Hi All,
I'm currently trying to change my current I/O investment loan over to another loan with the same Bank but with a .15% deduction and a couple other things. So far I've been stuffed around for a month. They have sent out three contacts as the first two got 'lost'.
The initial one they sent to my investment property, second to my current address that i didn'get and the third I finally got but the problem is the third one they sent out three weeks after the first one and they didn't change the contact lapse date so I got the contact 2 days after the contact lapsed!
I called them up and they said its fine they will still accept it but I don't trust them as the person doesn't sound experienced.
Now the other problem is that a paragraph in the loan states something along the lines of "You declare that this loan will be wholly or mostly used for investment in a business or any other investment besides a residential investment property."
Now the way i read this is I can't use the loan for a residential investment property???
I called them up about this as well and they talked to another staff member as they didn't know but said it is in all of the contacts for this loan product. The product is advertised on the website for "purchasing or building a new home" or "purchasing an investment property".Am I reading this wrong or shouldn't this paragraph be in the contract? I don't want to sign in because of these two reasons and if i do and later on down the track the contact is void because of it, I'll be stuffed.
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