Not a positive experience
Went in to ascertain how we could go about getting the loan we needed to achieve our goal of either purchasing a new house or potentially building one. When querying how much we could borrow to go out and make offers, we were told "no one is doing pre-approvals at the moment as the lenders are too busy processing loans". When discussing potential finance options to make it happen, when querying if bridging finance could work (knowing full well it would, and be for a very short period of time), we were told "bridging loans are too hard". Left fe...eling quite delusional about our ambitions and deflated. Have spoken to a few other people we know who had similar experiences, it just seems they are spoilt for choice for "easy clients" during the housing boom and could not be bothered putting in some legwork to help us find a solution that could work for us. Not recommended at all.
Wasting my time
Slow, no communication always chasing answers. Almost lost the contract on my land because of this company. Taking 4 months and counting to get a building loan sorted out cannot get a straight answer goal posts are always moving.
Read the fine print. “Never Again Aussie”
Have a loan for 22 years. As the balance is now low we have had 3 interest rate hikes in the last 2 years, while the Reserve Bank has kept rates on hold for that period. If we pay the loan early to avoid the rate increases we would be hit with penalties for ending the loan early.
Find another lender
Firstly, the Aussie mortgage broker didn't offer me any options. I was presented with only one mortgage option and because it was for an Auction property with a limited deadline, I had no choice. His communication was awful. Secondly, before I had even made my first mortgage repayment, they increased the interest rate - that's a straight up increase within the first month. Within 12 months, my interest rate went up a total of .40%. Sure, its a variable rate, but with the RBA keeping rates on hold, there's really no justifiable reason to be jack...ing interest up so quickly and so much within such a short time frame. As the contract says "This is a variable rate and can be varied by us acting reasonably". I'm sorry, but increasing the interest before even the first payment is made, and then further .40% is not reasonable, its greedy. Basically they'll suck you in with a lower interest rate, and bump it up soon as possible.
Would not use again.
We used Aussie as the mortgage broker when we were building our first home. Aussie were consistently slow in making progress payments from NAB to our builder. The 3rd progress payment was actually approx 5 weeks late when it was finally paid. This caused us alot of stress and when questioning our broker at Aussie he accused me of lying! Documents were always given to us at the last minute and we had to rush to sign them and return them asap. The organisation skills seemed extremely poor. Would not recommend.
Bad bad broker giving company a BAD name
I think it's only fair to say that we got a pathetic broker to assist us. A pathetic broker which can give the company a bad reputation. She was unprofessional and useless. Would not communicate unless I initiated communication.. and when I did she was really nasty about it because I was rude and told her that she wasn't doing her job.
She wouldn't tell us the lenders were waiting on paperwork we found out one week before settlement and I had to run around like a stress head trying to get it sent off ... when I contacted her about it she got ...
Just got burnt when discharging a loan. Watch out for hidden fees, having your concerns dismissed out of hand by their staff, complete lack of transparency with regard complaint handling process and completely no interest in their customer. Sadly Aussie [name removed] is a fallacy.
Never again ...
Sold a house .. loan all approved by broker for other new house . Found one. had 8 week for broker to sort out loan before settlement.. he said its all good to go... signed paper work .. ... .. the day come to move in .. still no loan .. been waiting for other two weeks and still no loan ... this is a bloodly joke .. soo stressed out ....all over this .. am seeking legal aid on this mater
Useless - would have saved myself hours if I'd just gone straight to the bank
I contacted Aussie looking to buy my first home. Initially I was just looking for general advice, as I worked out my budget and got a feel for what mortgage products were out there, and in this the broker was quite helpful. Once it came to actually getting a mortgage though, he was utterly useless. After 3 or 4 meetings and innumerable emails/calls in which barrier after barrier came up, I had only a week until having to sign contracts on the property I had found - I had been working with this broker for about a month by this stage, and in the ...end he put forward only one product (an Aussie mortgage) and hadn't even got the application in. In desperation I walked into my local bank - Lo and behold, 4 hours later I had a pre-approval in place! Not only were the fees and interest rates better than the Aussie offering, but all the barriers the broker had used as reasons not to apply for other mortgages (my job contract etc) were not even an issue at all. To top it off, once I told the broker what I had done he had the audacity to ask if he might approach NAB to get this deal on my behalf, so that he could take his fee!!! Save yourself the time and just go from bank to bank directly - it'd be quicker in the end and you'll get a better deal.
No return phone call
I rang our local Aussie office on the Mornington Peninsula in regards to home loan refinance, left my details with reception ....that was four weeks ago, never heard back...funny this has been the second time within two years.
No communication, shortfall, cancelled prior to the settlement time.
