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Home Loan Package fee

Posted by cramsamy28 cramsamy28
Message 1 of 4 106 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 4 93 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 4 92 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 4 89 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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