PHOTO: LIZ MCDONALD/STUFF If you’ve taken out a mortgage since 2013 and didn’t have a 20 per cent deposit, the chances are you have been affected. Check your documents.
A special Newsroom series scrutinises products and practices that some in banking would rather went under the radar. And we crunch some numbers on what this lack of scrutiny is costing us, the banks’ customers. The series takes its name from a warning by Financial Markets Authority chief executive Rob Everett that “bad things happen” when no one’s regulating banks.
A man walks into a bank. Ouch.
A first home buyer walks into a bank, takes out a mortgage with less than 20 per cent equity and then can’t or doesn’t contact his bank every month or so to check he’s on the right interest rate. That’s an oversight which could be costing him an additional $1000 a month on his mortgage, or $12,000 a year. Ouch ouch.
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