I was disgusted by Commonwealth Bank CEO Sir Ralph Norris' comment that it was better to see "a few foreclosures" than have an economy hamstrung by a low-profit banking system.

The 16.2 million dollar man said he was brought up in a Housing Commission estate in New Zealand.  Big deal, if anything, it should make him more compassionate for needy people.  He's on a kind of performance bonus, the more he screws out of the people, the more he makes.

Something needs to be done about the banks, they are just too greedy for words.  It's supposed to be all about competition but they won't let you out of your home loan unless you pay a big exit fee.  ING Direct are about the announce a plan whereby they will pay you $1000 to change over to one of its products, effectively paying the bank's greedy exit fee.  ING is a virtual bank -  all banking is done online, no need to rent premises because there are no branches.  Not there's another virtual bank just opened which is backed by NAB called U bank and it's paying the best interest on term deposits at the moment.  Check it out. :D

mellow wrote on Nov 9^th, 2010 at 1:43pm:

I was disgusted by Commonwealth Bank CEO Sir Ralph Norris' comment that it was better to see "a few foreclosures" than have an economy hamstrung by a low-profit banking system. The 16.2 million dollar man said he was brought up in a Housing Commission estate in New Zealand.  Big deal, if anything, it should make him more compassionate for needy people.  He's on a kind of performance bonus, the more he screws out of the people, the more he makes. Something needs to be done about the banks, they are just too greedy for words.  It's supposed to be all about competition but they won't let you out of your home loan unless you pay a big exit fee.  ING Direct are about the announce a plan whereby they will pay you $1000 to change over to one of its products, effectively paying the bank's greedy exit fee.  ING is a virtual bank -  all banking is done online, no need to rent premises because there are no branches.  Not there's another virtual bank just opened which is backed by NAB called U bank and it's paying the best interest on term deposits at the moment.  Check it out. :D

What's the exit fee from ING Direct?  

Let me ask you this, would you prefer to pay a consistently increased cost on your loan or a deferred cost in the event you leave?  

I've not much sympathy, actually none, for someone that has stretched themselves too far to buy a home which they probably couldn't afford in the first place, let alone with increased interest rates.  Interest rates have not even hit their long term average, there is a little more shaking of the tree to occur.

qikvtec wrote on Nov 9^th, 2010 at 1:54pm:

mellow wrote on Nov 9th, 2010 at 1:43pm: I was disgusted by Commonwealth Bank CEO Sir Ralph Norris' comment that it was better to see "a few foreclosures" than have an economy hamstrung by a low-profit banking system. The 16.2 million dollar man said he was brought up in a Housing Commission estate in New Zealand.  Big deal, if anything, it should make him more compassionate for needy people.  He's on a kind of performance bonus, the more he screws out of the people, the more he makes. Something needs to be done about the banks, they are just too greedy for words.  It's supposed to be all about competition but they won't let you out of your home loan unless you pay a big exit fee.  ING Direct are about the announce a plan whereby they will pay you $1000 to change over to one of its products, effectively paying the bank's greedy exit fee.  ING is a virtual bank -  all banking is done online, no need to rent premises because there are no branches.  Not there's another virtual bank just opened which is backed by NAB called U bank and it's paying the best interest on term deposits at the moment.  Check it out. :D What's the exit fee from ING Direct?   Let me ask you this, would you prefer to pay a consistently increased cost on your loan or a deferred cost in the event you leave?   I've not much sympathy, actually none, for someone that has stretched themselves too far to buy a home which they probably couldn't afford in the first place, let alone with increased interest rates.  Interest rates have not even hit their long term average, there is a little more shaking of the tree to occur.

Quiv, I can afford my home comfortably, and we are doing so on single income which Im pretty happy with.

That said, if my bank hikes my rates ABOVE the RBA, Im stuck, I cant leave without it costing thousands.  How is that service, and how is that fair.

Thats the crutch of it.  Its not that we cant afford it, but more so that we have to just cop it.

