSA, and I keep $100 credit in it to keep it active.

      Been sitting with that $100 for around 5 years, and still open.

  • Elppa8 on 11/06/2017 - 12:39

    Had my ANZ Equity for years mostly in credit with regular deposits with the occasional dip into debit for a the odd big bill. There is a yearly fee for the privilege so not sure why they would close it off unless it was for a one off purchase agreement.
    Could have been the zero balance, maybe keep a few dollars in credit to keep the account active.

    • Ash-Say on 11/06/2017 - 14:13

      The account was now closed by ANZ without any warning and notification.

      I will ring them tomorrow to argue but not sure about the outcome.

      Silly of me for keeping zero balance :(

      • Baysew on 17/06/2017 - 17:34

        Any update on outcome?

        • Ash-Say on 17/06/2017 - 17:44

          They reinstated the account :)

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