Best way to get a late settlement penalty back from Westpac


Westpac gave me unconditional approval for the loan.

They sent out the loan document for me to sign.

The loan document was WRONG. It has the wrong loan term. Also the monthly repayment figure was more than $100 above what it should have been (even using the shorter wrong loan term).

You would think the loan repayment figure is calculated automatically when the generate documents, but clearly it isn't.

As the loan documents were clearly fautly, I asked Westpac to reissue them. This caused a delay of 9 business days.

Settlement was late because of this and I have been hit with a penalty.

What is the best way to approach Westpac as they should pay for their own incompetence.

Has anyone else successfully got money out of Westpac?

Thank you
Hi Tom,

Speak to your Solicitor and have your Solicitor draw up a letter. I had to do this when a Settlement was organised on a Public Holiday.:p

The letter cost me $200 and the penalty was Approx $450. I would say your penalty is higher?

Regards JO
Thanks for your advice Josko.

My penalty is 520 approx.

Looks like I will have to pay my solicitors some extra cash to chase this problem.
I wouldn't try and use solicitors to solve this, not at first anyway :eek:

I would just call whoever it is that you are dealing with at westpac, and let them know, nicely, that you've been given a late fee, when the reason for the lateness was the time it took westpac to correct thier own error.

I imagine that this is a automatically generated/processed late fee, which can be easily removed/re-imbursed by westpac, especially if you are nice & forgiving about it, to the person on the other end.

If the person you speak to says "sorry they can't remove it", just nicely ask if you can speak to a manager or someone that can fix it for you.
I've just been given a penalty, for late settlement, because of incorrect paper work. Why does it take banks SOOO long to correct something simple!!During that time did you contact their feed back [complaint}team....remember it's being recorded for training purposes etc. I am in the process for claiming mine back.