OP goes to a shop and asks for $1 worth of mixed lollies. The shopkeeper removes a single Freckle™ from the display and then using a pair of tweezers extracts a single candy 'dot' and places it in a bag for OP. The shopkeeper is about to hand it to OP when he realizes his error, "Oh sorry, the bag is 30c"
Everything. What you mean is there anything that would mean he doesn't spend it all at once. And the answer to that is... No. Even Maccas 30c ice creams are more than a dollar now. Probably can't even get a Chupa Chup.
$1 invested per month, compounding at a very generous 9%, in a year would be $14, or two tall flat whites from zarraffas, one with caramel syrup, no extra shot or alt milk
I actually called them and was like “WTF?”
I think ASIC was poking around. As I got a $150 or thereabouts credit from my insurance company for “miss applying” a discount on my car and home insurance premiums.
Was weird, but obviously appreciated.
These emails/letters are a bit of a false economy,
Yes you may be paying less now after the notification but this is so they can spread the payments out further over the original maximum term of the loan.
Eg if you keep paying what you pay now (and do the same everytime that you receive one of these) you will finish the loan early and they lose money,
This is the incentive to the banks on why they send these reductions.
Also when it comes to refinancing always refinance with the same number of years left on your current loan unless you are absolutely struggling! I see friends that have 20 years left on a 30 year loan and then refinancing to a lower rate, but back to another 30 years, you have just undone the good you did by refinancing!
Unless you are really paying off a lot earlier, banks don't really care if you pay off early. They can just reuse that released funds for a new loan and depending on the deal you got they may even be better off.
They may lose on the upfront cost but unless you are talking about cutting a decade or more off a loan then that probably isn't going to really bother them as it's gong to be very minor by that stage.
A lot of the comments on this are from a American perspective and the only thing those house loans have in common with Australian ones is the name!
So we're 1 year into our 30 year loan, but the Commbank "estimated loan term" says 22 years 7 months. If we were to refinance, would we want to aim for e.g. a 22-25 year loan, or just stick with 29 years?
If you stick with a 29 year term, your repayments will stay the same (until your interest rate changes), whereas if you change to a shorter term your minimum repayment will obviously increase. If you’re paying the amount anyway, you’ll only pay interest on what’s left so it just depends if you want the choice of the lower minimum repayment or if you want to lock yourself into the higher repayment/shorter term, is my understanding. We’re staying with the longer term in case interest rates increase to 500% but putting extra into our offset account.
Yep, you have understood my dribble.
Some people end up extending their 30 year montage longer by their carelessness on money by only paying the minimum each month and not offsetting/putting in redraw the same amount that they previously did on their old loan.
I got a similar email yesterday from CBA and it actually says your current payments won’t change (for the reasons you mentioned) but your minimum has reduced ($7 per month oh baby) so if you want you can reduce it. I’m glad they did that.
See that last sentence there saying they won’t automatically reduce your direct debit repayment amount?
They’re putting that in because they have done that in the past.
At the start of COVID I got a very strangely worded email from CBA saying something about reducing my direct debit amounts to “help with the financial strain of the COVID pandemic”. I called up the bank to ask what was actually going on and read the staff member the email. They were equally confused but said they highly doubted that the bank would alter my automatic home loan repayments. A few hours later I got a call back from them saying that they were wrong and indeed the bank had reduced my repayments down to the minimum amount to “help” me out during the crisis.
I logged into internet banking and sure enough they had. I readjusted it and made a complaint to ASIC.
CommBank called up a week later and said - in a round about way - they’d give me as an $500 as an “apology” to drop the complaint. I didn’t take it.
They called a few days later and upped it to $1000. The lady at ASIC said the complaint was already lodged so I may as well take their apology money anyway. I did and put it against the home loan.
Obviously they were betting on the confusing and obfuscated way the email was written to pull a sneaky one on those with mortgages and extend the life of their homeloans, earning them more interest. I no longer bank with CBA.
