Bank didn't link offset account to my second home loan

Hi All,

I would like to get your idea about my situation. I bought a new land in this year May and settlement is done in end of May with complete variable home loan package. Bank lending manager didn't mention anything about re-link back the existing offset account to new home loan at all. This month I noticed the interest is higher than last month so that I check with lending manager mentioned that that account didn't seem to have offset benefit at all. She told me that I must call it earlier to shuffle the offset account from old home loan. After we argued over the phone she told us she will pay 30% from extra interest we have paid. I start getting feeling that she is not honest about that refund. So I submit the formal complaint to bankwest. Complaint case manager come back with 50% refund and she told me that offset linkage are mentioned in the offset account statement. I should have called bank and clarify about the offset account. They claimed that partially I should contribute to that extra interest I have made. If I don't accept the offer within 7 days, they will close the case and will not refund anything. They are happy with me to proceed the complaint to afca. Can I get the idea about that case whether shall I go ahead with afca or not. I saw about the news about that failure to link offset account issue in several place and in the news, May I know the outcome of those cases?

 

Whose fault was it?
You can take a chance and go AFCA or settle for whats offered.

 

What is your opinion @Terry_w ?

 

I don’t know from what you mentioned. You should always check to make sure the offsets are linked

 

How much is your time worth? Is the money worth the stress and emotional crap of an APRA complaint?

 

Had this problem before ..just call their internal dispute resolution team and they will reimburse it ..

They will say its goodwill

 

Had the same outcome

 

thanks all, But bankwest turned back 50%, they said both sides are responsible.

 

Bankwest are bloody hopeless. I had the same issue a few years ago.

I had called them up to ask for a offset account to be changed to a different loan. Specifically asked on the call for them to confirm it had been done correctly, and they said yes. About 8 months later, I noticed the interest charges were unusually high, and went in to say they hadn't done the offset properly. Weeks of investigation later and a lot of chasing, they came back to say they would reimburse and will need to calculate. I think they must have gone through the call logs. More weeks and a lot more chasing later, they came back with the reimbursement that was about half of what it was supposed to. I blasted them, and said how the hell can you not calculate interest properly? - you're a bloody bank!!!