Guest milo2007 Posted March 4, 2009 Share Posted March 4, 2009 Hi all. I just want to warn anyone who is looking at getting a mortgage in Australia, do not bank with NAB. I have banked with them for 6 years since moving here from Norwich, and due to a violent marriage breakdown, I have had to sell my house. I either had to pay $80000 to have my ex's name taken off the mortgage or $80000 if I sold my house, which has taken all my equity. If you want to read my story have a look at www.todaytonight.com.au. I just want to warn everyone about this bank as they have no compassion. I love this country, but hate the bank. I even have The Mp's involved now. If anyone else has any other suggestions on how to fight this please let me know. Thanks :swoon: Link to comment Share on other sites More sharing options...
Guest donovan Posted March 4, 2009 Share Posted March 4, 2009 Hi all. I just want to warn anyone who is looking at getting a mortgage in Australia, do not bank with NAB. I have banked with them for 6 years since moving here from Norwich, and due to a violent marriage breakdown, I have had to sell my house. I either had to pay $80000 to have my ex's name taken off the mortgage or $80000 if I sold my house, which has taken all my equity. If you want to read my story have a look at www.todaytonight.com.au. I just want to warn everyone about this bank as they have no compassion. I love this country, but hate the bank. I even have The Mp's involved now. If anyone else has any other suggestions on how to fight this please let me know. Thanks :swoon: Geeze mate so sorry to hear that, hope all is resolved Sarah x Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted March 4, 2009 Share Posted March 4, 2009 Karen Just read your story I am so sorry, this is outrageous, I hope something can be done to reduce these exit fees for you. Thank you for warning other members. Big hugs to you and hope everything works out fine. Kate Link to comment Share on other sites More sharing options...
fraggles Posted March 4, 2009 Share Posted March 4, 2009 thats very bad news i think i saw it on tv was this you ???i hope you get it sorted out Link to comment Share on other sites More sharing options...
Guest milo2007 Posted March 4, 2009 Share Posted March 4, 2009 Thanks for all your support. Yes it was me on the tv. I will keep fighting it. I can't give up for the sake of my kids. Link to comment Share on other sites More sharing options...
Guest John Sydney Posted March 4, 2009 Share Posted March 4, 2009 This caused by you having a fixed interest mortgage rate for a fixed term The bank is charging you the interest you would have paid if you stuck to the original contract. You are not alone with this millions of people with fixed interest rated mortgage with all banks have been caught. Link to comment Share on other sites More sharing options...
Guest milo2007 Posted March 4, 2009 Share Posted March 4, 2009 This caused by you having a fixed interest mortgage rate for a fixed term The bank is charging you the interest you would have paid if you stuck to the original contract. You are not alone with this millions of people with fixed interest rated mortgage with all banks have been caught. I just want to clear things up. I was not doing this to exit fees. I even asked the bank to just take his name off the mortgage and they wanted to charge me $80000 which I could not add on to my mortgage so I had to sell. The bank tod me when we got the loan that the exit fees wouldn't be much. I was forced into this escaping a violent marriage. I am just asking the bank for compassion in these difficult circumstances. This is everything my kids and me have and we will be left with nothing. I understand there are fees and was prepared to pay them $20000 which I was told. Link to comment Share on other sites More sharing options...
Guest alan_blue Posted March 4, 2009 Share Posted March 4, 2009 not good hey, what did your original mortgage illustration say with ref to the early settlement? also how early have you left the 10 year deal? Link to comment Share on other sites More sharing options...
Guest LolaJo Posted March 4, 2009 Share Posted March 4, 2009 Karen, That's terrible. I really hope you get it sorted and don't have to pay any of the fees. I hope there's someone out there that can help you. Best of Luck Link to comment Share on other sites More sharing options...