Verge wrote on Nov 9^th, 2010 at 2:18pm:

qikvtec wrote on Nov 9th, 2010 at 1:54pm: mellow wrote on Nov 9th, 2010 at 1:43pm: I was disgusted by Commonwealth Bank CEO Sir Ralph Norris' comment that it was better to see "a few foreclosures" than have an economy hamstrung by a low-profit banking system. The 16.2 million dollar man said he was brought up in a Housing Commission estate in New Zealand.  Big deal, if anything, it should make him more compassionate for needy people.  He's on a kind of performance bonus, the more he screws out of the people, the more he makes. Something needs to be done about the banks, they are just too greedy for words.  It's supposed to be all about competition but they won't let you out of your home loan unless you pay a big exit fee.  ING Direct are about the announce a plan whereby they will pay you $1000 to change over to one of its products, effectively paying the bank's greedy exit fee.  ING is a virtual bank -  all banking is done online, no need to rent premises because there are no branches.  Not there's another virtual bank just opened which is backed by NAB called U bank and it's paying the best interest on term deposits at the moment.  Check it out. :D What's the exit fee from ING Direct?   Let me ask you this, would you prefer to pay a consistently increased cost on your loan or a deferred cost in the event you leave?   I've not much sympathy, actually none, for someone that has stretched themselves too far to buy a home which they probably couldn't afford in the first place, let alone with increased interest rates.  Interest rates have not even hit their long term average, there is a little more shaking of the tree to occur. Quiv, I can afford my home comfortably, and we are doing so on single income which Im pretty happy with. That said, if my bank hikes my rates ABOVE the RBA, Im stuck, I cant leave without it costing thousands.  How is that service, and how is that fair. Thats the crutch of it.  Its not that we cant afford it, but more so that we have to just cop it.

Have a look in your loan contract, the terms are in black and white.  You were fully aware, or at least signed that you were fully aware, that those fees existed in the contract when you signed it.

If you can afford the interest rate rises why do you want to change?

How is it not service?  That's the cost of doing business with XYZ bank.  There are costs associated with you exiting the bank but if you are exiting to a cheaper rate in the long run it will be in your favour.

Ring the bank, ask to speak to someone in the retention team and tell them you have spoken to a loans manager at the competition and they are prepared to offer you .x% difference, calculate what that will mean to you over a year, and ask your bank to at least match the deal you will get elsewhere.  You'd be surprised at the result.  

qikvtec wrote on Nov 9^th, 2010 at 1:54pm:

mellow wrote on Nov 9th, 2010 at 1:43pm: I was disgusted by Commonwealth Bank CEO Sir Ralph Norris' comment that it was better to see "a few foreclosures" than have an economy hamstrung by a low-profit banking system. The 16.2 million dollar man said he was brought up in a Housing Commission estate in New Zealand.  Big deal, if anything, it should make him more compassionate for needy people.  He's on a kind of performance bonus, the more he screws out of the people, the more he makes. Something needs to be done about the banks, they are just too greedy for words.  It's supposed to be all about competition but they won't let you out of your home loan unless you pay a big exit fee.  ING Direct are about the announce a plan whereby they will pay you $1000 to change over to one of its products, effectively paying the bank's greedy exit fee.  ING is a virtual bank -  all banking is done online, no need to rent premises because there are no branches.  Not there's another virtual bank just opened which is backed by NAB called U bank and it's paying the best interest on term deposits at the moment.  Check it out. :D What's the exit fee from ING Direct?   Let me ask you this, would you prefer to pay a consistently increased cost on your loan or a deferred cost in the event you leave?   I've not much sympathy, actually none, for someone that has stretched themselves too far to buy a home which they probably couldn't afford in the first place, let alone with increased interest rates.  Interest rates have not even hit their long term average, there is a little more shaking of the tree to occur.

I have a lot of sympathy for people doing it tough with their mortgage repayments.  I can remember way back when our home loan was about 17%, it was terrible and I thought we could lose our home but we made it, thank goodness. ;D

ING Direct is hoping to capitalise on concerns about rising interest rates and exit fees by offering $1000 to anyone who switches their mortgage to the bank and opens an Orange Everyday transaction account.  The offer, announced yesterday, runs until November 30. The $1000 will be paid at the time of settlement.

The initiative was a rare effort by a lender yesterday to publicise any aspect of their home loan pricing. The industry remains silent on plans to adjust interest rates on home loans a week after the RBA lifted the cash rate by 25 basis points.

Hi Mellie.

