Mortgage Savings

August 3rd, 2011


Are politicians the only ones that make mistakes with your hard earned cash? If you answered yes your thinking may be a little naive. Just because a “trusted” bank is dealing with your mortgage and home loan statements does not guarantee they will be free from errors.

A recent survey in the Sydney Morning Herald stated some really scary statistics. The study investigated 200 monthly mortgage statements and the critical findings were:

  • 54% of loan statements had errors
  • 84% of these were in the Banks favour
  • The average monthly error was a staggering $242

    • Think about this for a minute….These are just monthly errors…. Imagine this figure compounded over the life of your loan.

    You could be like thousands of fellow Australians out there who are losing hundreds and even thousands of dollars to banking errors.

    The question is how do banks make these errors?

    To answer this question I have put together this short report for you.


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