loan rate

[JoondalupJ]

I wonder if someone could tell me what is considered normal for an interest rate on a say $70,000 dollar personal/business loan over ten years.

Thanks folks JJ.

 

[chargers 09]

I wonder if someone could tell me what is considered normal for an interest rate on a say $70,000 dollar personal/business loan over ten years.

Thanks folks JJ.

Personal loan or business loan?

Do you own property?
Are you self employed/on wages?
Had recent finance?

What is the purpose of the loan? Do you have any security to borrow against?

Far too many variables to give you an answer.


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[JoondalupJ]

Personal loan or business loan?

Do you own property?
Are you self employed/on wages?
Had recent finance?

What is the purpose of the loan? Do you have any security to borrow against?

Far too many variables to give you an answer.


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Thanks mate, its historical, goes back a while and has"matured " ??
But the amount paid in over ten years from a family member , appears to be about 20% more than what was borrowed , and there is still another over $12,000+ to pay off, in a lump?? Which would make it just under half , like 38% to 45% rate.
Hitting the bank today, we'll see what happens. Thanks for your interest. It was personal /business loan.

Maybe Ombudsman time! I really don't know, but amounts paid back are enormous.

Thanks JJ.

 

[chargers 09]

Thanks mate, its historical, goes back a while and has"matured " ??
But the amount paid in over ten years from a family member , appears to be about 20% more than what was borrowed , and there is still another over $12,000+ to pay off, in a lump?? Which would make it just under half , like 38% to 45% rate.
Hitting the bank today, we'll see what happens. Thanks for your interest. It was personal /business loan.

Maybe Ombudsman time! I really don't know, but amounts paid back are enormous.

Thanks JJ.

I think you have come to some mis inclusions here mate.

You need to find out if it is personal or business loan as they are 2 very different things.

Personal loans by nature are for personal use therefore regulated by ASIC, business loans aren't covered under NCCP act therefor unregulated. Interest is calculated different for these type of loans.

The "lump" sum is probably a residual or a balloon payment.

You're calculations are out of whack there from the info you have given me.

Who is the financial institution and what was the loan used for?

If it is a business loan or chattel mortgage you will have little luck with an ombudsman as commercial loans are not protected under the NCCP act (unless something fraudulent occurred) Sounds like the provider didn't explain to them how the loan was structured or how it "worked".

Will be interesting to see what happens though.

Does your family member have the original loan contract?


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[JoondalupJ]

I think you have come to some mis inclusions here mate.

You need to find out if it is personal or business loan as they are 2 very different things.

Personal loans by nature are for personal use therefore regulated by ASIC, business loans aren't covered under NCCP act therefor unregulated. Interest is calculated different for these type of loans.

The "lump" sum is probably a residual or a balloon payment.

You're calculations are out of whack there from the info you have given me.

Who is the financial institution and what was the loan used for?

If it is a business loan or chattel mortgage you will have little luck with an ombudsman as commercial loans are not protected under the NCCP act (unless something fraudulent occurred) Sounds like the provider didn't explain to them how the loan was structured or how it "worked".

Will be interesting to see what happens though.

Does your family member have the original loan contract?


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Thanks mate , yes we have all the paperwork contracts etc, and it is quite complicated, I am not sure really what has happened.
The only thing to say is the Bank meeting with two representatives and my wife and I yesterday , they said they had never seen a set up like this before. Its over ten years ago now.

We naive ? Probably yes.

Mistake in banks operating side of this , definitely .

Their records are a mish mash, and they can't go back as far as I can online , unbelievable, they seem to have no idea?

They bought out a building society around the same time and it was absolutely a mess at the time.

I'd rather not say who they are.

But as far as us paying huge amounts back for what was lent , something went wrong .
I 'll wait and see now.
But again thanks for your input, and I'll let you know what happens.

 

[chargers 09]

Thanks mate , yes we have all the paperwork contracts etc, and it is quite complicated, I am not sure really what has happened.
The only thing to say is the Bank meeting with two representatives and my wife and I yesterday , they said they had never seen a set up like this before. Its over ten years ago now.

