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Scheduled Limit Reduction entry on Home loan statement

Posted by Ben2650 Ben2650
Message 1 of 5 946 Views

I have just noticed an entry this week on my homeloan that stated "SCHEDULED LIMIT REDUCTION OF $***.** PROCESSED" What does this mean? I have tried your online chat and been told the following "This is a new way of showing what funds are used for the principal amount for your home loan." But the amount of interest debited and the limit reduction do not add up to my minimum monthly repayment. There is no information in my statement about this entry and no information can be located on the Bankwest Website. Any assistance would be appreciated. 

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Re: Scheduled Limit Reduction entry on Home loan statement

Posted by MegB MegB
Message 2 of 5 928 Views

Hi @Ben2650 the information provided by our Online Messaging Team is correct. 

As I'm unable to view your accounts via Facebook, I'm unable to ascertain why the principle and interest debits don't add up to the minimum monthly repayment I'm sorry. If you chat with the team again, they can investigate this further for you.

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Re: Scheduled Limit Reduction entry on Home loan statement

Posted by rettstar rettstar
Message 3 of 5 704 Views

I have noticed that the scedule reduction limit is 

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Re: Scheduled Limit Reduction entry on Home loan statement

Posted by rettstar rettstar
Message 4 of 5 700 Views

My bank statement shows +$0.00 but they are taking money from my available money of extra payments that i make, but its suppose to be the priniciple that is being reduce , not the extra im putting in.

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Re: Scheduled Limit Reduction entry on Home loan statement

Posted by MegB MegB
Message 5 of 5 564 Views

If you believe were incorrectly debiting your loan @rettstar please reach out to our Online Messaging Team so we can investigate this further for you.

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