Hello everyone,
I was wondering if anyone has had any dealings with ING or ING Direct. We bought our first property (home) in March and have just settled our second IP. All loans are with ING, but we are concerned about something.
First property we bought was our home. We got it for $85K (valued at $125K, Dad and Aunt owned it). Loan for $74K.
Using equity (i think), we bought a 2brm Unit for $100K. This is where the weird stuff happened. Waiting…waiting for approval. The day it was due (the 14th day) we were told that ING needed another $1999. ON THE DAY. [confused]What’s with that? The mortgage broker we were dealing with payed it for us and we paid him back (not comfortable with that though). Deal went through and settled ok.
Got married to Rita[love], went on honeymoon and when we came back decided to get another property (as you do). Went through another broker and was told our borrowing capacity was above $300K. So we put an offer on a IP for $162K (pretty good for the area). Got conditional approval from (you guessed it)… ING. A couple of days later…ring ring, ING want cert. of currency on ALL 3 properties. OK done.
A couple of day later (morning of due date for finance) ring ring…load has been approved (with extra $17K to renovate home). YAY[biggrin]. NOT EVEN ONE HOUR LATER. ring ring…sorry, not only can you NOT have the extra $17K but we need $2000. WHAT?!?[stress]
Again the mortgage broker (different one) offered to put up money. Wasn’t comfortable so I told them to tell ING that they can approve it now or lose us (and our 3 properties).Now this is the interesting bit, loan settled – WITH AN EXTRA $3300 left over for us.
WHAT THE… where did this come from?
Is this normal?
BTW all 3 loans are tied together as security (which we are going to remedy somehow in March)
Thanks all and sorry about the ramblings, [biggrin]
Karl and Rita
The only thing that limits us…is a limiting belief.
Sounds like a scam to me.
You sure it is ING doing this?
Who is settling the deals for you? Have you used the same solicitor or conveyancor in all 3?
Byronent
Adelaide SAHi byronent,
The first one we did ourselves, as in no solicitor, broker – nothing. We applied for the loan ourselves and since it was my dad who was the vendor, we just did a title transfer, etc. Rita’s sister does settlments so she did ours for us.
The second one we went through The Law Office, and the third with a local group. Also used a different broker 2nd and 3rd time.
I am probably just missing something, but just started investing this year and still uncertain.
Thanks
K&R
The only thing that limits us…is a limiting belief.
WEll the first one I can only think is more like land tax or some kind of annual bill that didn’t get taken into account when the proceedings schedule was done.
ING are not an easy group too deal with at best of times, I have two loans with them myself. I used ING Wholesale through a broker.
I had similar circumstance on one of the two times, and it was teh broker trying to push his extended fee onto me. AFter a few calls it was waived. The fee was described in a few different ways at first, loan application fee, valuation fee and the third well i was laughing so hard i don’t remember.
the point is, after enquiring quite rudely I must add, I found the same thing happened, we settled in any case with change.
Byronent
Adelaide SAI would be looking at the mortgage insurance figure on your second and third property.
YOUR MORTGAGE BROKER SHOULD HAVE GONE THROUGH THESE FIGURES WITH YOU BEFORE YOU SIGNED ANYTHING!
I have dealt with ING and they do not have high fees if you ick the right products. In fact, if you have had an ING Direct account for more than three months and take a particular loan, there are NO FEES. This excludes your own legals, government charges and mortgage insurance of course.
Find a better broker!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdHi,
you just reminded me. We had the same deal with the application fee and valuation fee. Because we were already customers they said no application fee, then the loan contract came and it had the fee on it. They refunded it after a few choice words, along with the valuation fee.
Karl
The only thing that limits us…is a limiting belief.
Go an grab your loan offer douments and look at the fees. The figure will be in there and what it was for or they have to refund it.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdI used ING earlier this year and my mortgage broker had organised a loan that was less than what I needed using the deposit I had. I had to frantically organise a Personal Loan to the tune of about 4 grand a week before hand to have the money for settlement.
I only picked it up because I did all the sums 2 weeks before-hand and noticed the difference.
Maybe there is a trap for unwary brokers with INGs paperwork?
Live, Learn and GrowLifexperience
Maybe you should have used a better mortgage broker. Total costs are supposed to be discussed before proceeding. For brokers based in NSW (like myself) and I believe those in VIC, we have to get a Finance Brokers Contract signed by the borrower before submitting an application. This will set out what we are offering to do for you and what costs are involved. If this does not happen, the borrower can sue us and win easily.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdRobert,
What does the Finance Brokers Contract look like ? I have been looking at a few properties, and thought it would be a good idea to get some sort of application through to a preapproval stage before I made any offers etc.
There was never any mention about a contract with the broker as such, the only thing I remember is an authority section on the application to the actual lender.
Cheers,
Andrew.Hi Karl and Rita
My girlfriend and I have our Clovelly mortgage ($520K) with ING and really we would never go through them again. I don’t think they are particularly suited to mortgages, particularly with multiple investments. Their inflexibility with their loans does not allow us to diversify.
On the day of settlement they had made so many mistakes it was a nightmare. This year we will go with the Commonwealth Wealth Package.
Wait a couple of years and then get out of it, minimising your penalty fees. They attract you with the low percentage rate but does not suit property investors.
Good luckSimon and Suzie
Hi guys
Thanks for all your replies. By the way Mortgage Advisor, I made a mistake – we have not been refunded for the application fees they’ve charged.
We also have another drama with ING.
They have incorrectly debited the repayments from the wrong account for our recent purchase (10/12/2004). We are trying to solve this matter at present by obtaining from them a copy of the Direct Debit form that we filled out. It took a week for them to send a copy, which was the wrong one dated from our first property in Feburary 2004. [agro3]
We are getting out of ING as soon as we can, thay are hopeless.
Thanks again for the feedback,
Karl and Rita
P.S. Just a thought – Is it illegal for a bank to withdraw funds from an account that hasn’t been authorised in writing? Even if that account had been used by another loan by the same bank?
i.e. Do they have the right to do this if they’ve lost the direct debit form? Can they just say “Well we’ll just use the other one we got.”?
The only thing that limits us…is a limiting belief.
Hi Karl & Rita,
I have come to the conclusion that most banks are basicaly imcompetent. They seem to stuff up all sorts of things all the time and in my personal experience it always seems to be in their favour. Not so long ago I was hopping mad with the bank and after a number of fruitless phone calls I went to the banking ombudsman. Now that got results!
Kind Regards,
SonjaSorry people. I can’t help you guys with individual information through this website anymore. It seems the more people I help, the more trouble I get in so I will just stick to general babble.
You will have to email me through my website or directly to get individual responses. I am not responding to any PMs or emails sent from PI.com. My email has been switched off through here in any case.
Sorry for any convenience.
When I grow up, I want to be a storm trooper!
Robert,
What sort of trouble you talking about? Can’t imagine what trouble you could get in based on advice given that I’ve seen…
That’s a bugger if you’ve turned off email and PM.
???
Michael.PS, I note the signature is gone too!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