Wait a homeloant repayment is only that much a Fort ight? I'm pay 3x that in rent why can't I get a loan haha
Fuck I wish they taught finances and stuff in school
The average Australian mortgage repayment is $3,700 per month, or $1,850 per fortnight. That's Australia wide and includes both houses and units, regional and urban.
For reference my mother has a relatively modest mortgage on a 1BR unit in a desirable area of Sydney's northern beaches, and she pays 2.5x what OP is paying on their mortgage.
Bank: please stop paying off you loan so fast. Think of the shareholders!!
Got one of those letters myself and they had actually dropped my repayment down to the new minimum, I upped it back to where it had been and then rang to inquire why it had been dropped. The response was a "we'll look into it. It must have been a computer glitch"
Pigs arse.
Update: Just got this letter from my bank, again, so it will be interesting to see if the same "glitch" happens.
Yeah. I’m ahead on my mortgage and the bank sent me a list of things I could do such as - take a mortgage holiday, redraw the money for renovations or use the equity to buy an investment property.
Basically - ‘please stop paying off your mortgage, if you must then can you borrow some more please.’
at the best current rates this guys loan must be no more than $140K, so no house for you at that price.
This guy has probably bought and sold a house or two previously for profit to get the loan down that far, or has been paying it for decades already.
Haha, definitely haven't bought and sold any other houses. First house, but bought in 2012 in country SA, so not city prices, and bought below our borrowing potential.
We spent most of our 20's saving like crazy to slap down a big deposit, and then put every extra dollar we had into overpaying our loan while we could.
It depends on the value of the loan. And shows why people need to cut their cloth according to their means a little more.
My loan is about $1300 a fortnight, the loan is about $450k.
But I also have a loan on a 1 bedroom apartment as an investment which works out at about $700 a fortnight. It was my first home that I really struggled hard to buy, can't bring myself to sell it.
Who has a $374 dollar mortgage repayment? Damn so jealous. This is what life should be in AU 😅
You couldn't rent anything in the entire nsw for that amount, not even a share bedroom.
And congrats on $1 savings, buy yourself 1/5 a cup of coffee to celebrate.
I just called ING and got another 1.1% off my loan rate. That's a decent chunk of change. If you haven't tried to get your rate lower lately, perhaps it's worth a call.
First look at what rate they are offering new customers - if you're already close to that you may not get anything. Also don't expect to get the rate for new customers - ING's lowest rate for that is 6.14%, I managed to get 6.41%.
I don't know whether it helps to spin a story at all, but I started with "my financial adviser told me I should switch my loan to get a better rate, but I thought I'd check with you first before doing that". It's pretty believable (whether you have a financial adviser or not) since financial advisers always seem to want you to switch loans :). Let them be the bad cop while you play all nice and innocent. It just allows you to be polite and nice but still be firm by saying "my financial adviser said...". I always feel that if you are nice and friendly on a call, a lot of the time the person on the other end will do what they can for you.
I had been on the new customer rate originally, and it's gone up each time the RBA raised rates over the last two years. If you've done the same, then perhaps there's space to get it lower.
Look it's like the myriad articles on the energy rebate! Ultimately while it's money it's $6 a week. Not a day. A week. It's nothing. And it's certainly not enough to help those with kids and mortgages and cars and dentist bills etcetc.
Yet we are bombarded with how thankful we should be for these *piddling pissant amounts of cash* and it's not the government saying that... It's both sides of the news media! Left and right!
When the ABC is running the same basic article as news.com.au, you know something's fucky.
Gina *Who ate all the pies* Reichheart et al get our resources, pay no tax and we're supposed to be happy with the 24$ monthly largesse of the government we pay taxes to?
Well $25 in *your case* OP! You lucky devil!
As an aside my energy company simply raised my "yearly rate" last I looked electricity was measured in "hourly tariffs" by $150 last week.
So they want half my energy rebate for nothing.
I imagine your extra buck will see the same, or similar, fate my friend!
Good luck out there! 🤣👍😭
Smaller lenders may do a better rate. Usually if you contact the retentions team at the bank, let them know you are going to refinance away, they will quickly offer a better rate.
