The worst bank ever in the history of Australia
I was on a variable rate since 2016 and the market saw loan rate drop, which was never passed on to me, even after a few phone calls. Instead, they bumped up the rate from 4.something to 4.6 when the comparable rates around were just 3.99. That's one part of the problem. And man, their customer service is the worst of all. I will never get something with them again and I recommend NOT to go with them either.
the worst experience Ive ever had
I took a loan through the Auswide bank branch in Maryborough and when discussing the interest rate I was told it was 3.99 % until all the particulars was worked out and I purchased a cheaper home after doing this the interest rate increased to 5.4% I was shocked but because I'd been through all the steps to get the loan I signed up I wish I hadn't I have since applied for a loan elsewhere .Don't make the same mistake as me and try everywhere else first you'll be glad you did they're not for their customers but only for themselves. A few moths after taking the loan I received a letter from them saying that due to the significant and sustained increases in the cost of funding loans we will be increasing your interest rate by .05% even though there has been no movement of the official cash rate. What a joke when they say we're for the customer Just don't give them the satisfaction .I just wish I had of known this in the beginning
One rate for newcomers, higher rate for existing customers
Our experience is similar to Mrs Deano's. We have a mortgage with ME Bank, paying 4.89%. However, this bank advertises the far lower rate of 3.69% for new mortgages. When they bank tersely refused to consider a lower rate for us, we decided to move our mortgage to a bank offering a lower rate. However, my investigations so far show that many, maybe all, banks have this practice. I wonder, does this mean we should move our mortgage every year or so? Does anyone know of a bank or lender which does not do this?
How to lose a customer without even trying.
We have a home loan and a large amount of money in an offset account with Auswide. I rang them to see if we could get a better interest rate that the 4.55% we are currently paying
New customers wanting more than 100k home loan are offered 3.69% which is a reasonable difference.
After waiting for more than a week for their 'customer retention team' to call me back, we finally connected.
I asked if we could possibly get a better rate than our current rate. The answer was no. Seriously ? Just no ??? I asked why the bank would offer new customers a better rate than their existing loyal customers however the agent proceeded to speak large volumes of words without actually answering the question. I stated that while I understood what he was saying, he did not answer my question and could he please do so. I was then told that I was rude and had an attitude problem. I asked to speak to his manager and he replied that his manager was the person who answered my initial call when ringing their 13 number. (Managers answering call centre phones ? Also note that the lady who took my initial call told me that she could not help me and that this had to be 'handled by our customer retention team) I replied that it was obvious that he was not interested in helping to retain my business and asked that he email a discharge form. I received his email with discharge form almost immediately.
Note to self Auswide if this is an example of your 'retention team' , you fail to understand the word retention The person I spoke to had no intention of trying to retain my large home loan and my large savings. So people don't bother calling to get a better rate, in fact don't bother calling at all because it takes them a week to call you back !
Just another typical bank...
Applied for a home loan through my broker (Who I can't thank enough) almost 12 months ago with Auswide Bank as a first time home owner. Success! I was almost officially ready to start building my first house. Found a block of land I loved so I purchased it and things we're going really smoothly. Next step was to find the right builder. Success! found a builder.
To cut a long story short the builder went broke before they even started and I lost 5 months of time chasing my deposit back from the QBCC. During that time the home loan had lapsed and according the ASIC you have to re-apply after 3 months of not using the loan, which is annoying but that's the rules.
I work in construction myself and have done since finishing high school, been a full-time employee on different contracts for around 19 years and never having too much time off in between contracts (Few months here or there, travelling etc). While I was in the process of finding a new builder and re-applying for the home loan my current full-time contract was ending. I ended up finding a new contract however it is only full-time on a "Casual" basis with the potential to go full-time in 3-6 months which was fine with me cause the work suited my lifestyle and it meant I had a great work / life balance. My broker had asked the bank if this was okay and they verbally said it shouldn't be a problem.
Well.. That was a complete lie. They completely back-flipped and changed their mind stating my "casual" contract was a "concern" and that I needed to be employed at least 6 months on that casual contract before I could re-apply... Meanwhile I was already an existing customer that had already purchased land (while paying rates and making monthly repayments on principle and interest since June 2017) through this home loan. Not only that I had a 20% deposit for the loan (By myself mind you) with great savings in my accounts that if I was to have 12 months off I could afford to live and pay off the loan easily and still have money in my accounts.
Anyway my broker has already found another bank who knows my situation and are more than happy to give me a loan and I have now started the process of telling ALL my friends, family, work colleagues and even complete strangers to stay away from Auswide Bank.
Just for your information also their online banking is pretty subpar and basic. You can't download your own statements unless it's in QIF , DAT or CSV format which is absolutely pointless cause it has no "official" letterhead or anything with Auswide on it, so you've got to wait 3 months for paper statements or ring up and pay a fee for posted paper! It's 2018! who even does paper statements anymore? Wake up Auswide.
Disappointing and frustating experience with Auswide homeloans
I applied for a home loan with Auswide while the application was through broker, got very surprising questions on deductions income etc.
I have taken other loans in past as well and I am really disappointed by the way the credit approval process progressed.
Finally took the call not to go ahead with them
Peanuts and monkeys
Great rates, but that is where the good part ends ..... nothing about this lender makes me want to deal with them again. I thought I had dealt with the worst in the market, but this interaction has taken things to a new low.
3 months to get internet banking, 2 months (and counting) in trying to close loan accounts
The short and sweet:
Use another bank and fire the mortgage broker that recommended this bank
3.99% seemed sweet at that point of time. However, the list of things I'm unsatisfied with this bank seems to grow with every contact I have with them. To be fair I'm using this bank while stationed in VIC so people in QLD might have a better experience.
