Westpac says it is not going to take cash from accounts linked to its customers' home loans to help it reduce the risk of mortgage defaults, regardless of the state of the economy.ME Bank's decision to do so has sparked outrage"It hasn't even crossed my mind and it's not something we'll be doing," chief executive Peter King said.
, quoted a customer who said the bank had removed $24,000 from her redraw facility and transferred it to her home loan without notice, even though most of her home loan had already been repaid. However, it said the transfer only applied to "a portion of legacy loans written more than five years ago". "By not reducing the available redraw amount over time, customers could overuse the redraw to a point where they could fall behind their original repayment schedule. This can put customers at risk of not meeting their repayment commitments, potentially leaving them open to financial hardship at the end of the loan term.
Commonwealth Bank was also questioned after it automatically dropped about 750,000 customers' home loan repayments to the minimum amount.
CBA has been doing it for ages.
Bankwest will pause the payments for 6 months tell you the interest will accrue for 6months then extend your loan for 6 months so to not incur higher repayments ,fair enough. Expect a letter saying they have extended the loan 13 months without explanation .The battle then begins.
Does anyone trust these bastards?
Westpac and the virus. Peadophiles and Rupert Murdoch.