I spoke with RHG (formerly Rams) this afternoon regarding my loan and the fact that after 2.5years of paying principal and interest, there is still no redraw available on the loan (despite receiving a statement saying that there was!). The lady I was dealing with admitted that the bank has probably made an error (and made out it wasn't unusual for them to do so).
Anyway, I heard about the Mortgage Watchdog program in the press and was wondering if anyone had used it before? Most of the comments I've read online have been positive and particularly for long loan periods it seems to have saved people thousands. I'm convinced that there are calculation errors with most loans
Can anyone comment on their experience with this product?
Hi there,
It is my understanding that if you have a principal and interest loan and pay the basic monthly repayment which include interest and enough principal to pay the loan off over a specified number of years (25 or 30 usually) then there will never be a redraw amount. If you have a loan which allows for a redraw facility then you need to make extra repayments over the basic monthly principal and interest payment to accrue an overpayment which can then be redrawn. Not all loans allow for this. Also it can happen that the loan will show a redraw amount if you look at it directly after the monthly payment has been made but before the interest for that month has been allocated. If you were to redraw this amount then you would be in arrears.
In order to accumulate redraw funds you need to make extra repayments.
Hope this is usefull to you.
NatI purchased the product about 10 years ago. You will need to get your statements out and type every transaction into the computer. I must admit I did a few months worth, didn't find anything and then forgot about doing the rest. I then changed computers and couldn't reinstall it as you needed to send away for a new password each time and I lost the fax number on where to send it to.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I bought it a year ago and have used it on a loan with an offset attached (which is supposed to have most errors) for a statement period of 6 months so far and found that i am in front $40 and errors in bank favour were only 8c! I thought it would be the other way around – better in my pocket. You reminded me to check the other 6months.
I was consolidating another account and found the amount written as a deposit once added to the balance was worth an extra $18. Worth checking your statements.
MattHi Shipwreck,
I was looking into mortgage checkers last year and I found the three main ones on the market were Home Loan Interest Manager Pro, Mortgage Watchdog and Interest Savers.
After shopping around I ended up with Home Loan Interest Manager Pro as from memory it was the only one I could download and fully try before I had to pay for it. I think interest savers also had something on their website that let you do a free check, so if you want to start checking your RAM mortgage statements without paying anything, I would suggest you start with one of these two.
Cheers
MartyI know this is an old question, but I have tried both Mortgage Watchdog and Interest savers and find them both good. However to get value you need to buy them. Don't cheap out they are worth it. The first time I checked my loan statements I was only being over charged .06c. Big deal I thought! Well next time I checked I was being stung $968! The reason? A change in interest rate was not actioned. After many letters and stat dec's the bank refunded the overcharge. The mortgage checker was an integral part of the proof process. Which ever you get, it is worth it and tax deductible if you are a property investor.
Hello,
There is a website called The Interest Guardian that has a free loan checker,
you can even generate a day by day break down of your interest period.visit http://www.interestguardian.com
Sparky
Here is a video from you tube related to the product
Mortgage Watchdog Interest Calculator Prevents You Bank Rip Off
The Mortgage Watchdog system costs $198. Visit the website at http://www.mortgagewatchdog.com.au. The program will only pay $250 if you cannot find an error associated with your bank. These errors may or may not be a minor amount of money.I'd love to hear some feed back from others about the system , very tempting..
I read a review at Mortgage Watchdog Review and ended up buying it, but only found some minor errors which the bank refunded me for.
I didn't qualify for any refund because my loan was only 3 years old.I have read that you can use a spreadsheet just as well but it takes a long time and you don't have the advantage of being able to use the template letters to the bank, which this software makes easy to use.
I don't regret buying and I plan to use it again soon and hopefully catch the bank out again. I have to admit that the sheer satisfaction of finding an error is a buzz!
Michael
Hi All,
Whilst I haven't used the other products mentioned here I would recommend Mortgage watchdog. Just found out I'm owed $872.54. Nice one!!.
Especially when I didn't pay the $197. Check out the risk free trial being offered below.
http://www.mortgagewatchdog.com.au/rft
Cheers
AdrianAnyone had used Mortgage Watchdog?
I'm working on it now. I'm confused us to where the mistake is made in my favor and where in bank's favor.If discrepancy is shown with a minus upfront (eg. -100.00) – does it mean i was overcharged or undercharged?
And also, if I look up for "Discrepancies Only in Your Favor" – is it a total refund I can make? or it's how much I really underpaid (on those few occasions what it shows).
I can't understand – it is bank owns me $1,300 or I owe a bank…
I used Mortgage Watchdog.
It found errors, luckily I only had small ones but that’s not the point, they could’ve been large mistakes and gone either way.
Why can’t a billion dollar bank with massive computing power get it right, when a low cost program outshines them ??
Maybe the Banks should ditch the flawed software, and buy and instal Mortgage Watchdog.Cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
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