Bankwest Forum

Ask a new question
Reply
New Member

Complaint to Management

Posted by Tarrun Tarrun
Message 1 of 2 334 Views

Ref: Loan Acc: 302-985 / 0400121

I have been with Bankwest for more than 3 years on a variable home loan.

In May this year I was advised by my mortgage broker that Bankwest has some attractive offer on fixed rate and it’s ending soon. As this discussion was just a week before the RBA was suppose to announce the rate cut, I was hesitant. However he explained that it’s just an application at this stage and once it’s approved the bank would send a new contract and that’s when I could decide to go ahead or not.

However it turned out that based on the application my loan was changed to fixed loan without me signing any further documents. Upon querying it with my broker he said it seems Bankwest has recently changed there loan process and he wasn’t aware of it too.

I completely felt misguided as I was given re-assurance that it’s just a quote and neither did it have monthly instalments figures for me to make a decision.

As a long standing customer of Bankwest I shouldn’t be penalized for lack of training Bankwest mortgage broker are provided.

I have tried to resolve this with the mortgage broker (Anil Varandani from Focal Point Home loans) but unfortunately don’t seem to get anywhere. I have tried calling up Bankwest, however they re-directed me to the mortgage broker again. Seem I am going in circle and not getting anywhere with this issue.

I’ll appreciate if this could be resolved amicably and my loan is reversed back to variable.

However I wouldn’t hesitate to approach the fair trading under the new Banking code of Practice if the matter is not resolved in next 2 weeks.

Reply
0 Kudos
Moderator

Re: Complaint to Management

Posted by MegB MegB
Message 2 of 2 326 Views

Hi @Tarrun I've replied to your email regarding this. Please let me know if there's anything else we can help with while your complaint is being investigated. 

Reply
0 Kudos
Ask a new question
Top kudoed contributors

Bankwest SWIFT code: BKWAAU6P
© 2019 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.