on 21-08-2019 02:34 PM
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.
on 22-08-2019 10:04 AM