Refinance - was I overcharged?

[BRW]

Hi I refinanced from ANZ to NAB Homeside.

Facts:
$215,760.78 ANZ final payout

NAB loan $215,000 facility limit. The debited the following:

• $250 legal fees
• $222 land title fees
• $600 application fee - they agreed to refund this fee
• $214,528 loan draw down
  [*]$215,600 Total loan

They therefore exceeded their facility by $600. They took $1,832.78 from our offset, being $1,232.78 shortfall for ANZ ($215,760.78-$214,528). The other $600 was apparently to bring the facility back to $215,000 given they overdrew. They then credited the loan to refund the $600 application fee.

Question - did I still get overcharged $600?

On a cash basis from NAB's perspective:

Paid ANZ $215,760.78
+ Paid me $600 (refund for application fee)
- Loaned me $215,600
- Charged me from my offset $1,832.78
= Fees for NAB $1,072, being $250, $22 and $600

Therefore I did not in theory get my $600 application fee back. Even if you ignore the $600 fee in the first place the monies taken from my offset should have been $1,232.78 ($215,760.78-$215,000+$250+$222).

How they have transacted is very confusing.

Any advice is appreciated.

 

[Jamie M]

I haven't crunched your workings but those fees you've listed sound right. The application fee is due to the loan being less than $250k

 

[Jess Peletier]

They haven't charged you the $600.

Money they spent = $215,760.78 ANZ payout + $250 legal fees + $222 land title fees = $216232, less the $215000 loan facility = $1232.78 for you to pay.

You paid 1,832.78 out of your offset, but they credited you $600 into your loan so all good. Your position is right, it's just cash and equity rather than 100% cash.