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Bank Mistakes

Why Check For Bank Mistakes on Your Mortgage?

Signing up for a home loan is one of the biggest financial decisions you will ever make, and with a little discipline and planning you can turn it, and your home, into one of your most successful long-term investments.

But all it takes is one hidden bank mistake, and things can go horribly wrong. If your lender forgets to link your offset account to your home loan, or sets you up with the wrong interest rate, then a simple bank mistake could cost your tens of thousands of dollars over the life of your mortgage.

If you are trying to pay off your mortgage sooner, then the last thing you want is an undetected bank mistake dragging you backwards.

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MoneyFormula in Action - Bob & Jill Save $73,477

Within ten minutes of using MoneyFormula Bob & Jill discovered they could beat their mortgage and crush their credit card debt, saving them $73,477.85, just by allocating $50 a month to their wealth goals bucket and using the default MyMoneyFormula™ settings.

They also discovered an $11,271.03 error in their mortgage where the bank had forgotten to apply a 1.00% discount they had been promised.

What If I Find A Bank Mistake?

If you find a bank mistake in your mortgage then the best thing to do is contact your bank and let them know, and ask them what you should do. They may look into it straight away, or they might want you to fill in a bank mistake form or get you to send in information from your statements.

Generally the banks are really good at fixing their mistakes, once they have been notified. So go to the bank and let them know about the error.

Today Tonight Enquiry Into Bank Mistakes

"Bank's errors are now known to add up to hundreds of millions of dollars every year. Now there is help, a computer program that can check your monthly statements and find the mistakes."
- Today Tonight (Bank Mistakes)

How Often Do Bank Mistakes Happen?

Unfortunately the banks don't have report the number of errors on their statements, and it's a competitive market out there at the moment, so the banks don't really want to be out there saying "we found 100 bank mistakes this week".

If it is a large bank mistake involving thousands of clients and millions of dollars (like the recent BOQ mistake) then it will generally make it into the media, but a mistake on an individual account would be fixed and we wouldn't hear about it.

"Don't let a hidden bank mistake add thousands to your mortgage!"

What Type of Bank Mistake Occur?

We see two main categories of bank mistakes; the really big mistakes that impact thousands of clients, and the banks tend to find over time - might take them a year or two, but they will find the mistake and then try and fix it up.

It's when the bank mistake is in just your account that the bank is unlikely to pick it up as it will be too small for them to notice. So it's up to you to find the error, or no one else will.

For example, bank mistakes to look out for include:

Bank Mistakes
Offset account set and not linked.
Bank Mistakes
Maybe you negotiated a 0.50% discount for your loan, but the bank forgot to activate it in their back office system.
Bank Mistakes
Sometimes the wrong rate can be applied.
Bank Mistakes
A deposit goes into the wrong account, or isn't correctly applied to your principal.

"Find those hidden bank mistakes the easy way using bank mistake software!"

Which Bank Mistakes Software?

Home Loan Manager Pro is the easy and affordable way to check your mortgage for bank mistakes. Using the information from your Internet banking site, you can instantly load your loan details into the software and find out exactly how much you have been overcharged.

Since 2004 Home Loan Manager has helped thousands of homeowners manage their mortgages, lines of credit, home loans and other long term debt, and it is trusted by property investors and homeowners across five continents.

Best of all you can download and try it free, so you can start checking for bank mistakes straight away.


Bank Mistakes Bank Mistakes

Bank Mistakes - What Next?


Bank Mistakes - Further Reading

Ready to take it up a notch? If you really want to beat the bank, take control of your mortgage and supercharge your personal finances then this article series is a must read.

Article Series - Manage Your Mortgage and Personal Finances with the Australian MoneyFormula App

OVERVIEW - Your Personal Finances + MoneyFormula App

PART 1 - Personal Finance App Bank Accounts & Debts
You can also try the Australian personal finance MoneyFormula app right now to help you crush your mortgage, beat the cost of living, pay down debt and check for hidden bank errors.


PLEASE NOTE: The information in this article is general in nature. It does not take into account your personal objectives, financial situation or needs. Please speak to a qualified financial adviser if you need specific advice on your finances.