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Closure of branches right after I re-newed my home loan

Posted by EdwardP EdwardP
Message 1 of 2 757 Views

So here it is in short. I signed on again to renew my loan with a lower set interest rate.

One of the conditions of my loan was that I am not able to redraw from my home loan unless I go into a branch or fill out a form online.

 

Well then the announcement came out of branches closing down and it looks like I"m stuck with a bad deal. I've tried complaining about how this makes it difficult for me to make withdrawls as the online form wants a minimum of 1000$ when I want  less.

 

Basically I feel like I can't get out of this deal without handing more money over that I didn't have when I wasn't politely told that this loan would be restrictive due to the pending branch closures.

 

I've already had an instance yesterday where I was far from a branch and needed the money urgently but couldn't get any movement. I tried CBA to see if they could assist but all they do accept deposits.

Now I have to follow up because it will take 2 days to access my own money.

 

Now my question is, why am I stuck paying for a service that doesn't provide a service, I'm better off signing up with uBank or someone purely online seeing as this is what I've been dealt here.

 

Everytime I complain about this I get there "there's nothing we can do", but more than happy to make me pay $2k to terminate this 'agreement'.

 

So how do I get out of this horrible deal due to the lack of services being provided without being penalised for something beyond my control?

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Re: Closure of branches right after I re-newed my home loan

Posted by MegB MegB
Message 2 of 2 729 Views

Hi @EdwardP, I can appreciate this is a frustrating situation and am sorry to hear you're unhappy with us. 

 

If you regularly need to withdraw from the available balance of the loan, but are unable to visit a branch, wait or need less than the minimum amount, you may be interested on our Offset Transaction account

This account is linked to your home loan and the balance will offset the interest charged to your loan and has card/online transfer access so you can withdraw as needed.

If this is something you'd like to look into, please flick me an email to forum@bankwest.com.au so I can arrange for a Home Finance Manager to get in touch. 

 

If you're wanting to break the deal, you'd need to have a chat with our Customer Options Team who are available on 13 17 19 between 8am - 5pm AWST weekdays. 

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