Hello OzBargainers,
I am currently working overseas and the bank is telling me that I need to update my residential address whilst I am overseas.
I have a home loan with the bank
Is that really necessary/required by law? .
At the moment, I have my parents’ home as my residential and mailing address.
Is there any repercussion for not updating my residential address?
I don't know why this is negged. Banks don't have any obligation to lend anyone money (amongst other services).
OP can be difficult, and risk the bank just turning down their business the next time they need a loan or come off a fixed rate, etc.
Exactly, if any Credit Assessor reviews their character this won't exactly help their cause with that lender.
They'd just be seen less compliant therefore higher risk
How would the bank even know you were overseas?
Probably the gps chip/listening device in the credit cards.
So if you were on a 12 mth backpacking trip the bank would get advised of a new address every week or so? By the time they received your change of address advice, and updated their records the information would already be redundant.
Does't make sense!
I am currently working overseas
OP isn't on holidays and could be receiving regular payments from overseas into their account.
Yes that is right, but on the flip side I do not want to update my residential address of fear they will adjust my current interest rates to much higher (they are already high compared to the current market).
Why do they need me to update the residential address anyway?
I do not want to update my residential address
Your residential address is your residential address. What you want isn't really all that important compared to reality. Are you or are you not living and working overseas?
Why do they need me to update the residential address anyway?
Off the top of my head, possibly because they need to make sure they can send you correspondence (and not send correspondence to your parents).
@HighAndDry: No, they differentiated residential with mailing.
The first customer service said they want me to update my mailing address and do not need to update my residential address.
I said it is fine I do not need to. I get all the letters they sent.
The second customer service, a different one, then replied, I need to update my residential address too. This what made me to guard up.
why don't you open another bank account, then just transfer your money from overseas into that account, then pay your loan out of that account.
OP has the answer and doesn't want to discuss any further, Comments closed.
Just do it?
Why do you want to be on your lenders bad side