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Home loan repayment information

Posted by cgm cgm
Message 1 of 5 1,193 Views

After any interest rate change, Bankwest customers receive a letter advising of any increase or decrease in their home loan interest rate. 

 

The back of the letter contains a useful information about your repayments section.

 

Can this useful information be displayed in the home loan section of online banking and update as customers make repayments or withdrawn funds?

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Re: Home loan repayment information

Posted by ChanSings ChanSings
Message 2 of 5 1,191 Views

I'm pretty sure that info is already available in your online banking. If you select your loan from your list of accounts, then click the orange "see more account details" link, it should show you info like your minimum monthly payment, due date, etc. When I had my personal loan, it showed me if I had any available balance, and I could use my minimum payment and compare it to my available balance to see if I had any actual surplus (ie, the available amount was higher than my minimum payment, and the difference was mine all mine!). Then I knew if I could skip a direct debit or if I was going to be short this month. There's no reason it wouldn't be the same with a home loan, since they're both loans and both work pretty much the same way. It's worth checking the links in online banking, because it gives you a lot of information.

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Re: Home loan repayment information

[ Edited ]
Posted by cgm cgm
Message 3 of 5 1,183 Views

Thanks @ChanSings

 

The information within online banking is more just the pure numbers.

 

The useful information about your repayments section of the interest rate letter communicates the pure numbers in a more practical context.

 

E.g.

- As your account is in surplus you chould choose to pay less than the repayment amount shown above, by paying $XXX.XX per month, your surplus would progressively reduce, but you will still repay the loan in the number of months shown above

 

- If you choose to pay the total monthly repayment amount and maintain the total value of your surplus it is estimated that your will be repaid by XX January 20XX.

 

If these statements could be represented in online banking somehow with the figures marked as X automatically reconfiguring when deposits or withdrawals are made, it would allow customers to see how their repayment or withdrawal habits impact their loan.

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Re: Home loan repayment information

Posted by PeteW PeteW
Message 4 of 5 1,174 Views

Thanks for the question/suggestion @cgm and for your input @ChanSings

 

That sort of information would be great, I definitely see the value in it. I know it's not currently on plan but I've just passed it on to Keith, our Voice of Customer Manager in our Digital Team, to include in his list of feedback, suggestions and insights from our customers so we can look into the technical solution, appetitie from our customers, and so on.

 

Keep the feedback rolling in!

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Re: Home loan repayment information

Posted by PeteW PeteW
Message 5 of 5 1,172 Views

In the meantime you could use our home loan extra repayment calculator to get the info you're after (although I realise it's not the ideal solution for what you're suggesting)

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