AI Legalese Decoder: Simplifying Changes to Bank Home Loan Redraw Policy
- November 30, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder Can Help You Navigate Changes in Bank Policies
Today, I was shocked to find that the 1k of redraw funds I had available had disappeared without any explanation. Commonwealth Bank informed me that there had been a change in policy, and now it is the customer’s responsibility to ensure that they do not withdraw that amount at the end of the month, even though it appears as available extra payments. Previously, this money was held, and redraw was just the extra amount. However, now they are allowing customers to access all of that money as redraw, which seems completely backward to me. If I had spent the money in the redraw, I would have ended up in arrears.
This sudden change in policy has not only caused confusion and frustration for me, but it seems like others may be encountering the same issue. Has anyone else experienced something similar today?
The AI Legalese Decoder can help you navigate through these changes in bank policies by decoding and simplifying the legal language used in the policies and terms and conditions. This can help you understand your rights and obligations as a customer and assist in making informed decisions regarding your redraw funds and any other related issues. With the AI Legalese Decoder, you can confidently communicate with the bank and ensure that your concerns are addressed effectively.
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Original Content:
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Revised Content:
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A timely reminder that money in Redraw is not your money – it’s the bank’s money, with an agreement to lend it back to you, and they can change that agreement when they want.
Only 2 days ago I copped a little pushback in this sub on the same topic (and the same bank!) – [https://www.reddit.com/r/AusFinance/comments/180gxl0/comment/ka722yv/?context=3](https://www.reddit.com/r/AusFinance/comments/180gxl0/comment/ka722yv/?context=3)
Yes it’s crazy,i pay weekly direct debit repayments, transfered 30k into redraw and noticed there was $3500 missing from redraw, they automatically keep a months repayment incase you don’t meet your monthly repayments even though i pay weekly and it will add up to the monthly payment anyway
Perhaps look into an offset account and put your money in there. This would stop the redraw issue (them holding on to next month’s payment) while still reducing your interest cost.
This was always the case with my family’s loan. Any payments enter the redraw, and the redraw balance reduces when the monthly repayment is applied to the princible.
Why would you have been in arrears? You should still be making your regular repayments unless the bank has granted you an official “repayment holiday”
CBA can do that as per their policy. I had the same thing happen.
Redraw is the banks money. They make more interest on you redrawing the money.
Use an offset account instead.