CBA said I was in arrears...??

Discussion in 'Property Finance' started by chylld, 4th Nov, 2018.

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  1. chylld

    chylld Well-Known Member

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    I had a $20k IO split that I wanted to use for investment purposes. The loan had been sitting fully drawn for months (for non investment purposes) so I needed to pay it off and draw back out of it to reset its purpose.

    I paid $19,900 into the loan (paying $20k would have closed it) and the balance changed from -$20k to -$100, however $0 available to redraw, so I wait.

    Next business day, $19,900 is available to redraw, so I use the account to directly pay for $19,900 worth of investments. Balance is now -$19,900.

    On the same day, I pay a further $100 into the account to finish resetting it; it becomes available for redraw immediately so I purchase another $100 worth of investments. Balance is now -$20k.

    3 days later, CBA calls me to say that my account is in arrears by $100, and has been for 33 days.

    What went wrong here? Did I draw the $100 back out too quickly, even though it said it was available?

    I didn't want the issue to persist so I paid $100 cash back into the account to clear the arrears...
     
  2. chylld

    chylld Well-Known Member

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  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    That's really odd. I can't explain it unless your direct debit failed? Could be a completely separate issue?
     
  4. chylld

    chylld Well-Known Member

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    Direct debit succeeded... the only difference between this time and the several previous times I've done this without issue is that I invested all of the redraw immediately - normally I reset say $19,900 + $100 and only redraw $5,000 at the beginning.
     
  5. Shazz@

    [email protected] Active Member

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    This happened to me. They told me they like to hold at least 1 months repayment.. . Wasn’t worth the argument- I just paid it.
     
  6. chylld

    chylld Well-Known Member

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    CBA called again this morning to say my account is still in arrears - but the $100 payment should go through their systems by the end of today.

    The balance is now -$19,800, with zero redraw available.

    It could well be something like this, however my monthly repayment is about $70. Agree it's not worth the argument as it's just a small decrease in deductions; no contamination/mixing.
     
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  7. chylld

    chylld Well-Known Member

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    Matter appears to be closed now... CBA autopaid the arrears with an additional automatic $100 "Outstanding CBA loan payment" explaining the account balance of -$19,800.

    Some parts of Netbank say there is $100 redraw available, others say $0. :confused: