Stephanie Stevens was three months pregnant with the couple’s first child, Ollie, when her husband Ryan died while riding his quad bike in Western Australia.
The mortgage for their four-bedroom home was in her late husband’s name and, since he did not leave a will, Ms Stevens was frozen out by Bankwest.
Without a valid will, the State Government was left in charge of dealing with Mr Stevens’ estate.
Mrs Stevens had to wait for Mr Stevens’ life insurance and superannuation to be sorted out.
It took five long months before she was named as her husband’s beneficiary.
In that time the monthly mortgage repayments had gone unpaid, and Mr Stevens’ life insurance was short $30,000 to cover the mortgage.
She said the bank had let interest accrue and added legal and administration fees.
Her parents stepped up to be guarantors for the mortgage and offered to cover the $30,000 shortfall – but the bank rejected this.
Bankwest repossessed the home, auctioning it off for $100,000 less than the $520,000 the couple had bought it for five years earlier.
Stephanie Stevens has slammed Bankwest as ‘vultures’ after they repossessed and sold her family home while she was fighting to become her late husband’s beneficiary
The bank sold the home for $70,000 less than the loan owed, but would have been able to claim that amount back on insurance.
Bankwest said in a statement: ‘We acknowledge that the level of support Mrs Stevens experienced from Bankwest fell short of her expectations during a very distressing period of her life, and we apologise for this.
‘We are lifting our standards of customer care, especially for customers with complex or sensitive needs, to ensure they receive better and more personalised support, now and in the future.’