Bankwest refunds $4.9 million for overcharging interest on home loans

Discussion in 'Loans & Mortgage Brokers' started by paulF, 2nd Feb, 2017.

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  1. paulF

    paulF Well-Known Member

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    paulF, 2nd Feb, 2017
    #1
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  2. Perthguy

    Perthguy Well-Known Member

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    Win for the customers! :)
     
    Perthguy, 2nd Feb, 2017
    #2
  3. mikey7

    mikey7 Well-Known Member

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    I had a BW homeloan in 13-15. Always thought the offset was doing SFA by my calculations. This explains why!
    Might have to give them a call.
    Thanks for posting this.
     
    mikey7, 2nd Feb, 2017
    #3
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  4. Otie

    Otie Well-Known Member

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    I wonder if this is happening/happened with other lenders? Would be easy enough to get away with mostly until they get caught
     
    Otie, 2nd Feb, 2017
    #4
  5. Blacky

    Blacky Well-Known Member

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    I've had it happen with a CBA acct. however picked it up in the first month as the offset had a substantial balance. It wouldn't surprise me if it happened to a lot of accounts and not just with bw
     
    Blacky, 2nd Feb, 2017
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  6. Peter P

    Peter P Well-Known Member

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    This happened with our CBA account. Lender created an offset account which was actually a savings account. We found out 6 months later. After going back and fourth a few times, we managed to get a reimbursement.

    I can bet many people are still affected, double check if your offset is an offset.
     
    Peter P, 2nd Feb, 2017
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  7. Perthguy

    Perthguy Well-Known Member

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    It was really obvious for me how much my offsets with AMP and ING made. My loans with them were definitely linked to the offset accounts.
     
    Perthguy, 2nd Feb, 2017
    #7
  8. mrdobalina

    mrdobalina Well-Known Member

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    This happened to me with bankwest a few years ago. Took them ages to sort it out. They still got the interest owing calculation wrong. I berated them for having to tell a bank how to calculate interest properly.
     
    mrdobalina, 3rd Feb, 2017
    #8
  9. Beano

    Beano Well-Known Member

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    Yes it has happened before...my refund as approx $86k
    It was a nice windfall gain !
     
    Beano, 3rd Feb, 2017
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  10. paulF

    paulF Well-Known Member

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    this also happened with NAB years ago!
     
    paulF, 3rd Feb, 2017
    #10
  11. Beano

    Beano Well-Known Member

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    Yes you are correct it was the nab group
    It was a nice surprise
     
    Beano, 3rd Feb, 2017
    #11
  12. Otie

    Otie Well-Known Member

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    How did you realise @Beano Or did they just adjust it before you noticed
     
    Otie, 3rd Feb, 2017
    #12
  13. Beano

    Beano Well-Known Member

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    They found it ...great surprise
     
    Beano, 3rd Feb, 2017
    #13
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  14. Luke T

    Luke T Well-Known Member

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    Hopefully people are monitoring their loan payments so this doesnt happen too often?? -i guess its hard if you only have a couple of grand on average in the offsets and having the amounts go up and down with peoples different spending each month
     
    Luke T, 4th Feb, 2017
    #14