One Account is a mess!

Good Day

I opened a One Account to accommodate a home loan at the beginning of 2017.

Since then I have identified major pitfalls in the manner in which this account works.

I have communicated this to the relevant people, and have only been provided with good service from one of the consultants. Unfortunately, she is not in a position to address these issues but has been communicating them to relevant teams, whom I have not heard from except for one occasion early last year.

1) When I opened the account and the first payment came off, I noticed that the total repayment (Limit reduction & interest incurred) did not align with the amount as per the bond contract. The interest is calculated correctly, but instead of reducing the limit on the difference between the agreed contractual repayment amount and the interest incurred, the system calculates the limit reduction independently based on a conventional home loan calculation. The result is a total repayment nowhere close to the agreed repayment amount. I have brought up this issue since last year, and the product owner promised it would be addressed, but nothing has come of it.

2) The funds in my account recently matched the amount of the facility. Instead of continuing to reduce the facility limit, no limit reduction is calculated and the remaining term has stayed the same. This is evidently a system deficiency as if it continues to operate in this manner, then the term would extend to infinity and the facility will never be reduced to a point where the loan has been effectively paid off. The limit should be reduced irrespective of the account being in a debit or credit balance. It is a home loan afterall.

Someone senior needs to be aware of this, as the One Account is not serving its purpose and it should be addressed as a matter of urgency.