Petals Posted March 4, 2009 Share Posted March 4, 2009 This is nothing new fixed interest mortgages have always had these clauses in them. The bank gives fixed interest loans because it can then invest according to these loans. I can only say you must MUST read those books or pages of conditions that the bank gives you when you take you the mortgage and the do give them to you because you sign to say you have read and understand them. How do I know this 25 years as legal eagle. Read the small print, read everything. People go yeah yeah I understand because I used to explain this to them. But then something happens reality check. Sorry about this but everyone rushed to these loans not thinking of the future. So its a question to ask "What are the exit fees I will pay if I repay early on this loan" Ask this question everytime you take a loan. Link to comment Share on other sites More sharing options...
Guest milo2007 Posted March 4, 2009 Share Posted March 4, 2009 I did ask the exit fees and as I said I understood exiting early would have a fee and was told $20000 in December. These are circumstances I have been forced into and forced to sell my house just to get a violent ex off the mortgage and out of our lives. That is why I am fighting it. I have various MP's also fighting it and it is going in parliament next week. My original mortgage docs said Unasertainable for exit fees and at the time I asked how much and they said wouldn't be much to exit, although at that time I did not forsee this happening in my marriage. Thanks for everyones support Link to comment Share on other sites More sharing options...
Petals Posted March 4, 2009 Share Posted March 4, 2009 The thing is just getting a name off weakens the bank's security so they insist that you take a new mortgage usually. I hope you have a solicitor helping you with this its not easy to handle yourself. If not I would be getting one and taking all the paperwork that you were provided with by the bank to him/her and discussing the matter. You need him off your title as well and depending on whether you are married or defacto the procedures are different. Its not just a matter of approaching the bank and saying I want ...... off the mortgage its a legal matter that needs to be dealt with and will cost you legal fees. Good luck. Just for anyone taking a mortgage out now the bank's will be looking to keep their customers so read the fine print for exit fees on any type of mortgage you take out. Ask the questions and keep notes of what was told to you by whom and the date. Link to comment Share on other sites More sharing options...
Guest littlesarah Posted March 8, 2009 Share Posted March 8, 2009 Karen I just want to say that I hope it all works OK for you. I know that the bank are legally entitled to make the charge, but it seems very harsh to take the full amount under circumstances such as yours. In relationships that have broken down due to abuse, the abused just wants (& needs) to move on physically & psychologically in order to rebuild their life. I do hope that you can stay strong, you must have already come a long way, & you will deal with it. Suffice it to say that I'll make sure we don't have anything to do with NAB! Best wishes Sarah x Link to comment Share on other sites More sharing options...
Kazzarazza Posted March 8, 2009 Share Posted March 8, 2009 This caused by you having a fixed interest mortgage rate for a fixed term The bank is charging you the interest you would have paid if you stuck to the original contract. You are not alone with this millions of people with fixed interest rated mortgage with all banks have been caught. Karen's situation is quite different to the average person wanting to get out of a fixed term loan. I understood she just wanted her husbands name taken off originally. The bank weren't going to lose a cent as she was going to keep the loan going herself. How can they possibly charge an exit fee when the mortgage itself is not going to be exited. The Commonwealth Bank waived their fee to another customer in a similar circumstance on the same Today Tonight story. This is just the NAB and there treatment of this custumer is absolutely despicable. Link to comment Share on other sites More sharing options...
Guest milo2007 Posted March 8, 2009 Share Posted March 8, 2009 Karen's situation is quite different to the average person wanting to get out of a fixed term loan. I understood she just wanted her husbands name taken off originally. The bank weren't going to lose a cent as she was going to keep the loan going herself. How can they possibly charge an exit fee when the mortgage itself is not going to be exited. The Commonwealth Bank waived their fee to another customer in a similar circumstance on the same Today Tonight story. This is just the NAB and there treatment of this custumer is absolutely despicable. Thank you I really do appreciate everyone's support in this. I had another MP call me today who is very keen to get this sorted as he also thought it is very bad how I have been treated. I can only keep my fingers crossed and hope for a miracle. Link to comment Share on other sites More sharing options...
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