Bank did not link Offset account

Correct process is as follows;

1. Contact broker 1st. If no resolution see step 2.

2. Contact brokers aggregator compliants resolution person, details will be in the credit guide you signed. If no resolution see step 3.

3. Contact the ombudsmen. Ombudsmen will contact brokers aggregator to resolve. Should get resolved at step 2 cause ombudsmen will pass on initial cost to aggregator and aggregator will likey resolve direct with CUA internally to avoid reputational damage and costs.

Sounds like the broker has done the right thing but lender not playing fair???

 

the banks are terrible at this. I have most loans with CBA, all established with a broker, every loan states the offset account on the loan establishment paperwork. howerver virtually every new loan that is set up is not linked correctly until I call post settlement to check. I am flabbergasted every time how they can stuff it up for each loan.

 

CBA offset accounts (MISAs) have the same account number as your loan account number (only the BSB details are different).

The offset account only works if you have a minimum $1,000 in it. So it may not be immediately "linked" when you first have your loan, because you may not have anything in it.

To check if your MISA & Everyday Offset accounts are linked, just go into netbank and click on "account information" on your loan page. It'll tell you which accounts are linked and the balances that are being offset against your loan.

 

mine are not MISA accounts, they are all stand alone offset accounts with individual BSB and account numbers. they all show in my netbank. they only seem to link after a i call CBA each time. i can see them in the account info as you mention.

 

I was going to say this too, I am surprised they also have

Are you sure the account numbers are not the same as the loan account?

 

Absolutely. I can see the whole list in my netbank. For example one loan has 7 accounts offsetting to it, so they all need individual numbers.

 

Seen it happen before.

Don't worry about it, if it's as you say, then you'll get all the money back, I'm sure of it.

If the bank is playing hard to get (which sounds like they are), contact the ombudsman. They will guide you through the process all the way to resolution. You should get 100% of the lost interest + some sum for your trouble (but only if you ask for it! ).

My suggestion is to keep it cool. Nobody likes dealing with a drama queen (you know the type, capital letters, multiple exclamation points etc). Just stick to the facts, be nice and although it may take a few months, it will be sorted, no worries.

Looking forward to hearing from you how you got the funds

 

FYI NAB refunded all interest (I know it's my money but felt like a Melbourne cup win)

Just be prepared to repeat your date of birth several times and wake your partner from night shift (twice) to hear the privacy statement.

 

Hello everyone, I’m also in the same trouble. Any advise will be greatly appreciated.

My refinance was done 5 years ago with the same bank because I bought an extra property. Both are interest only offset, so I had from one loan account and one offset to two loan accounts and two offset.

I just discovered (yes, after 5 years, I admitted I’m dumb and lazy) one of the offset account was not linked where another pair were fine. I’ve sign all these accounts up same day same time.

My intention is crystal clear to have both loans offset as I have no tax benefit for not doing so. They have found I didn’t have the signature in one of the paper (where I signed another one) so they are now refusing to refund my interest.

The only reason that I did not sign the paper can only be the person who helped me that time forgotten to ask me. However, the bank did not accept this and they are only willing to refund the package fees to me which is way less than the extra interest i have paid over the years.

I will have to givebthe ombudsman a try, is there anyone who can share their experience with me what I could do to increase my chances getting back my money.

I am very angry with the bank and I have switched all loans and will cut off all my business with them even a credit card. I think they are too greedy and making money on people mistakes, this should not be part of “a bank” revenue.

 

Complain to AFCA, banks need to take full responsibility for their mistakes, they wouldn't let you off with anything, you can take that to the bank

 

Hi @Rolf Latham,
I am in similar situation but I noticed it in 5 months, I have added detail in new post as well.
Bank didn't link offset account to my second home loan

May I get advice?

 

Hi @Rolf Latham

There are 7 offset accounts linked to first loan opened in 2017. When second loan is opened there is no offset created before and after settlement. When I opened first loan, the lending manager asked me to come to her branch and offer 9 offset accounts to open for first loan after the settlement is finished. But for this second loan, that lending manager didn’t very well, she missed to give me a few form to submit to finish the settlement. Settlement agent need to chase her.

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Hi @Rolf Latham
First loan is for my current living home. Second loan is for new land. (plan to build for second home). Large numbers of offsets are opened at that time because we got option to get 9 accounts and we are plan to split into our expense and saving in easier way like which account for saving, which account for future expense and so on.

TIA

 

Hi @Rolf Latham ,

I am not fully understand your question. I will try and answer.
I am using all those offset account to reduce interest for my first home loan. After my salary is in, I distributed to the rest of the offset accounts.