All Topics / General Property / Mortgage watchdog software ?

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  • Profile photo of Rexilla99Rexilla99
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    @rexilla99
    Join Date: 2003
    Post Count: 39

    Did a search on this topic but didnt find enough feedback.

    Would like to know if the program is worth the money and if you do not find any errors will the company refund you the money?

    any info about the software would be great.

    Profile photo of Rexilla99Rexilla99
    Member
    @rexilla99
    Join Date: 2003
    Post Count: 39

    so know one here can help me about on the software for http://www.mortgagewatchdog.com.au ?

    Did i post in the wrong section?

    Profile photo of az_alwayzaz_alwayz
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    @az_alwayz
    Join Date: 2004
    Post Count: 3

    Hi Rexilla,
    I dont keep up with this site as much as i’d like to and unfortunately I can’t really help you with your query. I am however in the same position! I have come across the mortgage watchdog site a couple of times already and have forgotten about it shortly after each time. My wife and I have only nearly had our offset loan for a year but I’d love to start correcting the banks errors early on!
    If you find anything more or anyone who knows more about it please feel free to email me! [email protected]
    Goodluck
    Az

    Profile photo of az_alwayzaz_alwayz
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    @az_alwayz
    Join Date: 2004
    Post Count: 3

    Hi again!
    Done a bit of searching and didn’t come up with much either in regards to reviews. The guarantee is for a loan with at least four years history which won’t help me yet! And there’s a couple of trial downloads you can try but they don’t let you do much.
    Cya

    Profile photo of MartyJMartyJ
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    @martyj
    Join Date: 2006
    Post Count: 5

    Hi Rexilla99,

    From a previous post:

    I downloaded the free trial of the watchdog once, but got really bored of typing in statements. It’s also a very basic software package. Common opinion (on forums) is that the software isn’t worth it. Other complaints include that the trial is crippled so you can’t really test it with your mortgage (interest rate is fixed) [grrr].

    If you want to check your statement I’ve been using the mortgage checker Home Loan Interest Manager Pro (http://www.homemoneymanager.com/home-loan-interest-manager.html)
    from http://www.homemoneymanager.com as it lets your load all your statements electronically, and provides you with a whole lot more reports on your mortgage [thumbsupanim].

    Works with offset accounts, and the free trial isn’t crippled so you can start checking your mortgage statements straight away…[specool]

    Otherwise a quick search for “Mortgage Audit Software” will help you.

    Cheers,
    Marty

    Profile photo of CelineMCelineM
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    @celinem
    Join Date: 2007
    Post Count: 1

    Thanks for the tip Marty, I downloaded home loan interest manager pro. Great software – managed to check all my statements and luckily no errors found.

    I was reading through http://www.homemoneymanager.com and found a 50% discount code from a sale they had last year. I just used it when I bought my copy, thinking they probably wouldn't let me have the discount.

    And here is what they emailed me:

    "… congratulations on using the 50% discount coupon LOAN-CHECKER. We originally set this up as part of a promotion last year, however we re-instated it earlier this year as quite a few people missed out.

    For now the discount code remains active, so if you know of anyone else who wants to take advantage of it, please feel free to tell them. However the sooner they use it the better, as unfortunately we may be disabling it again in the near future. "

    So if you were looking to buy home loan interest manager pro, worth seeing if the code still works for you

    Celine

    Profile photo of shipwreckshipwreck
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    @shipwreck
    Join Date: 2008
    Post Count: 2

    I think it is worthwile.   I'm in the same boat without 4 years of history, but have found some errors.  I would recommend signing up to Mortgage Watchdog.  It's quite cheap for the money.   Click here to visit their website.

    Profile photo of mathewc73mathewc73
    Participant
    @mathewc73
    Join Date: 2005
    Post Count: 241

    I purchased the software when the hype was made about it on ACA.  I was hoping it made it easy to load up the statements as thisis the time consuming part.  In my opinion you are better off just doing the calc in excel.

    The formulas are relatively simple to determine, I bet the forumers here could post several and then they just require minor adjustments to suite the banks T & Cs. eg 365 or 366 days in a year or 365.25, etc.

    Profile photo of TheSnowmanTheSnowman
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    @thesnowman
    Join Date: 2008
    Post Count: 1
    mathewc73 wrote:
    I purchased the software when the hype was made about it on ACA.  I was hoping it made it easy to load up the statements as this is the time consuming part.  In my opinion you are better off just doing the calc in excel.

    The formulas are relatively simple to determine, I bet the forumers here could post several and then they just require minor adjustments to suite the banks T & Cs. eg 365 or 366 days in a year or 365.25, etc.

    Indeed, everyone is entitled to their own opinion, and yes, it probably would be quite simple to whip up a formula in Excel, but hey, you still have the first problem you mentioned – inputting all the data, guess there is copy & paste if you have the data in the right format; also, plus see the comment below.

    Here is a review of the program http://www.moneybags.com.au/default.asp?id=4452&a=0 

    and some of the content –

    Is it easy to use?
    Yes, very easy.

    Can't I do the same with a spreadsheet?
    Yes but it will not be accepted by the bank.

