At the end of last month our home loan, with the CBA, changed from a Construction (interest only) Home Loan to a normal Interest + Principal variable Home Loan.
This means where we normally only paid the bare minimum interest repayments we now pay about half more of that extra to cover the Principal repayments. As we transfer all of my pay into a high interest rate account we normally only keep enough money in the account that the interest is taken out to cover the interest for that month.
Unfortunately we weren’t quite expecting the extra money to cover for the extra repayment and so one of our accounts was overdrawn. Thankfully a quick call to the CBA explaining the reason for the overdraw and they were happy to reimburse the overdraw fee for “Good Faith” that we weren’t expecting the change in Home Loan repayments.
It’s good to see you can still get good service from one of Australia’s largest bank.
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