Bank pays off man?s home loan
By Dawn Cohen
The Commonwealth Bank paid off Mick Kinkead's home loan last week, without the Alstonville man knowing.
The macadamia farmer received an unexpected letter last Wednesday, advising him his home loan had been paid off.
"It was like winning Lotto when you didn't buy a ticket," he said.
The Wardell Road resident was keeping the 10-year-old loan active with a 60 cent debt so he could use the redraw facility.
The letter from the Commonwealth Bank terminated his home loan account, ignoring the outstanding debt.
"I didn't know the banks could perform a transaction on your account without you knowing," Mr Kinkead said.
"And banks are obviously not as mean as I thought."
The 56-year-old will soon need about $111,000 he had expected to redraw.
The bank has told him he can take out a new loan if he can prove his income.
However, as a primary producer, Mr Kinkead said that could be difficult.
But he is not too worried.
"I think they know they have shot themselves in the foot," he said.
Bryan Fitzgerald, a spokesperson for the Commonwealth Bank, told The Northern Star late yesterday the loan was closed in error.
"We will reinstate Mr Kinkaid's position so there is no cost to him," he said.