Tag: Banking Ombudsman
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Couple loses home loan complaint over $50,000 break fee after fixed-rate decision
Summary of the case A couple who opted for a five-year fixed home loan in 2023 have had their complaint against their bank dismissed by the Banking Ombudsman. The decision, released as a case note this month, centers on the couple’s regret over fixing their rate and the substantial break fee they incurred when they…
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Couple Loses Home Loan Complaint Over $50,000 Break Fee
Case backdrop: A decision that disappointed the couple A couple who decided to fix their home loan for five years in 2023 faced a setback when they filed a complaint with the Banking Ombudsman. The central issue was a substantial break fee, reported to be around $50,000, charged when they chose to exit the fixed-rate…
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Home loan break-fee dispute ends: couple loses ome ombudsman ruling
Couple loses home loan complaint after fixed-rate decision A couple who regretted fixing their home loan for five years in 2023 has not been successful in their complaint against their bank. The matter, recently detailed in a case note by the Banking Ombudsman, highlights the challenges some borrowers face when negotiating fixed-rate products and the…