Finally got our account details today after about 2 months. No communciation, never pick up the phone. Terrible manners, and despite mutliple forms being signed, multiple conversations, there was a shortfall prior to settlement. So settlement was cancelled BEFORE the settlement time, and AFTER the short fall amount had been manually placed into the account. When I called to complain to our broker I said I didnt understand why we would have to fork out the interest on both loans (the other was family that we were taking over) because of someone else mistake! and he said "ha ha, well good luck getting it back from the bank". Rude. Incompetent. Slow. Lucky they don't have a term on the loan, because I don't know how long we will be with them!
Bad service & product
Transfer is slow, taking 3-4 days. Repayment amount get reduced automatically when I have massive redraw. So customer pay MORE INTEREST. Smart try.
Our experience with our local Aussie Brokers has been an awful time waster!! 3 weeks have gone by with little progress. You go to a broker for their expertise and getting back to us promptly. Both attributes were lacking with the person we had.
Tardiness and lack of care
With the amount of paperwork and ID they ask for, the entire application from start to finish took five days and they STILL couldn't get my name right! They did a credit check and told ME to verify my details with Veda because "I" spelled my name wrong - turns out the application they started was incorrect! Furthermore, the consultant rather than a simple call, would email us at the very end of the day to "send more info". By the time we got the whole portal upload correct and MORE paperwork at her request, it was 4 days gone by just trying to ...apply. And in that time - not a single phone call. Poor poor service, the 2 stars is for the answering service cos it listened and put me thru to the right area. Got a real person on the line, scored them less than zero!
Poor product knowledge
When my partner and I asked about a 90% loan without paying mortage insurance. She said 'no way, no one would ever do that'. We then mentioned that our friend, who is also in the medical profession got one, she back tracked. But said she would have to 'look into it and call us next week.' What a waste of an appointment. She already has all out details beforehand. As we felt no confidence in Aussie, we went to one of their local competitors. After he asked what we did for a living, immediately and unpromted said 'you should get the medico package' and proceeded to explain the differences between the various banks medico packages. Glad we didn't stick with Aussie.
Questions & Answers
I've just pressed the stats button at the top and it's probably good that I did. Does it seem weird that over 10 years the rating was constantly 2 out of 5 and then magically over a month or two there are 500 5 star ratings pushing the rating to 4 out of 5? This is also during coronavirus when things would have shut down quite a bit.
We've had plenty of feedback over the Covid period, which is still ongoing for many of our customers.
We've started to encourage customers to review us more than ever, which explains the awesome uplift we've seen.
If you have any feedback on your experience please also feel free to leave a review.
I didn't even know Aussie was on Product reviews until they told me they were. Unfortunately people are more willing to share negative feedback than positive.
What a fantastic review of your experience with your Aussie Broker, thank you for sharing.
Congratulations on your first home purchase.
We love that your Aussie broker has been able to guide you in helping to achieve your dreams of owning your very first home.
Remember to stay in touch with your broker and they will continue to assist.
4 days ago
Yes I have questions about the loan bit I will have ask him later on. I was thinking I won the 250 dollars.
does that say enough?
hello im a 6 years full time mechanic in townsville just wanna ask cause i wanna buy a house a second hand houseworth 290 000 but i dont have a deposit money anyone can help me thnk you so much its my firsttimw buhong a house really appreciatewho can help me thank you so much
Thanks for your query with Aussie.
The best person to speak to in reference to this would be one of our Aussie Brokers.
So I can get you in contact with someone in your local area, we would need to grab a few details form yourself.
Can you please provide these details via the Aussie website or via email to firstname.lastname@example.org
No. Wrong answer. The gentleman has no deposit. No one does over 100% loans and it would be over 100% as he’d has no funds and would be needing stamp duty. Not good to give false hope
Our Aussie Brokers can not only advise customers on whether they can get a loan or not, but also work with customers on getting them on the right path to being able to apply for a loan.
This is the reason we get customers speaking with a broker and this allows them to work with their broker to achieve their dreams.
I been reading the reviews. Is it me or is Aussie always like this?
So far we have been going since late January. It is now the 17th March. So far apologies for power outage, being unwell and asked to resign documents because LVR was written twice the amount it should be. Lack of phone calls and one application sent last week. Was told my wife credit score was only in the 500’s but no defaults whatsoever. My wife has always had exceptional credit and gets offered credit consistently.
Has anyone else had these problems or can you advise me as I’m getting cold feet very quickly and I’m getting nowhere?
Also can you suggest another company?
I'm having a similar experience. They're no help.
Get an answer from our members and Aussie representatives
Other Home Loans
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.