Started our refinancing process with Adelaide Bank in July of this year. The whole process has been non-stop issues. They first switched our application to a higher fixed rate than what we applied for. They asked for a never ending list of documentation that kept growing. Every time you think you have reached the end of the process they think of something new to ask for. They promise to send out loan documents that never arrive. You can only get information on the loan progress through the broker which delays the process greatly. If you try to ...call them directly you are met with rudeness. It is now October and our refinance looks to be far from complete. They have wasted months of our time, continually leaving us and the tradesmen we had engaged in limbo. We are now going with a more trustworthy and honest bank - AVOID ADELAIDE BANK AT ALL COSTS!!!
Zero star rating
Antiquated - sent debit cards with no Visa/MasterCard facility.
Poor product offerings and processes
Untrustworthy - refinancing told broker one thing and told us different.
Unbelievable and unrealistic requests for documentation.
Never met stated timeframes
Continually gave pathetic excuses
No apologies or acknowledgment
Will NEVER bank with them again
Terrible don't go with them unless absolutely necessary
Had issues at the start when they failed to put an agent on to complete our home settlement on the agreed upon date causing us to incur fees and delays.
I then had simple query in regards to the card attached to our offset account. I referred to it as a debit card and got cut-off rudely to say "its a cashcard not a debit card". I already knew this and it had no bearing on what we were querying so was very underwhelmed with the service at this point.
Now it has come to refinance and as I was on a bridging loan our original loan amount was very...high. When trying to refinance I find Adelaide has not correctly updated our credit file to reflect that the loan was significantly reduced from the original full bridging loan amount. I contact them to try and sort it out and keep getting sent in circles for them to eventually say I need to contact Equifax myself and they can't help. I went through the long process of raising a correction with Equifax to find that the main part of the correction is Adelaide Bank confirming that the loan amount is the lower amount and that is it. So from this I could clearly see they simply did not want to help me in anyway. I have had other correspondence with them with incorrect information provided, poorly written emails with many spelling errors and grammatical errors. Overall I feel the bank is very unprofessional and would only use them if I absolutely needed to. In this case I did have to use them as they were the only bank able to do a bridging loan that we needed. In summary Adelaide will fail you whenever you need anything customer service related done.
AVOID!!! Prevented us from accessing our own savings
We have had 2 home loans with offset accounts with Adelaide Bank for 10 years as well as a third home loan with a different lender. Decided to refinance to access lower interest rates, change to a bank with a local presence and to consolidate loan accounts with a single bank. The settlement date was scheduled with the 3 banks to do the transfer. 5 days prior to settlement, Adelaide Bank, without our knowledge or permission, transferred all of the funds that were in the offset account (my family’s savings and bill paying funds) onto one of the l...oan accounts to reduce the principle, where the funds were rendered inaccessible indefinitely. After close of business on the scheduled settlement date, I received notification without any explanation that the settlement date had been delayed 3 days. For a bank (or any business for that matter) to intentionally prevent a family from accessing their money and therefore paying their expenses is more than just irresponsible and shamelessly hostile, it’s criminal. Do not give Adelaide Bank your business, their lack of integrity is appalling, their blatant disregard for departing customers who’ve consistently done the right thing and helped the company turn a profit is disgusting. If you are unfortunate to put this bank in control of your money, they will demonstrate to you in no uncertain terms that you are not in control of your own hard earnt savings.
Over 7 weeks to review our home loan application and still waiting
Have an existing home loan so encouraged our broker to stay with them thinking loyalty would assist with the application. The broker has tried to give us updates but is unable to wait on hold for over 45 minutes at a time to follow up on the progress of our application.
Worst mortgage experience ever
Dealing with the mortgate area was an absolute nightmare. They constantly moved the benchmark, questioned everything that we spent money on and made us feel like second rate citezens. The amount of documenation they requested was through the roof. There was zero tranperancy, impossible to contact or reach and no explainataion for any of their questions or follow ups.
Broker pre-approval came back clear and meeting all their criteria, but when it came to the crunch, so slow and difficult we missed out on our property!!!
