on 03-05-2018 02:08 PM
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?
on 04-05-2018 10:10 AM
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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on 04-05-2018 10:13 AM
on 04-05-2018 03:04 PM
a month ago
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?????
a month ago
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.