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Home Loan Package fee

Posted by cramsamy28 cramsamy28
Message 1 of 6 607 Views

Hi,

 

I recently signed up to a new home loan with bankwest and on reading the final paperwork sent to me to sign found that i will be paying an amount of $395 per year for this loan they have offered me. That seems to be quite ludicris given that it doesnt actually explain what that $395 is actually going towards and why its an annual fee. Over the life of the loan thats over $11k.

 

WHY IS BANKWEST TRYING TO SHAFT ME FOR THIS...isnt all the interest enough to make a profit for you?

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Re: Home Loan Package fee

Posted by LyndsC LyndsC
Message 2 of 6 594 Views

Hi @cramsamy28, it sounds like you're referring to the Complete Package Fee. The Complete Package Fee is charged in regards to the package that covers your home loan/s, offset account/s and credit card. It waives the monthly offset fee, the credit card annual fee and provides a fixed discount on the interests rates applied to your loan.

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Re: Home Loan Package fee

Posted by cramsamy28 cramsamy28
Message 3 of 6 593 Views

Hi,

 

To be honest it just looks like the fee is just being moved from one department to another so it looks like a saving however the money is just being made in a different avenue. Thats not very customer friendly.

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Re: Home Loan Package fee

Posted by LyndsC LyndsC
Message 4 of 6 590 Views

I'm sorry you feel this way @cramsamy28, if  you would like to discuss your options in regards to your home loan please give us a call on 13 17 19.

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Re: Home Loan Package fee

Posted by Smac Smac
Message 5 of 6 170 Views

I cancelled my credit card that was part of my 'complete package', but still got charged the $395 fee after 1 year... how's that? And what's the point in saving money with your offset accounts if you're just going to charge this annual fee which pretty much makes up for the money we saved?????

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Re: Home Loan Package fee

Posted by MegB MegB
Message 6 of 6 164 Views

Hi @Smac, the $395 annual fee is a set fee for any Complete Packaged customers regardless of the amount or types of accounts they have under the package.

So the fee is the same for a customer who only has 1 Complete Home Loan and a customer that has multiple loans, offset accounts and a credit card. The fee doesn't change if you remove or add an account to the package.

Further information regarding this Complete Package can be found on our website HERE. If you'd like to discuss your home loan products, please give us a buzz on 13 17 19.

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