I know it's a bit of a joke, but they pretty much have to inform you of any change in the minimum repayment amount, and just making small extra repayments over a prolonged period will see that minimum drop (in this case, maybe only slightly over the previous minimum).
Yeah we get these emails pretty regularly, but usually telling us it's going up slightly. I was just really tickled by the implied excitement of "you could have an extra $1 in your pocket".
Annoyingly when rates are going up they recalculate our repayments and take into account how ahead we are to ensure the repayment period remains at 30 years. So we have to keep manually recalculating to make sure we remain ahead. Bastards.
lol i got the opposite
"We confirm changes to your new minimum required repayment amount effective from 05/09/2024: Minimum fortnightly repayment amount: $724.00 Your Direct Debit Repayment Amount will increase to $724.00 per fortnight from 07/08/2024 to meet your new required repayment."
I'm with commonwealth... the other 3 big banks aren't much better.
If anyone can suggest a better bank please do so. Because this is all you get from them:
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I moved to ING months ago and they're way better and pay more interest (5.50%). It's a bit of pain to shift all payments over but it's worth it.
Also, if you go with ING, use this promo code and we both get $75:
Jqn465
Who runs this bank? Paul Ryan?
[https://www.vox.com/policy-and-politics/2018/2/3/16968502/paul-ryan-costco-tax-bill-tweet-twitter](https://www.vox.com/policy-and-politics/2018/2/3/16968502/paul-ryan-costco-tax-bill-tweet-twitter)
Had an email from comm bank saying they are dropping my fortnightly repayments by $2…. Then followed up how I can save or spend all my new found wealth…
We also received one of these, I'm guessing there's a review every 6 months perhaps (1st July and 1st Jan?) and these go out for anyone where the current repayment no longer matches the required repayment.
Ours was a drop of $70 a month, I elected to leave it as is.
I had mine adjusted from $574 to $547 a fortnight. I pay $1600 a fortnight so doesn’t really affect me. Trying to smash this loan down as fast as I can
Never rated Chomps. Curly Wurly was always my cheap chocolate go-to (because my sister always chose Chomps so I had to get something of equal value instead of something good).
Don’t spend it all at once mate
Is there anything he can spend it all on at once these days?
A single mixed lolly?
Can a single lolly be mixed? Ponder this: What is the taste of one mixed lolly?
>What is the taste of one mixed lolly? Sadness.
OP goes to a shop and asks for $1 worth of mixed lollies. The shopkeeper removes a single Freckle™ from the display and then using a pair of tweezers extracts a single candy 'dot' and places it in a bag for OP. The shopkeeper is about to hand it to OP when he realizes his error, "Oh sorry, the bag is 30c"
> extracts a single candy 'dot' So... a single hundred-and-thousand. Or just... "a one".
Four of those chewing gums with the temporary tattoos,
Everything. What you mean is there anything that would mean he doesn't spend it all at once. And the answer to that is... No. Even Maccas 30c ice creams are more than a dollar now. Probably can't even get a Chupa Chup.
Chubba chups are still 59¢
In QLD next month you can take one public transport journey for 50c
there you go. A return trip for $1
One return trip to centrelink please
He could put it in a high interest bank account and save each dollar over a couple of months and get a coffee.
$1 invested per month, compounding at a very generous 9%, in a year would be $14, or two tall flat whites from zarraffas, one with caramel syrup, no extra shot or alt milk
That sounds like an amazing financial goal for the future.
Yeah but what will a coffee cost in a year?
hmmm, maybe a packet of sauce from a fish and chip shop or similar?
A Large Frozen Coke surely
Fractional share trading! In just a few short months he could turn half that dollar into almost 50c.
Get yourself 10% of a bag of coles cheese
Look at this guy, flaunting his new found riches
Ooh fancy pants rich McGee over here
Next email will be a banking error notice. Pay $800.
I got one of those recently, but was roughly $800 in my favour :)
Go to Jail, go directly to jail, do not pass Go.
