Bankwest and Commonwealth: Is it the same bank?

Discussion in 'Loans & Mortgage Brokers' started by Matty77, 24th Jun, 2016.

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  1. Matty77

    Matty77 Active Member

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    Can anyone tell me, since Bankwest is actually owned by Commonwealth does that mean if I get a Bankwest home loan and also a separate Commonwealth loan for say an IP does Bankwest have the ability to call on the Commonwealth loan and or vica versa?

    Have I just stuffed up here as I thought they were 2 separate banks and I dont want 2 loans with the same bank.
     
    Matty77, 24th Jun, 2016
    #1
  2. Blacky

    Blacky Well-Known Member

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    No - They are seperate institutions and therefore seperate entities. They cannot share information with each other (and dont). They maintain seperate policies and procedures.
    Bank west wont have visability into your accounts/transactions at CBA (except of coarse for the information you give them)

    Blacky
     
    Blacky, 24th Jun, 2016
    #2
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I would have to read their loan agreements to confirm, but I suspect they might to able to use the all moneys clause to cover security used by either.

    Can anyone confirm who the mortgagee is for bankwest loans?
     
    Terry_w, 24th Jun, 2016
    #3
  4. Matty77

    Matty77 Active Member

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    The Mortgagee is the Commonwealth Bank of Australia on the Bankwest Memorandum of Mortgage form....
     
    Matty77, 24th Jun, 2016
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    In that case any property securing a bankwest loan would also be used to secure other debts to the CBA
     
    Terry_w, 24th Jun, 2016
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  6. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Same with St George and Westpac. The mortgagee for St George loans is Westpac.
     
    Terry_w, 24th Jun, 2016
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  7. Matty77

    Matty77 Active Member

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    hmm that isnt good news at all.
     
    Matty77, 24th Jun, 2016
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  8. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Refi the BW one if it's important to you - they're a PITA for investors.
     
    Jess Peletier, 24th Jun, 2016
    #8
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Same banking licence number ............ likely same responsible entity

    ta

    rolf
     
    Rolf Latham, 24th Jun, 2016
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  10. Wukong

    Wukong Well-Known Member

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    What is the problem
     
    Wukong, 24th Jun, 2016
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  11. marty998

    marty998 Well-Known Member

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    This is incorrect - Bankwest as a legal entity doesn't exist anymore... its assets and liabilities were merged into CBA a few years back (2012?). I forget the year.
     
    marty998, 25th Jun, 2016
    #11
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  12. Phantom

    Phantom Well-Known Member

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    Phantom, 25th Jun, 2016
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  13. Blacky

    Blacky Well-Known Member

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    I stand corrected!

    What about StG and Westpac?

    Blacky
     
    Blacky, 26th Jun, 2016
    #13
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Same

    Add in RAMS, BankSA and Bank of Melbourne

    ta
    rolf
     
    Rolf Latham, 26th Jun, 2016
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  15. Matty77

    Matty77 Active Member

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    It would be good if there was a list of who is technically the same banks?

    Anyone know of one..?
     
    Matty77, 29th Jun, 2016
    #15
  16. Steven Ryan

    Steven Ryan Well-Known Member

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    Finance is no different to most other industries. Less variety than meets the eye.

    From memory..

    Westpac:
    • Bank of Melbourne
    • Bank of SA
    • RAMS
    • St George
    CBA:
    • Bankwest
    • Aussie
    NAB:
    • UBank
    • Advantedge (and its sub brands)
     
    Steven Ryan, 29th Jun, 2016
    #16
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