Bank acted correctly in setting up couple’s joint loan

Concerns about lending decisions,
Margot and her husband refinanced a joint home loan with the bank in 2015. Margot said she recalled that, during the discussions with the bank, the staff member concerned told her that her husband would be able to access the account from which home loan repayments would be taken, even though this account was in Margot's name only. Margot and her husband signed the loan agreement listing Margot's account as the funding account for the loan.
June 2023

When Margot and her husband separated in 2022, Margot was accused of hiding the repayment account from her husband in court. Margot said this was a humiliating experience and had complicated the court process. Margot considered the bank had either misled her about the fact her husband would have access to her account or it had incorrectly set up the lending. In 2023, she complained to us.

Our investigation

We could not find sufficient evidence to say whose recollections about the 2015 meeting was correct. However, the loan documentation was very clear: repayments would come from the account in Margot's name only. Furthermore, repayments were taken from the account for a number of years without any queries being raised with the bank. In our view, the bank had neither set up the lending incorrectly nor misled Margot that her husband would be able to access the funding account held in her name only.


We could not uphold Margot's complaint.

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