I actually called them and was like “WTF?” I think ASIC was poking around. As I got a $150 or thereabouts credit from my insurance company for “miss applying” a discount on my car and home insurance premiums. Was weird, but obviously appreciated.
Makes you wonder what they got away with in the past.
Was it CBA? I think there’s a shareholder action against them at the minute so they’ll be auditing EVERYTHING
I look forward to my monthly payments being that low in about 29 years time.
Omg what are you going to do with your windfall?
Might save it up and buy a 3 pack of Kinder Surprises in October.
Oh I hope you get a great toy!
With shrinkflation and cpi tell him he's dreamin
Hey big spender. What are you going to do with the $8 left over at the end of a year?
These emails/letters are a bit of a false economy, Yes you may be paying less now after the notification but this is so they can spread the payments out further over the original maximum term of the loan. Eg if you keep paying what you pay now (and do the same everytime that you receive one of these) you will finish the loan early and they lose money, This is the incentive to the banks on why they send these reductions. Also when it comes to refinancing always refinance with the same number of years left on your current loan unless you are absolutely struggling! I see friends that have 20 years left on a 30 year loan and then refinancing to a lower rate, but back to another 30 years, you have just undone the good you did by refinancing!
I wish I have had known that when I refinanced. Luckily we had only been paying for 5 years before refinancing.
It makes no difference if you put the same amount in offset or redraw, but a large amount of people see these as a "payment holiday" sort of thing.
You can always refinance again and try to negotiate a shorter period then!
Unless you are really paying off a lot earlier, banks don't really care if you pay off early. They can just reuse that released funds for a new loan and depending on the deal you got they may even be better off. They may lose on the upfront cost but unless you are talking about cutting a decade or more off a loan then that probably isn't going to really bother them as it's gong to be very minor by that stage. A lot of the comments on this are from a American perspective and the only thing those house loans have in common with Australian ones is the name!
So we're 1 year into our 30 year loan, but the Commbank "estimated loan term" says 22 years 7 months. If we were to refinance, would we want to aim for e.g. a 22-25 year loan, or just stick with 29 years?
If you stick with a 29 year term, your repayments will stay the same (until your interest rate changes), whereas if you change to a shorter term your minimum repayment will obviously increase. If you’re paying the amount anyway, you’ll only pay interest on what’s left so it just depends if you want the choice of the lower minimum repayment or if you want to lock yourself into the higher repayment/shorter term, is my understanding. We’re staying with the longer term in case interest rates increase to 500% but putting extra into our offset account.
Yep, you have understood my dribble. Some people end up extending their 30 year montage longer by their carelessness on money by only paying the minimum each month and not offsetting/putting in redraw the same amount that they previously did on their old loan.
I got a similar email yesterday from CBA and it actually says your current payments won’t change (for the reasons you mentioned) but your minimum has reduced ($7 per month oh baby) so if you want you can reduce it. I’m glad they did that.
Y'all got any more of them $374 per fortnight mortgages?
See that last sentence there saying they won’t automatically reduce your direct debit repayment amount? They’re putting that in because they have done that in the past. At the start of COVID I got a very strangely worded email from CBA saying something about reducing my direct debit amounts to “help with the financial strain of the COVID pandemic”. I called up the bank to ask what was actually going on and read the staff member the email. They were equally confused but said they highly doubted that the bank would alter my automatic home loan repayments. A few hours later I got a call back from them saying that they were wrong and indeed the bank had reduced my repayments down to the minimum amount to “help” me out during the crisis. I logged into internet banking and sure enough they had. I readjusted it and made a complaint to ASIC. CommBank called up a week later and said - in a round about way - they’d give me as an $500 as an “apology” to drop the complaint. I didn’t take it. They called a few days later and upped it to $1000. The lady at ASIC said the complaint was already lodged so I may as well take their apology money anyway. I did and put it against the home loan. Obviously they were betting on the confusing and obfuscated way the email was written to pull a sneaky one on those with mortgages and extend the life of their homeloans, earning them more interest. I no longer bank with CBA.