1) The loan application process was terrible, and they still had me trying to submit verification documents the day before settlement date and this was even with help from a mortgage broker!!
2)Separate applications were needed for internet banking and bank card
3)NO bank details was provided to me after settlement date, i.e. no customer number, no bank statement etc. so for quite a while you're just left in the dark not knowing if there's an issue and you have no way of identifying yourself to the bank for any followups
4) Issue was resolved ONLY when the loan was about to go on default in the bank's books and the bank contacted me... only then did things get rolling. All up it only took a "short" 3 months to get internet banking up.
5) At this point I'd noticed that the interest rate is being charged at 4.2% while they were still advertising for 3.99%. So only the first 2 months enjoyed the sweet 3.99% interest rate. Dubious at best.
6) Finally got around to being able to refinance the loan with another bank,and Auswide bank has been obsoletely painful through this process, not recognizing attorney I've provided to the lawyers, therefore needing me to be involved in asking for things from Auswide, asking for authority forms but not providing the right ones, requiring 21 days for processing (and therefore charging me another month of interest), not transferring any outstanding amounts to the new bank (which i'm currently chasing up). All up another 3.5 months in trying to refinance the loan.
Poor service of existing customers
We have had a home loan with Auswide (previously Widebay) and consolidated our car and personal loan from other Banks to Auswide. We recently asked for a 7,500 loan to buy a used car. A drop in the bucket in comparison to what we already had with them. I was amazed at their incompetence and lack of interest in servicing an existing customer of many years. 4 weeks later we still didn't have full approval. We jumped through all of their hoops and then without fail they would then need another document, etc. before they could approve. 4 weeks!! We had to change used cars 3 times in this period! After asking for yet another document that should have been asked for at any stage over the 4 weeks prior, we had enough. Walked into ANZ and had the money in our Bank in 3 hours. Needless to say we won't be staying with Auswide and do not recommend them to anyone.
Incompetent and unreliable
We recently purchased our first home and got the loan through Auswide. Our Broker recommended them purely based off the low rate. They are a new bank and so he couldn't comment about their reputation.
Now, three months later, we are already looking to refinance.
Auswide bordered on incompetent during the loan approval process. They kept forgetting to ask for verification documents and had to come back to us multiple times asking for more. They lost our contract at one point (for three days) and we almost missed the settlement date. We only got the loan approved one day before settlement and this was entirely due to their lack of ability.
Within two week of commencing the loan we applied for linked credit cards. Two months later I've heard nothing further about this application, despite trying to follow up twice.
Their online interface is very poor. Previous transactions will randomly not show up in your Transaction History (and the ones that are missing are different each time!). They don't have any capacity to have an SMS one time password to multiple people for joint accounts, so you have to rely on one person doing all transactions (I enquired about this but was never contacted).
The straw that broke the camel's back was their unannounced and hypocritical interest rate rise. Back in October I read this news article (http://www.theadviser.com.au/breaking-news/33287-bank-announces-rates-changes) in which Auswide's Managing Director derided the big banks for their recent unjustified interest rate hike. A month later and Auswide have made the exact same increase of 0.15% - this is despite the fact that the rate increases from the big banks were actually in response to laws on investment loans limits, which don't even apply to Auswide! The worst part? They didn't even post a letter notifying their customers until a 4 days after the rate kicked in! They could have at least sent an email!
Auswide were hard enough to deal with before they had our business. Now that they have it, they just don't care. If you value customer service and reliability, go with another provider.
International money transfer
Worst service I've ever encountered mistakes made have been charged to me over 10 days for money to arrive and it was less than i sent ZERO customer service closing my accounts after being a customer for over 20 years disgusted with the whole bank
Can't be trusted
After being lured by a sweet 3.99% interest rate we soon discovered that Auswide can't be trusted. After increasing our rate 8 weeks after settlement to 4.14% they were still advertising for new customers at 3.98%. Application process difficult due to limited branch network, and overcharged for valuation fees and strict lending criteria. Online systems seem to work ok . Do your sums thoroughly and don't be tricked into low intro rate.
Make people happy and grow.
as being happy is the desire of most people your primary aim should be to achieve this at a personal level. The impersonal mechanical structure of doing business is off putting and does not encourage the good customer /banker relationship that produces word of mouth praise and recommendations. Good is better then big. Regards John.
The staff are always friendly and helpful when I go into a branch. If I have an question about my home loan, I also get an answer from the staff member helping me. Thank you.
Old values better services
Always a bank that treats me with respect and patience , always treated like a highly valued customer when I have needed to talk to a consultant online and in person to persons communications.Since becoming a customer my experience and other known customers always changing so they have always been given better money saving deals to existing and new accounts and services the best service and deals for me for wotever different accounts held over 20 years at this community bank. Keep up the good work!!!
A local bank
Very helpful staff, knowledge of product and human side makes them a winner when refinancing a home loan. Give them a go. The others said it's not possible to drop our rates. Auswide beat them by 2 full points! Cheers.
Good local bank
We are happy with Auswide Bank,their staff are always friendly and helpful. Their interest rates are competitive so it's good to give the smaller guys a go.
Great customer service, great access for in store banks and atm's. Also great no extra fees when using a westpac atm.
Auswide Customer Service
I appreciate the longer opening hours and the retention of multiple tellers at a time when other banks appear to be actively discouraging over the counter interaction with customers. Auswide has the feel of a small business rather than a large and impersonal corporation.
Eggs in baskets
Auswide suits my needs, not all my eggs in one basket, They are as good as the big 4 and have an good online site for statement and info
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