Verge wrote on Nov 9^th, 2010 at 2:18pm:

qikvtec wrote on Nov 9th, 2010 at 1:54pm: mellow wrote on Nov 9th, 2010 at 1:43pm: I was disgusted by Commonwealth Bank CEO Sir Ralph Norris' comment that it was better to see "a few foreclosures" than have an economy hamstrung by a low-profit banking system. The 16.2 million dollar man said he was brought up in a Housing Commission estate in New Zealand.  Big deal, if anything, it should make him more compassionate for needy people.  He's on a kind of performance bonus, the more he screws out of the people, the more he makes. Something needs to be done about the banks, they are just too greedy for words.  It's supposed to be all about competition but they won't let you out of your home loan unless you pay a big exit fee.  ING Direct are about the announce a plan whereby they will pay you $1000 to change over to one of its products, effectively paying the bank's greedy exit fee.  ING is a virtual bank -  all banking is done online, no need to rent premises because there are no branches.  Not there's another virtual bank just opened which is backed by NAB called U bank and it's paying the best interest on term deposits at the moment.  Check it out. :D What's the exit fee from ING Direct?   Let me ask you this, would you prefer to pay a consistently increased cost on your loan or a deferred cost in the event you leave?   I've not much sympathy, actually none, for someone that has stretched themselves too far to buy a home which they probably couldn't afford in the first place, let alone with increased interest rates.  Interest rates have not even hit their long term average, there is a little more shaking of the tree to occur. Quiv, I can afford my home comfortably, and we are doing so on single income which Im pretty happy with. That said, if my bank hikes my rates ABOVE the RBA, Im stuck, I cant leave without it costing thousands.  How is that service, and how is that fair. Thats the crutch of it.  Its not that we cant afford it, but more so that we have to just cop it.

It's not fair, it stinks, they deliberately make it too expesive to change providers, I believe it's worse if you have your loan fixed.  I don't know if you've heard of Alan Jones, he's a broadcaster here in Sydney, well he's been chasing Sir Ralph for weeks but he can't catch him.  He's called him a coward on several occasions but he still won't agree to an interview.  It's a wonder the bank doesn't insist on him going to the media and fixing up the mess he's made to the bank's reputation, but then I guess he is the boss and he can do as he likes.  Remember what Gordon Gecko said - greed is good and he's making his shareholders very happy.  

mellow wrote on Nov 9^th, 2010 at 2:59pm:

qikvtec wrote on Nov 9th, 2010 at 1:54pm: mellow wrote on Nov 9th, 2010 at 1:43pm: I was disgusted by Commonwealth Bank CEO Sir Ralph Norris' comment that it was better to see "a few foreclosures" than have an economy hamstrung by a low-profit banking system. The 16.2 million dollar man said he was brought up in a Housing Commission estate in New Zealand.  Big deal, if anything, it should make him more compassionate for needy people.  He's on a kind of performance bonus, the more he screws out of the people, the more he makes. Something needs to be done about the banks, they are just too greedy for words.  It's supposed to be all about competition but they won't let you out of your home loan unless you pay a big exit fee.  ING Direct are about the announce a plan whereby they will pay you $1000 to change over to one of its products, effectively paying the bank's greedy exit fee.  ING is a virtual bank -  all banking is done online, no need to rent premises because there are no branches.  Not there's another virtual bank just opened which is backed by NAB called U bank and it's paying the best interest on term deposits at the moment.  Check it out. :D What's the exit fee from ING Direct?   Let me ask you this, would you prefer to pay a consistently increased cost on your loan or a deferred cost in the event you leave?   I've not much sympathy, actually none, for someone that has stretched themselves too far to buy a home which they probably couldn't afford in the first place, let alone with increased interest rates.  Interest rates have not even hit their long term average, there is a little more shaking of the tree to occur. I have a lot of sympathy for people doing it tough with their mortgage repayments.  I can remember way back when our home loan was about 17%, it was terrible and I thought we could lose our home but we made it, thank goodness. ;D ING Direct is hoping to capitalise on concerns about rising interest rates and exit fees by offering $1000 to anyone who switches their mortgage to the bank and opens an Orange Everyday transaction account.  The offer, announced yesterday, runs until November 30. The $1000 will be paid at the time of settlement. The initiative was a rare effort by a lender yesterday to publicise any aspect of their home loan pricing. The industry remains silent on plans to adjust interest rates on home loans a week after the RBA lifted the cash rate by 25 basis points.

You see rare effort, I see shameless grab for additional market share.

What are the exit fees from ING direct?

If you think this is a display of benevolence on ING Directs behalf perhaps you might be interested in a bridge I have for sale.