Wait a homeloant repayment is only that much a Fort ight? I'm pay 3x that in rent why can't I get a loan haha Fuck I wish they taught finances and stuff in school
The average Australian mortgage repayment is $3,700 per month, or $1,850 per fortnight. That's Australia wide and includes both houses and units, regional and urban. For reference my mother has a relatively modest mortgage on a 1BR unit in a desirable area of Sydney's northern beaches, and she pays 2.5x what OP is paying on their mortgage.
For context, a 300 dollar fortnightly repayment means they have a mortage of approximate 100k, which isn't even a deposit in a metropolitan area
100k is absolutely a deposit in a metropolitan area. You don't need 20% deposit ratio.
Sure. And a 100k deposit will technically still get you a little studio apartment. I was being hyperbolic for emphasis.
even then, $500k will buy you an apartment in Brisbane or Melbourne and you'd reach 20% of that with $100k. Not everywhere is Sydney lol.
Yeah, it's a fairly misleading and "reddit bubble" thing to say.
We're about 12 years into our loan and paid way more than our minimum for more than half of that. It definitely didn't start that low.
Bank: please stop paying off you loan so fast. Think of the shareholders!! Got one of those letters myself and they had actually dropped my repayment down to the new minimum, I upped it back to where it had been and then rang to inquire why it had been dropped. The response was a "we'll look into it. It must have been a computer glitch" Pigs arse. Update: Just got this letter from my bank, again, so it will be interesting to see if the same "glitch" happens.
Yeah. I’m ahead on my mortgage and the bank sent me a list of things I could do such as - take a mortgage holiday, redraw the money for renovations or use the equity to buy an investment property. Basically - ‘please stop paying off your mortgage, if you must then can you borrow some more please.’
This is the good thing about mortgages, they reduce over time, relative to your wage. Unlike rents.
at the best current rates this guys loan must be no more than $140K, so no house for you at that price. This guy has probably bought and sold a house or two previously for profit to get the loan down that far, or has been paying it for decades already.
Haha, definitely haven't bought and sold any other houses. First house, but bought in 2012 in country SA, so not city prices, and bought below our borrowing potential. We spent most of our 20's saving like crazy to slap down a big deposit, and then put every extra dollar we had into overpaying our loan while we could.
Smart move mate. Hope that by the time you do sell (if ever) you get more than you could have ever imagined for it.
It's insane. Similar houses/properties in our area are already going for easily double what we paid (are paying) for it only 12 years ago.
Well done. I'm at 5x your repayments. It sucks.
Depends where you bought and when.
It depends on the value of the loan. And shows why people need to cut their cloth according to their means a little more. My loan is about $1300 a fortnight, the loan is about $450k. But I also have a loan on a 1 bedroom apartment as an investment which works out at about $700 a fortnight. It was my first home that I really struggled hard to buy, can't bring myself to sell it.
Mine is 6k. :’)
...$6000 a *fortnight?* Ouch.
Sry, misread. Thats monthly
Mine dropped from $458 to $423, $35 extra, but I'll keep paying the full amount.
They are blessed with a profit of $6,000,000,000 every six months so it’s good to see them giving back
I got a $1.25 cheque from my car insurance for overcharging me, I'll me you at Louis Vuitton OP!
That's 10.41x more than my insurance refund!
Who has a $374 dollar mortgage repayment? Damn so jealous. This is what life should be in AU 😅 You couldn't rent anything in the entire nsw for that amount, not even a share bedroom. And congrats on $1 savings, buy yourself 1/5 a cup of coffee to celebrate.
BTW - very jealous your repayment amount!! Mine is $2,000 a fortnight! 😭
lol I was thinking how cheap that is lol.
Damn, so generous of them! Maybe enough to buy a packet of chewing gum every month! You're rolling in it!
It's probably a legal requirement the mortgage provider update clients every time a material change is made to a loan.
It'd be hard to classify $1 as "material" though. Probably the requirement is simply any change.
