Do not recommend! NAB or your broker will lock you into a non-competitive rate and charge you the $395/year on top of this so you can wait 1+hour to talk to 3 people in a call centre who will all ask you the same questions despite you having answered them and waste your precious life and then decide they can't help you anytime you have a query. While some try to, for whatever reason, their system is always slow or down, none of their back-end team are ever connected or seem to be in the same place as each other so you're dealing with a completely silo'd and disconnected group of people. When you finally get through to someone, you spend another 1 hour talking to someone in Australia (which is what the $395 plus your excessive interest rate is paying for presumably), guaranteeing you XYZ with no follow-up in writing before not actioning your query. You are then left to join the call centre queue again and if they don't hang up on you after the 1 hour+ you are in line, they'll screw up your query again and again and again. They used to assign a retention officer if they really screwed up (thrice over 2 years for me) with email details so you didn't have to wait in line but they know longer do this anymore, presumably due to high demand and all the screw-ups. Their first offer after a complaint is to refund the yearly fee and if you threaten to go to the Financial Ombudsman they may then write you a polite email - no other financial refund is available despite you being penalised in time and money for their shortcomings. Really do you numbers to see if you need to be using a Big 4 bank - the interest rate is everything. A half a % change can mean 000's saved in a year and more in the long run and breaking a fixed rate can be earnt back within a reasonable time if you get a spreadsheet out and just use an afternoon to see how it all works. If you've only got a year or two left on a fixed loan, the economic break cost is generally under 1k and if another provider is offering 3-4k joining bonus, just do it (there are also exit fees). This was a revelation for a non-numbers person after I just became so frustrated with being ripped off. Don't get drawn into the big banks providing a "safety net" - they are just using their excess fees to try to pay for their clunky, dated systems and all the support they need for this, CBD offices and amenities, Australian-based call centre staff and management teams to design KPIs, scripts, incentives for staff etc.
I have worked in the finance industry for over 30 years and without a doubt Mortgage House is the worst Mortgage Brokering company I have dealt with on many levels: 1. Communication - The broker Ken Sayer is elusive and refuses to accept phone calls, he only makes 15 minute appointments and his team does not return phone calls and ignore requests to do so. 2. Pricing - We have 25% deposit and they are asking for a risk fee with any explanation as to why. Sounds like a simply money grab. 3. Trust & Convenience- The broker did not build any rapport, explain the process, discuss our requirements or exhibit any behaviour that he was working for our benefit. The lack of communication with loan detail is far from convenient because it leaves us wondering what is happening. 4. Customer service is non existent, it is almost as I am an inconvenience to their day. Don't they realise, the customer is the reason they exist.
This bank is nothing but trouble the entire way. We were charged 4 thousand because they took 60 days to get the finance. Then they we sold some land everyone had to wait literally 4 months just for mystate to do their part. My conveyancer and i have never seen anything like it. I could go on and on and on they literally dont care they are the slowest in the world and have zero problem stuffing you around non stop no matter how urgent your situation is they will not help you. Stay away
Unreliable information. Late with legal documents. Don’t return calls. The list goes on.
Absolutely terrible! When we tried to pay out the account and finalise our loan, after making numerous phone calls and writing emails we had no response. They make it impossible to leave, I guess there is more value in keeping us so we can keep paying all the high interest and the monthly fee.
Worst home loan experience ever. They moved the benchmark, constantly asked for more documentation, were never available when I wanted to speak to them and were incredibly rude on the phone. They made me feel like I was a second rate citizen and terrible financial prospect despite owning 2 homes and selling my current one. Would never recommend this bank to anyone.
Was after a 5 year set rate loan, just topping up an existing housing loan. When using the Westpac Loan Calculator it offered an interest rate of 2.47%. It took 2 weeks to get a callback and yes, even though the calculator still said 2.47%, of course that was no longer available. It was now going to be 2.79% and then the rest is disclosed. You have to pay a 1% lock in fee for the 2.79% as it takes 6 weeks to process the loan and if the rate changes up, the new rate will apply. Originally the agent said 10% and I offered you have to be kidding, that would be x amount of dollars and he confirmed that calculation. No apology for the mistake, even when challenged on the validity of 10% lock in fee. Then there is the $600 establishment fee and the $8.00 month service fee. So my advice after banking with Westpac most of my life is to give them a last thought, put them down the list.
When shopping for a mortgage, A good interest rate and ease of approval aren't the only things to consider. The compassion and decency of the lender, if things go pair-shaped, should also be a very important thing to consider, you will not find these traits at Macquarie Bank Some lenders hold life as a very low valued commodity.
NAB is more interested in gaining new customers by offering incentives and low interest rates to entice new customers rather than looking after their current customers and offering them the same incentives. However when there was a problem with my credit card and suspicious activity was detected I received a text message immediately asking if I could contact the bank. This issue was dealt with efficiently. I think NAB could improve on being more competitive with their rates
I have been a Westpac customer for over 20 years now. Their customer service above all has kept me loyal to Westpac. They have always been helpful in any matter and provide me with excellent personalised service and advice. I have very recently taken out a loan for my very first home and Westpac made every single step of the process and absolute breeze.
This firm is great at getting you in the door, but then leave you for dead. They have no interest in working with their customers to negotiate a better rate or if you are going through hardship. Their fees are a rip off and will end up costing you more than the majors. Best to avoid!
I recently applied for a home loan through the Bank of Queensland. They have taken a ridiculous amount of time to complete the application, with very little contact made throughout the process, which in turn has created so much stress for me and the real estate agent holding the property. It is beyond me what they need when I have owned numerous properties, have an excellent credit history, and I've been in the same job for 33 years. I also have a substantial deposit. The stress is not worth it! It's changed my moods, my temperament around family, and my general concentration.
Don’t even think to go with bank of Melbourne. They have the worst customer service and I cannot think of anything worse than BOM. I am trying to settle my loan but they are dragging it over a month now and no one can give me an update, they just don’t care about their customer needs at all. If you are going with BOM be ready to call them twice a day and the waiting time to get the line is more than 30 minutes and you will never get a solution.
Spent months back and forth,ridiculous paperwork requests. Rates ,charges ect. changed on every contact. Could not answer any questions. Requested business structure changes. No idea of what they required. Time wasters with no results. Avoid this bank. If they can't organise a applicant,god help you if they have your mortgage
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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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