Bank of Melbourne Home Loans

very fast turnaround and good rate – I was in a bit of trouble to settle the titles and approached lending manager of BOM directly. He was great help and transparent with the whole process and got my loan pre-approved within 24 hours. Show details

Painful – Trying to sell our house and buy a new one. At sale they were responsible for delaying settlement for 5 hours. Almost missed the cut off, and left us in serious trouble. At purchase, a week after all another parties had signed off, they still hadn't. In fact they hadn't even started processing the paperwork. Didn't even engage their own… Read more

conveyancer until two days out from settlement, and it just complicated things more as he didn't even seem to have all information. Very unprofessional, which in turn makes us appear the same. In both cases a last minute scramble to get documents signed and details entered into their system while everyone else (the other banks, the conveyancers, etc) had theirs done days or even weeks before.

Constantly (like five times per day) having to call different departments and talk to different people each time to get things moving. Each time the person blamed another department for the delay. If you don't push every few hours, they just stop processing the bits of paper. Then literally three days before settlement, they announced we would have to wait another 5 business days for a valuation - or reduce the mortgage by 28k. No once in the entire process did anyone mention this could happen, but it did and caused us quite a bit of financial pain.

Misinformation, lack of information, lack of feedback, lack of callbacks, lack of accountability. Seems their workflows and processes are broken and internally nobody seems to talk to anyone else. There were two people (our local branch customer rep., and a guy in settlements) that were really good. As soon as they lost control and had to wait for other people to process something, it just stalled until they got involved again.

For example: Had to send the contract of sale to them no less than four separate times. The same contract ... because whoever we sent it to each time seemed to have lost or something. That's just one example.

They have a complaints department who seem to be completely ineffective and resolving anything. Spent 45 minutes on hold while one guy said he was going to speak to a "special" team that can help in these cases ... and then he hung up on me.

Second guy just said he couldn't help at all, except to provide be with some generic 1800 number I can call the following business day - one of the same ones I already had called - and was the very reason I was lodging a complaint. So to resolve a complaint they redirect you to the original cause of the complaint so ... you can fix it yourself? Well played.

Nobody in the entire chain of command was willing to "own" the problem and accept responsibility for seeing it though. So you keep calling each person making sure they have done what they have to do, and sent it on to the next department in the chain. In most companies, that would be the role of a manager or team lead or something, but here it is the role of the customer apparently.

Exhausting and massively frustrating.

Avoid at all costs – Recommended by a broker, the loan process was drawn out excessively by Bank of Melbourne. They requested a legal change of name without even performing credit checks. Avoid. Avoid. AVOID!!!!! Show details

A great rate and smooth process – Having been with CBA for 8 years and 2 years with two home loans happily, I did not think that refinancing from CBA to bank of Melbourne to benefit from all time low record interest rates and $4000 cash back would be that easy. My experience during this journey has been a total joy. I was with Bank of Melbourne before (2017-2019), but closed my… Read more

accounts due to their incompetent IT functionalities, but now this experience has totally changed my opinion about this bank, the lending expert was super patient and friendly and was happy to answer my million questions..

Regards Sam

Variable rate does not drop – Variable rate still left high. Customer service is a pain to deal with. Do not drop rates even to their own website rates. Still much higher. Would not recommend. I am not satisfied with the loan. Show details

Professional efficient service by Daniel Lambert at BOM – My wife and I were finding it difficult to deal and arrange another loan with our current lender (Bank Australia) and was referred to Daniel Lambert at Bank of Melbourne. Not only did he help us obtain a great interest rate on our mortgage, he also made the entire process simple to understand. He was always available for a chat even after hours.… Read more

We had a complex financial situation given my wife was on maternity leave. He arranged a pre-approval for an upcoming auction with 3 days.

I can't speak highly enough of Daniel Lambert at Bank of Melbourne.

Terrible Service Impossible to get a loan – They put us through the wringer. What started off as an easy process with providing two payslips and a PAYG Summary, turned into weeks of further requests for further documents, and even screenshots!?!? of tax receipts, Notice of Assessments, 6 month’s bank statements etc. In the end we went through another bank and the process was much simpler. Save yourself a credit enquiry with this mob and go elsewhere.

Excellent service – Been dealing with BOM FG since late March 2017 for my land & building loans. Being a 457 visa holder, although I have clean financial records & steady income, when most financial agencies & banks rejected my home loan application, (one even days before land settlement), although BOM doesn't have the best rate when it comes to interest, I would… Read more

highly recommend them for temporary residents like me, who are working towards permanent residency.

Special mention to Michael De Zilwa of Fountain gate branch, who has been managing my file. From the time the mortgage broker introduced me to Micahel, things have been seamless. He is efficient & always on top of things, often even having the stage payment approval earlier than timeframe mentioned. There was 1 incident when another staff messed up my form submission (in person) which caused delay with the payment for that particular completed stage. Since then, I was hesitant to submit it to anyone else in the bank. Michael made it easier for me by suggesting scanned signed copy via email if i can't come in person. Even when I had to go overseas during my build, I was confident that financial aspect of my building was taken good care of, thanks to Michael.

Michael helped to set up my advantage package which came with the offset account & arranging for home and content insurance too. I would confidently recommend anyone to this efficient customer service specialist, Michael De Zilwa.