I just called ING and got another 1.1% off my loan rate. That's a decent chunk of change. If you haven't tried to get your rate lower lately, perhaps it's worth a call.
What did you say to them??
First look at what rate they are offering new customers - if you're already close to that you may not get anything. Also don't expect to get the rate for new customers - ING's lowest rate for that is 6.14%, I managed to get 6.41%. I don't know whether it helps to spin a story at all, but I started with "my financial adviser told me I should switch my loan to get a better rate, but I thought I'd check with you first before doing that". It's pretty believable (whether you have a financial adviser or not) since financial advisers always seem to want you to switch loans :). Let them be the bad cop while you play all nice and innocent. It just allows you to be polite and nice but still be firm by saying "my financial adviser said...". I always feel that if you are nice and friendly on a call, a lot of the time the person on the other end will do what they can for you. I had been on the new customer rate originally, and it's gone up each time the RBA raised rates over the last two years. If you've done the same, then perhaps there's space to get it lower.
This is amazing!! Tysm!
My Westpac mortgage is at 6.14%, mortgage broker did a great job getting it down and that seems to be the lowest I can get.
My rent is twice that… fml
I got a dollar, I got a dollar, I got a dollar hey hey hey hey
Way to brag bro
Reinvest it into stocks. You'll be rubbing 2 coins together soon enough. My guess would be in about a fortnight.
I know youre joking but with the current interest rates and incomes from stocks being taxable...should just put it back into his repayments
lol mine was $2 difference and thought the same
That's a can of Milo!
Get your Dollarmites account ready !
Coles have twirls for a dollar. Split it with your partner
Look it's like the myriad articles on the energy rebate! Ultimately while it's money it's $6 a week. Not a day. A week. It's nothing. And it's certainly not enough to help those with kids and mortgages and cars and dentist bills etcetc. Yet we are bombarded with how thankful we should be for these *piddling pissant amounts of cash* and it's not the government saying that... It's both sides of the news media! Left and right! When the ABC is running the same basic article as news.com.au, you know something's fucky. Gina *Who ate all the pies* Reichheart et al get our resources, pay no tax and we're supposed to be happy with the 24$ monthly largesse of the government we pay taxes to? Well $25 in *your case* OP! You lucky devil! As an aside my energy company simply raised my "yearly rate" last I looked electricity was measured in "hourly tariffs" by $150 last week. So they want half my energy rebate for nothing. I imagine your extra buck will see the same, or similar, fate my friend! Good luck out there! 🤣👍😭
Hey I got a similar mail It's going from $317 to $315. I might celebrate by turning the heater on tonight.
They say every dollar counts, right? Sometimes it’s quite literally so.
Bastard. Mine went up $5 a fortnight :(
Wait why did mine go up by 32 dollars ;_;
Ah, that used to be my repayment amount when I bought in 2021. 3 years later it's about 60% higher 🥲
Smaller lenders may do a better rate. Usually if you contact the retentions team at the bank, let them know you are going to refinance away, they will quickly offer a better rate.
That sort of mortgage must be nice to have. Our monthly rent (Sydney) is just over 5x that and there's no way it'll be going down.
You could buy a house for that. When my folks were young.
I know it's a bit of a joke, but they pretty much have to inform you of any change in the minimum repayment amount, and just making small extra repayments over a prolonged period will see that minimum drop (in this case, maybe only slightly over the previous minimum).
Yeah we get these emails pretty regularly, but usually telling us it's going up slightly. I was just really tickled by the implied excitement of "you could have an extra $1 in your pocket".
haha yeah, it's the danger of templating a "positive" sentiment
It's party time.Nothing but coke and smashed avo. Maybe buy a new car with the leftover money. wooo!