We naive ? Probably yes.

Mistake in banks operating side of this , definitely .

Their records are a mish mash, and they can't go back as far as I can online , unbelievable, they seem to have no idea?

They bought out a building society around the same time and it was absolutely a mess at the time.

I'd rather not say who they are.

But as far as us paying huge amounts back for what was lent , something went wrong .
I 'll wait and see now.
But again thanks for your input, and I'll let you know what happens.

Sorry I missed this post mate. How did it all go?


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[PieLebo87]

I provide secured lending (home loan - secured against a property) at NAB, so if you need finance, PM me and I’ll give you info/help if possible.

 

[JoondalupJ]

Sorry I missed this post mate. How did it all go?


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G'day mate, thanks for the interest, I'm afraid it has now gone to the Ombudsman through us.
It has a seriously bad feel as to how this loan has been administered, over a long period and perhaps our naivety.
I can't really say any more.
But here is a curiosity, we received a "pay off immediately" notice , via a text message to myself and my wife.

I nearly fainted. A text message, really how cold and calculated is that?

After many years and many thousands of dollars to them that we paid from our end, compared to the much smaller amount of what they ever lent us. We have paid as Roman General Sulla said , IN FULL!

There's been confusion from the banks side, that is quite blatant .

With the bank changing hands in between too hasn't helped them.

And we are pretty sure that the mistake is not ours.

But folk like us, trust and believe and do as we're told, I think many many people need to have a look at everything they do financially with banks and take plenty neutral advice.

Because we could easily get clobbered rather than win this too.

If ever a Royal commission into banking in Australia was ever needed, its now. What I fear is a final commission report in a year, when the answer is already known now.

However we shall wait and see.

 

[PieLebo87]

G'day mate, thanks for the interest, I'm afraid it has now gone to the Ombudsman through us.
It has a seriously bad feel as to how this loan has been administered, over a long period and perhaps our naivety.
I can't really say any more.
But here is a curiosity, we received a "pay off immediately" notice , via a text message to myself and my wife.

I nearly fainted. A text message, really how cold and calculated is that?

After many years and many thousands of dollars to them that we paid from our end, compared to the much smaller amount of what they ever lent us. We have paid as Roman General Sulla said , IN FULL!

There's been confusion from the banks side, that is quite blatant .

With the bank changing hands in between too hasn't helped them.

And we are pretty sure that the mistake is not ours.

But folk like us, trust and believe and do as we're told, I think many many people need to have a look at everything they do financially with banks and take plenty neutral advice.

Because we could easily get clobbered rather than win this too.

If ever a Royal commission into banking in Australia was ever needed, its now. What I fear is a final commission report in a year, when the answer is already known now.

However we shall wait and see.

If comfortable, PM Amr your details and what you may need help with, and I’ll see what I can do to assist.

 

[chargers 09]

G'day mate, thanks for the interest, I'm afraid it has now gone to the Ombudsman through us.
It has a seriously bad feel as to how this loan has been administered, over a long period and perhaps our naivety.
I can't really say any more.
But here is a curiosity, we received a "pay off immediately" notice , via a text message to myself and my wife.

I nearly fainted. A text message, really how cold and calculated is that?

After many years and many thousands of dollars to them that we paid from our end, compared to the much smaller amount of what they ever lent us. We have paid as Roman General Sulla said , IN FULL!

There's been confusion from the banks side, that is quite blatant .

With the bank changing hands in between too hasn't helped them.

And we are pretty sure that the mistake is not ours.

But folk like us, trust and believe and do as we're told, I think many many people need to have a look at everything they do financially with banks and take plenty neutral advice.

Because we could easily get clobbered rather than win this too.

If ever a Royal commission into banking in Australia was ever needed, its now. What I fear is a final commission report in a year, when the answer is already known now.

However we shall wait and see.

I work in finance as well if you want some neutral advice in the future.


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