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Loan repayments made by credit card

Posted by cgm cgm
Message 1 of 3 1,642 Views

Why can't we make loan repayments with our credit card?

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Re: Loan repayments made by credit card

Posted by SarahF SarahF
Message 2 of 3 1,636 Views

Hi @cgm, I spoke with our credit card team for you and their summarised response is below. I know it sounds a bit more formal than normal but given we're talking about a technical lending matter, I want to give you a technical answer.

 

Bankwest takes our obligations under National Credit Protection Act and Responsible Lending Guidelines seriously. In line with our regulatory responsibilities, our practices are in place to ensure our customers have the appropriate products suitable to their financial needs and can meet any repayments.

 

In most scenarios, credit card interest rates are higher than home loan interest rates and this may place our customer in a detrimental financial situation. As such we can only accept home loan repayment based on customer actual income.

 

Thanks again!

 

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Re: Loan repayments made by credit card

Posted by cgm cgm
Message 3 of 3 1,634 Views

This response is great.  I appreciate it. Smiley Very Happy

 

So is it more a Bankwest business decision rather than a legal requirement @SarahF?

 

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