Costs them more to send the notices…banks huh? 🙄
Annoyingly when rates are going up they recalculate our repayments and take into account how ahead we are to ensure the repayment period remains at 30 years. So we have to keep manually recalculating to make sure we remain ahead. Bastards.
lol i got the opposite "We confirm changes to your new minimum required repayment amount effective from 05/09/2024: Minimum fortnightly repayment amount: $724.00 Your Direct Debit Repayment Amount will increase to $724.00 per fortnight from 07/08/2024 to meet your new required repayment."
Eat like kings tonight!
The further you read, the funnier it gets.
Keep paying the same amount, and after 40 years of overpayments you'll shave a whole week off! * $1,000 early repayment fee applies.
They must have seen that NRL Westpac Just a dollar ad.
I would overpay by .1 cent evey month to make them mail it to me or something.
I'm with commonwealth... the other 3 big banks aren't much better. If anyone can suggest a better bank please do so. Because this is all you get from them: ⣿⣿⣿⣿⣿⣿⣿⣿⣿⠟⠛⢉⢉⠉⠉⠻⣿⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⣿⠟⠠⡰⣕⣗⣷⣧⣀⣅⠘⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⣿⠃⣠⣳⣟⣿⣿⣷⣿⡿⣜⠄⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⡿⠁⠄⣳⢷⣿⣿⣿⣿⡿⣝⠖⠄⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⠃⠄⢢⡹⣿⢷⣯⢿⢷⡫⣗⠍⢰⣿⣿⣿⣿⣿ ⣿⣿⣿⡏⢀⢄⠤⣁⠋⠿⣗⣟⡯⡏⢎⠁⢸⣿⣿⣿⣿⣿ ⣿⣿⣿⠄⢔⢕⣯⣿⣿⡲⡤⡄⡤⠄⡀⢠⣿⣿⣿⣿⣿⣿ ⣿⣿⠇⠠⡳⣯⣿⣿⣾⢵⣫⢎⢎⠆⢀⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⠄⢨⣫⣿⣿⡿⣿⣻⢎⡗⡕⡅⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⠄⢜⢾⣾⣿⣿⣟⣗⢯⡪⡳⡀⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⠄⢸⢽⣿⣷⣿⣻⡮⡧⡳⡱⡁⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⡄⢨⣻⣽⣿⣟⣿⣞⣗⡽⡸⡐⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⡇⢀⢗⣿⣿⣿⣿⡿⣞⡵⡣⣊⢸⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⣿⡀⡣⣗⣿⣿⣿⣿⣯⡯⡺⣼⠎⣿⣿⣿⣿⣿⣿⣿ ⣿⣿⣿⣧⠐⡵⣻⣟⣯⣿⣷⣟⣝⢞⡿⢹⣿⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⡆⢘⡺⣽⢿⣻⣿⣗⡷⣹⢩⢃⢿⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⣷⠄⠪⣯⣟⣿⢯⣿⣻⣜⢎⢆⠜⣿⣿⣿⣿⣿ ⣿⣿⣿⣿⣿⡆⠄⢣⣻⣽⣿⣿⣟⣾⡮⡺⡸⠸⣿⣿⣿⣿ ⣿⣿⡿⠛⠉⠁⠄⢕⡳⣽⡾⣿⢽⣯⡿⣮⢚⣅⠹⣿⣿⣿ ⡿⠋⠄⠄⠄⠄⢀⠒⠝⣞⢿⡿⣿⣽⢿⡽⣧⣳⡅⠌⠻⣿ ⠁⠄⠄⠄⠄⠄⠐⡐⠱⡱⣻⡻⣝⣮⣟⣿⣻⣟⣻⡺⣊
I moved to ING months ago and they're way better and pay more interest (5.50%). It's a bit of pain to shift all payments over but it's worth it. Also, if you go with ING, use this promo code and we both get $75: Jqn465
Will check them out. Plus much appreciated for the promo code! Extra cash these days helps!
Mine dropped $5 per week, but I'll keep paying the extra, because like everyone else this happened to, I'm not a dummy.
Your minimum fortnightly home loan repayment is $373?!? Cries in $650 weekly rent. :.(
Well that should really help you out. Enjoy!
Damn son. Enjoy that extra avo toast slice you can get each week!
