I've been hearing about the two cohorts also. In your case @Cushcam did the wording state that you would move to SVR at the end of the fixed period? If so, and you saw what you were signing, were you not reluctant to agree to such?
Hi
I’m new here. Two buts of info for all.
I have a tracker with IIB & previous fixed rate loan, which I feel should have switched to a tracker.
The term prevailing rate is specified in both, on the tracker.
In the event that, or at any time the REFI rate certified by the Lender to be unavailable for any reason the interest applicable to this loan shall be the prevailing home loan variable rate.
In the previous fixed rate loan.
At expiry of the fixed rate period your loan will revert to IIB Home loan Renewal Rate, the IIB homeloan renewal rate is a variable rate and may be varied by the lender from time to time in line with general market conditions, any variation in the IIB home loan renewal rate shall be notified to the borrower by notice in writing served on the borrower.
What do you guys think of this.
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