Charged wrong interest rate

[DoobyNuts]

So I decided to check my home loan variable interest rate with NAB and it was 6.08% - I then dug a little deeper and found as I was on a choice package and loan was over 250k it should have been 5.88%.

Rang NAB and they admitted they have been charging me the wrong rate - looks like for the last 3-4 years on a 330k IO loan. Waiting for them to get back to me. Any idea what happens from here? How much I'm looking at if say we base it on 48 months of 0.2% they have been charging me in excess? Do they give me a refund? How do they calculate the back interest?

On a side note rang ANZ and asked about switching = they instantly offered 0.9% discount to 5.7% for variable. Sound good?

 

[wylie]

Westpac "forgot" to attach our offset account to our loan account and we didn't know for eight years, when I asked a simple question.

They recalculated the interest and we got just over $4K that should have come to us over that time. I wasn't happy with the simple letter and asked them for evidence of how they had calculated this.

I received the pages of calculations done by some computer programme and am happy enough that it is right (but I wouldn't stake my life on it.)

 

[Rolf Latham]

So I decided to check my home loan variable interest rate with NAB and it was 6.08% - I then dug a little deeper and found as I was on a choice package and loan was over 250k it should have been 5.88%.

Rang NAB and they admitted they have been charging me the wrong rate - looks like for the last 3-4 years on a 330k IO loan. Waiting for them to get back to me. Any idea what happens from here? How much I'm looking at if say we base it on 48 months of 0.2% they have been charging me in excess? Do they give me a refund? How do they calculate the back interest?

On a side note rang ANZ and asked about switching = they instantly offered 0.9% discount to 5.7% for variable. Sound good?

You will be back credited the interest and the extra interest thus lost.

ANZ called you out of the blue ?

ta
rolf

 

[DoobyNuts]

No I was fed up with NAB as this isn't the first stuff up they have done with my loan so gave ANZ a quick ring.

 

[Rolf Latham]

No I was fed up with NAB as this isn't the first stuff up they have done with my loan so gave ANZ a quick ring.

dont think for a minute that lender x will be any better : )

Lenders have systems, but thenthey have humans, and like all of us ...........

ta
rolf

 

[Aaron_C]

No I was fed up with NAB as this isn't the first stuff up they have done with my loan so gave ANZ a quick ring.

Not exclusive to NAB but I don't think ANZ is much better in terms of service. In fact, most of the refinance deals I've seen have been FROM ANZ, not to them.

 

[Peter_Tersteeg]

No I was fed up with NAB as this isn't the first stuff up they have done with my loan so gave ANZ a quick ring.

If you're refinancing based on service, you're probably always going to be disappointed...

I've had clients say they've loved the experience with ANZ and others say they'll never go near them again. I've also had similar feedback on NAB, CBA, Westpac, ING, BankWest, ...

At some point in time as a broker I've experienced great service with almost every lender and I've experienced shocking service.

 

[mumbai]

I've had clients say they've loved the experience with ANZ and others say they'll never go near them again.

Agree. I am with ANZ and love it. Mates say the opposite

 

[Rolf Latham]

Agree. I am with ANZ and love it. Mates say the opposite

time and exposure will create new wounds

ta
rolf

 

[DoobyNuts]

Ahh I've got another IP loan with ANZ and never had any problems. NAB constantly charging me fees that I'm exempt from and keep promising that it won't happen again but every year it does.

NAB said they would call me back Monday regarding my interest - it's end of the day and still no call. ANZ offering 5.7% to bring a loan over - tempting?

 

[Aaron_C]

Starting with rate first is a bit misleading unless you meet their policy.