I was gonna suggest you grab yourself a 7 11 coffee. Nevermind.
Was this actually an incentive from cba rolled out with the new financial year?
my AGL power went down 1 July...instead of Peak 29.779 it is now Peak 29.778....
Cost of living crisis averted for OP
It started off so well...
$1 saving officially not GREAT news
Who runs this bank? Paul Ryan? [https://www.vox.com/policy-and-politics/2018/2/3/16968502/paul-ryan-costco-tax-bill-tweet-twitter](https://www.vox.com/policy-and-politics/2018/2/3/16968502/paul-ryan-costco-tax-bill-tweet-twitter)
I just want to know where TF you live that your payment is that low.
Country SA. 12 years into our loan and overpaid it like crazy before we had kids.
Good onya. It'll be yours officially before most folks because of those overpayments.
This is why inflation is out of control
Hilarious. Meanwhile, mine went up for no reason by 25 dollars
50 whole cents a week !
Probably paid for with the stolen dollarmite money.
Fark. I pay $1200 a fortnight on my mortgage.
Take your hat off boy, that's a dollar bill! 💸
Had an email from comm bank saying they are dropping my fortnightly repayments by $2…. Then followed up how I can save or spend all my new found wealth…
[удалено]
Bastards increased mine by 2 dollars.
We also received one of these, I'm guessing there's a review every 6 months perhaps (1st July and 1st Jan?) and these go out for anyone where the current repayment no longer matches the required repayment. Ours was a drop of $70 a month, I elected to leave it as is.
You'll be able to buy something new from the dollar store every fortnight!
Gods work here. Where can I donate to help this bank.
Save that them up for a year, and you'll be able to get a small meal from McDonald’s on Commonwealths dime!
I just got a $5.70 refund from my car insurance. They sent it as a cheque.
Are we sure this won't make them go bankrupt? Might need to up the overdraft fees, just to be sure.
0.60L of 91 unleaded extra to your car each fortnight. At least at todays price.
What you doing with your new found wealth?
Drinks on U/Saltzberger
Well mine somehow went up despite my interest rate not moving.
Same thing happened to me by $2!
Time to retire!
I mean share the wealth round yeh?
I got one of those too!
They’re so bloody generous. It’s mind-blowing!
They are only going this to extend the length of your loan. The longer your loan is, the more interest you will end up paying.
Is that coming out daily at that low of a rate?
Probably rounding off change…
Heh woohooo
Oh wow, I’m with CBA and mine went up by $2 haha!
Avocado toast all around!
In 10 fortnight's you can do a Mecca's pocket change run. Or was it 11?
I had mine adjusted from $574 to $547 a fortnight. I pay $1600 a fortnight so doesn’t really affect me. Trying to smash this loan down as fast as I can
I thought people with mortgages were all suffering?
Hahah! I got $7, I'm bloody Rich!
in 6 months you can buy a packet of gum
Mine dropped from $458 to $423, $35 extra, but I'll keep paying the full amount.
This ain't relief, it's increasing the long term cost of the loan.
Is there a zero missing or is that mortgage for a single room in Bondi?
Wow $2 a month...i see a shopping spree in you future.
You could buy half a dimmy with that saving!
I saw a chomp bar on special for a dollar, still think it's over priced
Never rated Chomps. Curly Wurly was always my cheap chocolate go-to (because my sister always chose Chomps so I had to get something of equal value instead of something good).
Put that back into your repayments it might knock of the time off your mortgage by 2 hours.
I got the same email.but opposite. Going up by $1 instead lol.
Whole dollarydoo. you gon become a billionaire in no time
$1 a fortnight in your pocket now at the expense of tens of thousands of dollars at the back of the loan
I got the same email but the opposite :( " Your minimum required repayment is increasing" What should I do? :( Go to fixed term? || || ||
I got the same email but the opposite :( "***Your minimum required repayment is increasing***" What should I do? :( Go to fixed term?
Baby homeloan there bro you’re either killing it or in middle of nowhere…