Commonwealth Bank Mortgage Interest Saver

Commbank the kings of shifty business – CBA is honestly a ruthless, bloodsucking bank that only seems to care about taking your money. They could not care less and just refer to the fine print as their argumnent I've had two loans with them for over 15 years and never missed a payment once ! Out of nowhere, they started taking money from my account for a loan that was already paid off because apparently the interest-only period had ended. I was shocked to find out they hadn’t notified me at all—no letter, no email, no phone call, and no SMS.

When I called to ask why I wasn’t informed, they told me they didn’t have my email address! Seriously? After all this time, they don’t have my contact info? It’s hard to believe that a bank can operate like this. If I had defaulted on my payments, would they really have just ignored me because they didn’t have my email? What if there was no money in the account from which they took the funds? Would CBA have just forgotten about everything? It’s absurd!

Now they’re refusing to give me back the money they took without any notice. I rThis whole situation has left me frustrated and disappointed with their service.

cant wait to close these loans and all accounts with them

Worst offset account ever – The CBA MISA account is the worst offset account I have ever used. It's not 100% transactional - you cannot direct debit from this account and every single time you make a withdrawal it has to be more than $500. I cannot believe that I am paying $375 package fee for a product like that. So disappointed

Excellent – Best thing since sliced bread. You can plonk your wages, dividends, etc into MISA and use that to offset the balance of your mortgage. Then, use your credit card to pay for day-to-day items. The longer you can keep a maximised balance in MISA, the less interest you pay, taking 10 years off a mortgage, according to the calculations on our $384k loan.

You might pay a fee for the facility, but it's negligible compared to what you can save! If you get a home loan, MISA is a definate must-have! Good way to improve cash flow, monitor your cash/debt situation and benefit from non-assessable interest and reduced interest.