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Very slow going back and forth with paperwork , even after being pre approved with a broker . once construction commence they have been great with progress payments . But!!!! waiting on final payment for handover of keys and they are weeks behind sequel for their final inspection !!and we need to be out of our rental property . broker was rude very disappointing doubt i will be banking with them for long .
Close to 2 months to set up an offset account, and counting...
BEWARE, this bank has some appalling internal processes. Be very careful, especially if you are an investor
As comparison, refinancing to another bank took lot less than half the time, end to end. This bank has some serious internal issues, among them:
- They require a long process just to add an offset account (close to 2 months now, similar process with other banks is just a phone call).
- They sent me the wrong forms twice. And they were rejected twice, one for being the wrong form (given to me by them) and another one for being digitally s...
Online Budgeting Tool - Flawed
When getting access to online banking they heavily promoted their budgeting tool. My wage that is automatically deposited into my offset account keeps being automatically assessed as an expense instead of income by this “excellent” budgeting tool and there is no way of even manually override the label. Useless.
Lazy & appalling behaviour
The worst of the worst experience I have ever had with these guys, their credit management are absolutely trash, kindness way to put it.
These guys are not up to the task if by any means your application has more work then their usual standard practice. I repeat do not apply for a home loan with them, stay way clear!
They do not want to know if your application will require work, for example, their credit assessor cannot at all understand payslips from a shift worker, I can understand a request for more information from employer is normal, 1st...attempt sure, 2 weeks pass, 2nd attempt we need more wording in the letter so "We can understand it", another 2 weeks, credit managers come back after 4 weeks; "We cannot accept the shift pay" even though they have a letter from the employer stating he works on a 'permanent rotational shift roster' which they cannot for some reason get it through their head it is called a shift work for a reason! Unbelievable I know! I am an essential worker through out this pandemic, I have work so much trying to save for my first house that my partner left because of my hard work, but of course the banks don't care about personal matter, all they want to know is $$$$ profit and profit, greedy son of gun. Honestly this experience with them has been the worse, made me passionately hate banks and their ethics. Do not go with these guys for a home loan, stay away. The reviews you see are true, terrible customer service terrible work ethics. I cannot say the same with Bendigo bank as they are same.
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My big mistake of refinancing with Adelaide Bank
I refinanced with this bank from ANZ with a goal to get a better interest rate. But unfortunately, I was wrong. I move all my home and investment loan with Adelaide Bank and yet i get a better rate staying with ANZ.
Not to mention that they pre-approve me for a new purchase and i have put in my offer so I proceed knowing that I will get the loan. They charge me more than $400 for the valuation of the property. It took them so long (2mths) to release the unconditional pre-approval that until now one day before the exchange I still don't have ...it. They put me in a bad position and wasted money on paying the solicitor and valuation. Not to mention the time and effort i have put in providing all they need but with no result. Please make sure to think 1000X before choosing them. NOTE: Good to see a result after my broker spend a lot of time to sort out the issue with Adelaide Bank. We are now schedule for settlement.
Six months to be declined for investment property Said my score was too low ! I can’t wait to refinance on my current home loan, they don’t return calls or emails ever and never told me I had been declined, I rang and found out! Disgraceful , should have checked my score and so no on day 1 not six months later!
One month waiting time to talk to a lender
The Banks official response (today) to unreturned calls and web site messages is that there is a 1 month waiting list/time for a lender call back about a loan. They obviously don't need the business.
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Refinanced in 2019, Amazing experience since
Refinanced our Home Loan with Adelaide bank mid 2019 for our Investment Home which will be for our retirement. They have been amazing from the very beginning and throughout COVID0-19. Reduced our rate twice without us asking, customer service is excellent. Called us 3 times so far throughout COVID-19 to check on us if we need assistance - you cannot ask for a better Bank.
Very stressful experience!
I tried to get a home loan with them. They pre-approved my loan. I then purchased a house on an auction. However, they pulled out after exchanging contact. I am in the middle of extremely stressful situation that I have to organize another home loan with other bank within limited timeframe. I wish I have never dealt with them!
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