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interest rate on home loan contract

Posted by Nonocoke Nonocoke
Message 1 of 2 1,758 Views

I have recently applied for the complete variable home loan and I have been told by the broker that the interest rate of the home loan will be 0.2 lower than we discussed before as the reserve bank cut the interest rate recently. I just received the home loan contract yesterday and the interest rate written on the contract is not 0.2 lower so I called the broker. Her answer is that the interest rate will be 0.2 lower but it is not showing on the contract. I just don't understand why because the contract was drafted after the broker told me the interest rate drop. I want to make sure I wil get the correct interest rate before signing the contract.

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Re: interest rate on home loan contract

Posted by LyndsC LyndsC
Message 2 of 2 1,754 Views

Hi @Nonocoke, for security reasons we can't access or discuss any personal account information over Facebook so we'd need to speak with you over the phone to look into this. However I can let you know that our variable home loan interest rate changes took place on the 20th May 2016. So if your contract was issued before this date, the interest rate may be different to the current rate.

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