Aussie Loan Saver

Why Should I Bother Checking Up On My Bank?

Banks/lenders are run by people and programs and, as always, neither people nor programs are perfect. Mistakes are often made by people and programs and just because your bank/lender deals with large sums of money (like your home loan) you shouldn’t assume that it would never happen to you.

It is important to check for mistakes on your home loan because a small mistake on your home loan, stretched out over a long period of time can become a big mistake. A simple mistake in the first year of your loan could cost you over six and a half times the initial amount when you stretch it out over a 25 year loan (assuming 8% p.a. interest)

What if your lender accidentally charged you just 0.25% more in interest than you are meant to be paying? A mistake that could be easily made, that is an extra $750/year if you have a $300,000 mortgage or $1,500/year if you have a $600,000 mortgage. Over the life of your loan this simple mistake could cost you tens of thousands of dollars…AND IT DOES HAPPEN!

The Problem

It would be great if we lived in a perfect world where everyone was honest and we could trust anyone, including the banks. Unfortunately, the world is not perfect and mortgages statements do contain errors, quite often adding up to thousands of dollars.

The 15 areas that banks commonly make “mistakes”

  1. The original calculation of your repayment amount is incorrect.
  2. The incorrect interest rate was applied.
  3. The interest rate was charged at least one day earlier than it should be charged.
  4. The interest rate was calculated on an incorrect balance.
  5. When the interest rate is lowered, changes are applied one month late
  6. When the interest rate is raised, changes are applied one month early.
  7. A payment was credited at least one day late.
  8. Bank charges are too high or include extra charges.
  9. In a leap year, 365 days are used instead of 366 days when calculating interest.
  10. Incorrect dates are used when calculating interest.
  11. The repayment date is different to the drawdown date.
  12. Payout figure is too high.
  13. Offset accounts include incorrect transactions.
  14. Offset accounts interest earned calculation is incorrect.
  15. Charging interest after every transaction.

The current system for calculating interest on mortgages seems to contain major flaws. Even a small miscalculation can end up costing thousands. The longer the error is left, the larger it gets due to compounding and additional interest charges.

The Solution

The Aussie Loan Saver has been designed to locate and reclaim overcharged money.

  1. Specially designed and programmed statement checking software, it is able to locate all types of bank errors and overcharges.
  2. It can check any type loan structure including mortgage offset accounts and overdrafts. Also, it doesn’t matter whether the loan is for a business, commercial property, personal home loan or investment property.
  3. It can check back any number of years and by using a complex and precise mathematical formula, it is able to calculate the compounded value over these years to make sure you recover every single cent possible.
  4. The programmed software calculations contain internationally accepted formulae and been confirmed 100% accurate by a qualified actuary.
  5. People that have used the Aussie Loan Saver and its tremendous accuracy have found that once they present the error report to their lender, they have had high success rate of recovery, without ever needing to go to court.