Credit card 

Monthly credit card payments will vary, depending on the amount of money you have borrowed. Credit card interest rates are much higher than for other types of loans, as credit cards are not secured against a specific asset, such as a vehicle or property. With these types of loans, you also have a choice to pay the balance owed at any time without a penalty. 

Loan 

The full amount is provided at the time of the purchase. A schedule of payments, or a set amount, is usually due for repayment monthly. The length of time (the term) for the loan will also be agreed, or limited by law. 

Mortgage 

A mortgage is a type of loan most often used to finance the purchase of property, such as a new home or an investment property. When you are considering buying a property and need to obtain a loan to pay for it, you should compare the different interest rates offered. Banks will negotiate according to factors such as the quality of the property, the amount of down-payment, your credit rating and other factors. 

You may put in a formal request in writing. Financial institutions are expected to provide information that is clear and understandable, and to respond to any customer inquiries in a timely manner. 

Step 1: Try to resolve the matter with the institution’s branch staff or contact centre. 

Step 2: If no resolution is reached, file a formal complaint with the bank’s complaint unit. It is the bank’s responsibility to try to resolve their customers’ complaints within a reasonable time period. 

Step 3: If the matter is still unresolved, or there is a dispute regarding an obligation under a bank agreement, the customer will need to seek legal advice. Customers can also file a dispute with the courts for resolution. 

You can find out how to lodge a complaint by clicking here