BankWest Net banking Website Question

[Futurist]

Hi Guys,

This question is geared towards customers of BankWest with an Interest Only Loan. When you log onto their Net Banking system, and click into your Loan account.

In the section that says
'Interest Rate = x.xx%
'Repayment Amount = $xxxxx'

Does your Repayment Amount equal to your Principle + Interest repayment ?
Or does it show correctly your Interest Only repayment?

Mine shows the Principle + Interest repayment, even though I am on an Interest Only account. I will give BW a call in the morning, but wanted to see if its just how their Net Banking system is setup to show both P+I amount on that Account Detail page.

 

[Shaneelastic]

Hi Guys,

This question is geared towards customers of BankWest with an Interest Only Loan. When you log onto their Net Banking system, and click into your Loan account.

In the section that says
'Interest Rate = x.xx%
'Repayment Amount = $xxxxx'

Does your Repayment Amount equal to your Principle + Interest repayment ?
Or does it show correctly your Interest Only repayment?

Mine shows the Principle + Interest repayment, even though I am on an Interest Only account. I will give BW a call in the morning, but wanted to see if its just how their Net Banking system is setup to show both P+I amount on that Account Detail page.

I have a bank west IO loan.

interest rate xxxx%
Repayment AMoumt: - Nil, it doesnt say anthing at all

 

[Fat Mal]

Hi Guys,

This question is geared towards customers of BankWest with an Interest Only Loan. When you log onto their Net Banking system, and click into your Loan account.

In the section that says
'Interest Rate = x.xx%
'Repayment Amount = $xxxxx'

Does your Repayment Amount equal to your Principle + Interest repayment ?
Or does it show correctly your Interest Only repayment?

Mine shows the Principle + Interest repayment, even though I am on an Interest Only account. I will give BW a call in the morning, but wanted to see if its just how their Net Banking system is setup to show both P+I amount on that Account Detail page.

Was that the Online Bank Loan.
If it was I asked for IO & they made mine P&I for some reason.

 

[Futurist]

@Shaneelastic: What type of loan is yours? Any idea why yours says NIL lol ?

@Fat Mal: Mine is a Premium Select Home Loan - Contract does say Interest only for 5 yrs. I'm just not sure why the website's Repayment amount shows both P+I repayment amount..

kinda worried now..

 

[Fat Mal]

@Fat Mal: Mine is a Premium Select Home Loan - Contract does say Interest only for 5 yrs. I'm just not sure why the website's Repayment amount shows both P+I repayment amount..

kinda worried now.. [/QUOTE]

I have had loans on & off with BW for 20 odd years, I have noticed the last few years they can be a little underhanded (within reason) if you no what I mean - like having a IO loan contract & then making it P&I or trying to get you to have mortgagee insurance when you know you don't need it. I wouldn't be to worried at the end of the day, P&I is just extra money in your back pocket when you sell the property. If you are that worried about it just ring & query them on it as I'm pretty sure you can just ring them & convert back to IO anyway.
Hope this helps

 

[Futurist]

update: Ok, called BW, and yep - they have it in their system as P+I loan

The consultant said she will forward a request to the maintenance team to get it changed back to interest only.

I also asked how I will know its been changed, they 'kinda' agrees that the I only amount cannot be determined, so what Shaneelastic said will be correct - for IO loan, the Repayment Amount should be NA/NIL on the Net Banking site.