NEW UPDATE:
Today I received a call from them advising that there are many customer facing the same issue.
I think the letter below will provide a better explanation, see below:
As discussed, there a number of other customers who have experienced a similar problem; The Bank at present is working on a solution to correct this issue. This will be done as a recast to the effect Home loans. This will mean that your home loan will be adjusted to reflect the correct interest charges that should have been applied.
You will be advised what the adjustment amount will be. At this time due to the number of cases involved the time frame is unknown, but as advised I will be checking with our maintenance people for any updates.
would like to know if any ozbargainers have been in a similar issue and what remedy they offer.
isn't unfair on us?? the overcharge money they hold now can be better off being used somewhere else! :(
Below is the original post:
So, I was quiet free today and was looking up at my homeloan account and just curios on how they calculate my interest $. I took a calculator and doing some calculation but I just cant get around the amount they charged me this month. So I called them and ask if they can explain to me on how they calculate this.
The lady over the phone explained that this is charged daily therefore any changes in the balance each day will affect how much it is charged every month.
So I looked closely and calculate in on daily basis yet I still get a different amount. im not saying a $5-$10 different but it was $300.00 different. I shared my concern. The lady over the phone who was confident before suddenly stops and hesitant. she then put me on hold as she said she needs to check on something.
When she came back, she informed me that they have been overcharging me for the interest and apologies. Apparently due to a system and human error on their behalf, they somehow overcharged me.
She kept apologizing and said that they will organize backdate refund.
After thanked her and hung up the phone , it started to hit me. what happen if I didn't actually call them today? They will ended up charging me $300 a month extra on my interest and how much will that be for a year?? 10 years ?? 15 years??? DAMN!!!
So people, check your loan!! check your interest !
Also if anyone have similar experience in the past , please feel free to share on how you get remedy for this? did they give you any compensation etc? I am now thinking of filing a formal complaint but was just still thinking if this will just wasting my time..
Thank you
I have to ask… Which bank?