Lenders use dirty tricks to keep borrowers

Lenders are doing all they can to keep their mortgage customers, including a few dirty tricks says brokers and analysts. Kevin Sherman, managing director of direct lender MyRate.com.au, says many refinance deals are delayed by the current lender.

Sherman says many lenders try not to action the discharge request form, but instead put the customer into a retention program. “They can wait up to two weeks to contact them and when they do, it is only to try and convince them to stay,” he says.

“This can hold up settlement and keep them in an expensive home loan for longer. Phone your current lender once the discharge form has been submitted. Request that they discharge your mortgage immediately and take you out of any retention programs.”

Source: Courier Mail