I have been happy with CommBank for the 6 years we have had our home loan, they have assisted us while going through hardship / cancer.
To be truthful it's the only bank I've used since coming to this country 25yrs. ago. Im happy, have been treated well and its convenient to my home and easy to use online. When my husband was in care they were sympathetic and loaned me money till I could access my super. I don't know much about banking in general but have been satisfied with my local branch.
Commonwealth Bank has good and accessible customer service, and is proactive in contacting the customer when things go wrong. Their rates are competitive and their Netbank app is easy to use. I would recommend them as a home loan provider.
Physically going into a branch with a loan officer appointment gives better results. They are able to give a more competitive comparison rate than the phone service officers.
Have been a customer for 32 years and my most recent dealings with them make you feel like an inconvenience and not appreciated. This is week 15 of the re-mortgage process and they keep putting up roadblocks to stall it. The officers never admit fault and there is no accountability. I'll be closing my accounts after 32 years service and finding another bank to deal with.
All during covid, they would not negotiate our rates for a better deal. So we left.
I like this Bank because it is trustworthy. I could get lower rates elsewhere but they were prepared to negotiate when asked so I was happy with that. The only problem was that it took 3 phone calls to reduce my interest rates. The third person I spoke to offered to split my loan and fix a portion of it which gave me a lower interest rate. This was great but annoying that the other two employees did not suggest this to me when I had spoken to them several months to a year earlier.
The wealth package is somewhat deceiving as it implies that the customer will automatically receive the best interest rates as per when the loan was initiated. Unfortunately, the customer must request (on potentially more than one occassion as rates change) to receive the lowest interest rate equal to the rate advertised to new customers. This does not reward loyalty and requires continuous monitoring by the customer. Disappointing.
I went to this bank seeking a pre approval for a home loan and asked them multiples time what my maximum borrowing capacity is. The answer they gave me was completely wrong and I spent over six months attending open homes and auctions with some properties just going out of my price at auction or getting beaten in terms and conditions in multiple offer situations. They did this assessment listing that I had two dependants which I don’t not have and I never stated that I do. My finances are not completed as I am debt free, employed full time and have a decent deposit. I recently engaged another bank who stated my maximum borrowing capacity was close to 300k more. I would not recommend CBA to anyone, they are highly incompetent. Due to this error and the rise in the property markets there is a long list of suburbs that I can’t not afford to purchase in anymore.
The bank provide me with exceptional service and always help me out when I had and questions or concerns regarding my wealth package and home loan.
The bank would over charge me and then put the money back into my account always making mistakes with my account took two months after probate to close the account the bank wouldn’t let me go.
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WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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