Annual $395 Package Fees Refund

Lthomalfa on 20/07/2020 - 18:06

Hi OZB, does anyone have any luck of getting THE package fee (despite what it calls, different names to any banks) $395 partially refund even if it has just a few months over the annual cycle before refinancing to another bank???

I'm looking for advice and experience of people from getting it refunds.

I can't locate any clear term and condition regarding this neither state no refund nor partial refund before the annual cycle.

It would be great if I can get some input from bank personnel or broker.

Cheers

Financial

Comments

  • [Deactivated] on 20/07/2020 - 18:12
    +12

    Why would they if you are leaving? You paid for a service, your choice to leave.

    • thomalfa on 20/07/2020 - 23:01
      -5

      I bet you never have a mortgage with package fee paid…

  • bdl on 20/07/2020 - 18:39

    I'm looking for advice and experience of people from getting it refunds.

    TANSTAAFL. Ask your new bank/financial insitution for the $395 in package fees that you have to pay because you're making the decision to leave your current bank/financial institution.

    • thomalfa on 20/07/2020 - 23:15
      -3

      getting the new financial institution to cover the cost and getting a refund are different issues.

      Shouldn't it pro-rata??? similar to credit card annual fee.

  • kunimitsu on 20/07/2020 - 19:01

    The Package fees is pro-rata so technically you should be able to get partial back.

    What did the bank say when you contact them?

    • thomalfa on 20/07/2020 - 23:01

      this is what I have in mind… the RM said possible but I have to approach another department. It was then the home loan department that refuses, saying the customer has been saved more than the package fee itself.

      It's a very lousy excuse.

  • Gunther on 21/07/2020 - 08:58

    I have convinced NAB to refund my $395 annual package fee consistently for around the last 8 years.

    Just gotta be persistent and threaten to leave whilst providing evidence of comparable other home loan offers on the market that are a better deal.

    • Kittokid on 21/07/2020 - 09:29

      Did you do it before the annual fee is due? or after and get it refunded?

      • Gunther on 21/07/2020 - 09:30

        After, they will never do it before hand. It has to go through the complaints channel also.

        • Kittokid on 21/07/2020 - 09:50

          Mine comes up next month, I think I need to prepare some complaints then

          • thomalfa on 21/07/2020 - 10:21

            @Kittokid: good luck kid… update us how it goes…

            btw, who is your mortgagor?

        • thomalfa on 21/07/2020 - 10:20

          @gunther Great effort, never occur in my mind that this method will actually work.

          I hope you don't mind to share how much is your mortgage with NAB (approx. will do)? Sometimes they rather lose a bit but hold on to a customer. Having said that, the interest rate also play a significant, if you pay higher than the current market probably you'll get away with the package fee. (Just saying the probability)

          my ex-lender CBA was not even budged 0.01 per cent, that led me to refinance elsewhere and got a lower rate than I paid to CBA.

          and now their staff is holding the 4 months left to annual date package fee.

          • Gunther on 21/07/2020 - 12:03

            @thomalfa: $360k P&I - 2.91% Variable.

            Ive tried before and had stubborn employees simply not willing to help.
            In this case, just hang up and call back another day until you find someone who is actually helpful.
            Gotta be persistant, but worth it for $395.

            Good luck!

            • thomalfa on 21/07/2020 - 12:27
              -1

              @Gunther: Appreciated your encouragement… will try again later… it is still worth at least $150 not too shabby.

  • richmond12 on 23/09/2021 - 10:11

    I am interested to know how you went?
    It would make sense for the Annual Package Fee to be pro-rata'd but I dont like my chances with nab..

    • pippohippo on 29/06/2022 - 22:18

      same with CBA…I'll probably make it hell for the staff that rejects it and I'll lodge a formal complaint

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