    I have this program and am currently doing just that; I will let you know how it goes. I bought it because of the 100% money back guarantee PLUS $250 on top of that; I figure I can't lose unless all the bank mistakes are in my favor, in which case I am already ahead anyway

    And I do have just over 4 years data to enter, so back to grindstone and catch ya later, John

    Profile photo of lisaslisas
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    @lisas
    Join Date: 2005
    Post Count: 36

    Hello

    Just wondering if any of you have found any errors on your bank statments using these products?

    Thanks
    Lisa

    Profile photo of MartyJMartyJ
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    @martyj
    Join Date: 2006
    Post Count: 5

    Hi Lisa,

    I found an error on my home loan where the bank had charged me investment rates, instead of home occupier rates. This was from a loan that was 14 years old (when there used to be a 1% difference between the two rates). I tried using a spreadsheet, but the compounding on compounding all got a bit messy, so I ended up buying Home Loan Interest Manager Pro to do all the calculations.

    mathewc73 wrote:
    In my opinion you are better off just doing the calc in excel.

    It was really time consuming trying to set up the spreadsheet to work out all the numbers, and then make sure it was all correct. Maybe I was doing it wrong, but if all you want to do is a quick check of your statements, for free, then I would save yourself the hassle and try one of the following:

    – use the web based checker at http://www.interestsavers.com.au, or

    – download the free trial of the mortgage checker from http://homemoneymanager.com.au

    Cheers,
    Marty

    Profile photo of mathewc73mathewc73
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    @mathewc73
    Join Date: 2005
    Post Count: 241

    Fair enough, as stated, it is my opinion.  For me excel was easier and its all I would use again if I wanted to check.

    Profile photo of fritsmarlboromanfritsmarlboroman
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    @fritsmarlboroman
    Join Date: 2008
    Post Count: 1

    It's a scam.

    The program costs $29 and can be bought here:

    http://www.mortgage-watchdog.com

    Jim.

    Profile photo of Sparky0118Sparky0118
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    @sparky0118
    Join Date: 2009
    Post Count: 2

    Hello,There is a website that has a free interest checker,visit http://www.interestguardian.comSparky

    Profile photo of jackiedempjackiedemp
    Member
    @jackiedemp
    Join Date: 2010
    Post Count: 1

    Hi there,
    I have purchased mortgage watchdog and used this product and can't speak highly enough of it.
    Not only did I run our mortgage through the software, I ran our seasonal finance overdraft through this software and was horrified at the errors our banks had been making.
    I know it can seem a little time consuming at first but really this programme is fantastic and also prints out a letter to your bank manager and can calulate interest on interest etc.
    Everyone who uses a bank should have this software and use it. This programme paid for itself in one month on our seasonal finance facility. I have run other family members mortgages through and consistently found bank errors as well.
    Hope this helps all the queries above.

    Cheers
    Jackie

    Profile photo of keikokeiko
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    @keiko
    Join Date: 2008
    Post Count: 513

    I beleive you should really check your statements, I have not used watchdog or any other but I have done my own calculations and every month there is an error on my variable loans, If your no good at doing your own calculations then I reccomend using watchdog or another.
    you will find errors, I have seen $200 go out one month and other months it might only be $50 then it might be in your favour by $20 but very rarely, I think the banks know exactly whats going on.

    Profile photo of mbevenmbeven
    Member
    @mbeven
    Join Date: 2010
    Post Count: 1

    Mortgage Watchdog is one great con…..how they cover themselves is quite simple….they offer to
    refund you if the program is identical to the bank's statement…….I secured a commitment from
    them to refund me if there was no significant benefit in my favour. I spent hours imputting 3
    different banks worth of loans and found the banks were actually about $0.20 per month in my
    favour. I have demanded a refund and of course the usual story…..chq is in the mail….its been
    over 2 months and no refund…….yet only took 2 days to take the money….

    ITS A CON…..STEER CLEAR

    Profile photo of Adrian1976Adrian1976
    Participant
    @adrian1976
    Join Date: 2010
    Post Count: 2

    Hi All,

    Whilst I haven't used the other products mentioned here I would recommend Mortgage watchdog.  Just found out I'm owed $872.54.  Nice one!!.

    Especially when I didn't pay the $197.  Check out the risk free trial being offered below.

    http://www.mortgagewatchdog.com.au/rft

    Cheers
    Adrian

    Profile photo of Matt_ArnoldMatt_Arnold
    Participant
    @matt_arnold
    Join Date: 2006
    Post Count: 142

    Hi Adrian

    Great news about you finding a bank loan fault in your favour.

    If you read the terms and conditions but, i believe that you will have to pay the $197…

    3. Where the 30 day Risk free Trial is selected, customers will only pay for shipping only at the time of the order. The full price of the software is payable in 30 days when the customer has found errors.

    Matt

    Profile photo of binsiebinsie
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    @binsie
    Join Date: 2010
    Post Count: 1

    Hi, I've used mortgage watchdog and found that they owed us heaps. I've sent the letter to the bank and got a promp call from the bank manager (almost amused) and said that these things are never accurate but he would look into it. He said generally the bank is correct.
    My question is; has anyone actually received money back from the bank using this software? or is it a scam to get you to purchase the product?

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