Thanks v8ghia. After posting and signing the documents the following weekend while reading magazines at a dental appointment came across an article discussing loan contracts. I think the term was unilateral variable clause ? – basically allows lenders to change anything just like you’ve confirmed!

Recently got my loan, it took us 10 working days, was nerve wrecking though, and would not recommend leaving things so late. In case paperwork not completed properly etc. The valuation took 2 days. Good luck with your application!

thanks rudra and richard

so does that mean.. if say for example in 2 year’s time NAB’s package discount margin goes from 0.5% to 0.4% then we all have to follow suit, based on that clause that they can change the interest rate including any margin?

i take it that “margin” in this case refers to the discount margin?

if so, then when they say you…[Read more]

Dear Qlds007 and v8ghiaThank you very much for all the advice.  Perhaps with the recent interest rates changes the banks have been a little more lenient with their offers – though I have no idea why… I have received offers of 0.8% discount of SVR from the banks with the exception of CBA – who we haven't approached actually – which from your…[Read more]