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Can the bank or lender rise the interest even the RBA hasn't?

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JOHNV | 20 Oct 2015, 02:51 PM Agree 0
I have to apply for the interest only payments due to lost of job, then a month later the lender raise my interest by 0.29% can they do that?
  • Madeline | 20 Oct 2015, 03:12 PM Agree 0
    Hi JOHNV. Is the loan fro an investment property or the home you live in?
    They may have increased it thinking it was an investment loan because you switched to interest only. If the loan is for your primary place of residence, you should call your bank and explain, I'm sure they could sort it out for you.
    • JOHNV | 20 Oct 2015, 05:59 PM Agree 0
      Thanks for your response, the loan is for my primary place of residence, the problem is that they I said they are 3 or more business involved and also I found that they was charging me interest over interest, because I bought my house on the 3rd day of the month and they said because they closed the month on the 30th day of the month I have been charged extra interest. So, I don't know what to do?
  • Invesurion | 25 Nov 2015, 01:29 PM Agree 0
    They already did.
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