I would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
I've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Commonwealth Bank is a trusted bank and have an easy to use and functional app which makes mobile banking simple and easy. I have always used them for personal banking but moving my home loans over means everything is now in one place that is easy to access. Only complaint is I wish they had frequent flyer rewards.
Very understanding, great customer service..
Difficult to get someone to talk to about lowering home loan rate.
We have been with our bank for over 20 years now and they are willing to talk to us when times are tough, we have a direct broker and they secure the best rate for us. We always talk and discuss wit them on a yearly basis to make sure that we are on the best possible outcome for our needs. Don't just organise your Home Loan on line, find a direct contact/Broker within that bank, this will give you a person who will work for you and not just a computer, make regular contact so you receive the best out come for you.
FLEXIBLE AND ACCESSIBLE
It is mostly fine but can be very impersonal at times
Commonwealth bank are all round good. They offer a great Netbank service. They have good customer service. However, they do not offer competitive prices.
CBA has an excellent phone app which makes everyday banking as well as some of the less usual tasks (like home loan adjustments etc) so much easier! You can also track your spending in categories like home, food & travel etc.
Always willing to negotiate when I call re home loan rate so that's always good, although it would be better if you were just automatically on the lesser rate.
Post pandemic, my CBA bank manager worked hard to lower my ever rising interest rate. She consolidated my Solar loan into my mortgage and came up with a weekly figure that was affordable for me. I was pleasantly surprised at how she achieved this when people around me were getting stung, especially with the interest hikes dominating their normal repayment and no assistance from their lenders. You need to ask questions and think outside the square, which CBA does.
Who can love a bank? Especially these days when costs of living is up and yet banks keep increasing profits and not giving customers opportunities to reduce interest cost on loans .
We have been with Commonwealth bank for 30years plus and must say when ever a problem has occurred they have professional sorted any problems that have been resolved
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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