Horrendous service and woeful organisation. Keep away from AFG!
AFG have been a nightmare from the start. They screwed up our settlement which was $20k short of what it was meant to be. When we took it up with our broker, he investigated and found out that we had to sign a form to request early release of the FHOG. They never passed this form on to us or our broker so just didn’t bother to tell us that our settlement amount was short of the required funds ON THE DAY OF SETTLEMENT.
The fun didn’t stop here, when we provided them with the invoice for our base stage, they took 4 WEEKS to pay the invoice when...the builder said we had 7 days. In the meantime, we had the builder chasing us for payment and the frame stage invoice was issued also. When we spoke to AFG, we were told that we had to escalate the payment through our broker, so we did, only for him to be told that it wouldn’t actually do anything. He tried contacting the BDM to escalate it further, and he just dodged our broker’s calls. To top it off, AFG pushed up our interest rate right after we settled. This also just happened to be right before the RBA cut the interest rates so that they could maintain the same rate on our loan. The next RBA cut was not fully passed on either, with AFG only cutting the rate by 0.19% instead of the whole 0.25%. All in all, AFG have been possibly the worst company I have ever dealt with. They do not care for their clients and are completely unorganised. I would not recommend taking out a loan with AFG to anyone, and as soon as construction is finished on our home, we are moving to another lender.
I feel sorry for the people that work here. There has been multiple issues.
We needed a revaluation done just prior to construction. We lodged the request and after 2 weeks of following up with calls to them, they said there was no record. During this process, we were given conflicting information. Then we re-lodged the request. They told us this would take several weeks which delayed our build start. We couldn’t speak to a supervisor at any stage and they said we didn’t qualify for their escalation process.
Then the construction drawdo...wn process began. We were threatened with late fees from our builder as they were slow in processing the first payment. Again no escalation until we lodged a formal complaint and they said they would expedite the payment if we removed the compliant. We are now at settlement and surprise, surprise, settlement is now delayed due to slow processing of payment. Again we don’t qualify for their escalation process. The customer service person told me they are under staffed and unless we are going to homeless we don’t qualify. I am sure they just increased their interest rates to put on more staff. Every time you call expect to wait for at least 30-40. If you have a complaint, don’t expect to be able to get help or to be able to escalate. As a part of the NAB, I don’t expect anything else from this poor excuse of a company.
I’m warning anyone that will listen to stay away from AFG.
I have a loan with them for my land, but Im transferring my land loan to another bank to build my home.
My account was canceled by them but they are refusing to realise my loan to the other bank. But in the mean time they have charged me $800 and are trying to charge me interest on the account that was closed. Settlement has been pushed back by 2 weeks now and I’m still waiting.
I was also ahead on my payments and haven’t seen or heard where that money has gone.
Please stay away from this company
Questions & Answers
Can you please advise when you will communicate your decision on the current rate decrease from the reserve bank?
They haven't passed on anything but are constipating on it...!!
You can view the latest rate movements in relation to the recent RBA decrease here - https://afghomeloans.com.au/afg-home-loans-rates-reduced/
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