Keeping the piggy bank in good shape
Q. After reading your article last week, I rang BankDirect re repaying $1000 extra a month off my fixed-rate mortgage.
Monday, April 11th 2005, 8:09AM
by The Landlord
I thought I would be able to do this randomly on those months when I had extra money available.However, according to BankDirect, once I increased my payment by $1000 for one month I would be locked into making that payment each month thereafter. Was that your understanding of this?
A. Yes it was.
Unfortunately, when this column was shortened a little last week, a phrase was deleted that affects you.
The paragraph should have read: "At ASB/BankDirect you can repay up to $500 extra a fortnight or $1000 extra a month without penalty, provided you stick with that increase for the rest of the fixed-rate term."
There are, however, a couple of steps you could take:
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