Warning - stay away from AFG
Absolutely no customer service. Easy to get a loan with, but when you want to leave due to their ridiculous interest rates etc they make it difficult. Found out our loan is actually with a 3rd party and NOT AFG.
Would not recommend AFG Home Loans if my life depended on it!
AFG Retro home loans were the worse bank I have ever dealt with and I have had almost 10 home loans.
They're construction loan final payment delayed my hand over which left me with no where to live as every thing was arranged with removalist and landlords to move out at an agreed settlement date.
It cost me so much money.
And to top it of as part of the requirement when building in a new estate the builder adds a fire levy charge for fire zoned areas.
Once land is released we find out if the fire zone is no longer in a fire zone area so the bui...
100 years behind in service.
So when i call up they look as if i have disturbed them. First lime is ‘we are sorry but i have to transfer you to a different company’ as you are with edge home loans.
The have a primitive system of providing a debit card and their online banking is from the 70s. Everytime i transfer money between accounts it gives an error.
I am trying to get out now and my resettlement is delayed as i have magically lost about 40k in their books
Stay away from these guys.
Very poor customer service
I am an AFG home loan customer. Due to COVID I was in hardship, I requested AFG to review my request to pause the repayment for 2 months. Didn't get any support at all!
Great to begin with, horrible afterwards
Easy to get a loan with.
Terrible if market conditions change.
If they review your rates when RBA rates change, don't expect a reasonable outcome. 0.05% offered vs 1% on their competitors.
Administration is terrible
Their LMI fees are great and what not. So the savings side fantastic. But their admistration is ridiculous. Everything we have had to sign had to be done again. And when it was redone we had to wait weeks for the process then redo it then wait weeks again! We have builders waiting for money to be released and the bank is taking their sweet time. As soon as we can we are refinancing with another bank
Cookie Cutter Approach and No Customer Service
Seems great until you actually need customer service or a change. Unlike many others I decided to tell the bank I moved in with my partner and now renting out my home. I should of done what many people do and not disclose the situation change. In times where rates are low, having a paying tenant and a stable full time job should mean a lot to a bank, they hiked up my interest rate by 1% and charged a fee. I understand there is a difference between owner occupy and what banks say are investment loans, however most banks go through the process an...d may offer different rates for customers in different situations, and certainly not 1% difference in current market. They apply a cookie cutter approach with very little customer service to make you feel like you are important, they must forget how much profit they get from our loans.
Warning! Revoked finance after formal approval.
After receiving approval for a home loan, 30 minutes before close of business on the last day of finance. They decided to revoke the approved finance 3 days later, after the contract had gone unconditional. Did not give us an explanation. Left us in a legal battle with the seller. Absolutely horrific.
AFG Home Loan Edge
AFG seem to be OK. No problems with settlement.
Bit slow with sending out Debit Card for the Redraw facility.
No Android App to easily manage account.
Payments into the account via bpay and direct transfer are really slow relative to what it is for a normal account and by modern banking standards meaning don't rely on them for quick transfers.
I have not used the Redraw facility yet as my funds have not been credited to my account.
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.
AFG have been difficult from the start
We have been with AFG (Retro) for only just over 1 year and they have recently increased the interest rate twice in only three months, despite the reserve bank rate remaining the same. They offer little explanation beyond their ties to the underwriting bank. As other users have said, discharge rates are high (in the process of discharging the loan) and the security property we used for the loan to begin with was layed down at an unreasonable rate of colatoral with some clear shadiness in the transparency of this within our original contracts. T...hey have also not been able to produce proper electronic statements, and even the versions you must pay for (if misplacing your original) are substandard in the information in your history they offer (beyond being a very basic transaction list with a letterhead). Their stated reasoning is that they have not yet properly established their digital presence. I would strongly recommend avoiding AFG and using a different lender based on my experiences.
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’ve been with AFG for less than a year and my interest rate has gone up twice .Im now looking into changing my home loan...mind youvim a first homebuyer and I’m in shock how fast the interest rates are going up when other banks are keeping their rates the same .
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/
Get an answer from our members and AFG Home Loans representatives
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.