Even with pre-approval, BOQ home loan process very unreliable to deliver, will result in you losing the property
Started process wth BOQ in October 2020 for a home loan, working through a broker. After numerous requirements, months of back and forth, pre-approval was given January 2021 - after 4 long months. With BOQ, they start with a list of documentation, and then once provided, there is another list and then another list of requirements, and it is not divulged, what the actual required documentation are, so you are always unsure, some questions and documents are unnecessary, or double ups of information previously provided. One person from credit acce...pts and another will require more, very un-streamlined, and non-transparent. We found a unit to purchase, and BOQ started again requesting other documents and after these additional documents were provided, another set of documentation was requested, and there is no assurance when the process will be completed. The result: extension of the cooling off period will be requested because BOQ kept requesting ridiculous requirements, immaterial to ability to service the loan. In the end, we may lose the property if vendor does not agree to extend the cooling off period. This debacle is not because of anything we did. We had pre-approval from BOQ but when it came time to deliver on the goods, BOQ process was not up to it. We worked with a mortgage broker who was so helpful throughout the process, but it was her first time to deal with BOQ as well, and the feedback is, compared to other banks she has dealt with in the past, BOQ home loan department is not as organised, and reliable. I wonder if the executives and those higher than BDM are aware this is happening. The reviews and threads of feedback all point to this unreliable and circuitous, ridiculous process of BOQ. Trying to get an open letter to the CEO. Now we are planning to restart the home loan process, with another bank. Unfortunately we may lose the unit we wanted in our desired location, because BOQ process let us down, BOQ could not deliver even if we already had a pre-approval. Do yourselves a favour and stay well away from BOQ when it comes to home loans. There is no need to go through this unnecessary stress and waste of time, specially with an important event such as buying a property.
Waste of Time and No Clear Direction
No satisfied. it took them 6-7 weeks but still couldn't provide a conditional approval.!!They were not transparent what documents they are after from the beginning. They even wanted to know how my salary is calculated and wanted to know my company's business details!!!!! I withdraw my application and resubmit to NAB as my land settlement date was after 10 days. NAB did it in a week with only the statements and salary report.
Home loan discharge pain
very disappointed with Boq Cockburn. Switching home loans to another bank to save money and they are making us and the new bank wait 20 days to discharge, even though they have had the discharge paperwork from the new bank 2 weeks ago.
Will not recommend this bank and will definitely be telling my friends and families who are with these guys to leave!
Mornington Branch - Customer Service at its absolute finest!!
Absolute pleasure to deal with anyone I spoke to in the Mornington Branch regarding my home loan. Thank you for your amazing customer service. Even with Covid being a stressful time at this current time, everyone in this branch made sure my experience was a pleasant one. Thank you :)
How do you give a zero rating!
Absolutely the worst bank to get a mortgage through. We had to push financing back twice... and now settlement back twice. They are disgusting to deal with. They outsource their documentation and pay no attention to your deadlines. We are deciding whether to pull out of a house purchase right now because they can't produce loan documents. BDM of BOQ are useless... they can't even get things escalates. Stick to your big banks... they know what they are doing!
Worst interest rates
Good introductory mortgage rates to rope you in but forget about it after that. Our interest rates have gone up every few months for the last year or so. Hard to see that they can offer extremely low rates to new buyers but don't really care about those of us that have been with them for years. Can't wait to move.
Personal Banking with NO service
They promote personal banking. LOL!!!!! We haven't heard from the Castletown branch since our loan was approved. Sometimes not even when our interest rate goes up. Which is quite regular. Lodged an enquiry online. Was advised that I would receive a call from Castletown, Townsville branch.....still waiting!!!!
Now have enough equity to release security held and even though we have l9weref our debt below reqiited amount, a valuation was required. Now they are ASKING for an amount 1 1/2 times more to release it. Stay clear!!!
Don't be fooled they will raise your rates significantly
I have had my home loan with bank of Queensland for just over 3 years. As soon as the fixed term ended on the loan, the remaining amount was then changed to 5.61% interest rate. We initially locked in the loan at around 4.26% for the first 3 years.. In the last 3 years the RBA has only lowered the interest rate, so i'm not quite sure how they can justify such a significant increase. The other portion of my loan is on a variable rate of 4.60%. After calling them to see if i could negotiate a lower rate they simply responded with sorry our team c...an't help you. Im now paying on average 5.13% for both of my loans, both variables with the same bank at a different interest rate! This is costing my family on average an extra $180 per week as opposed to other lenders offers which i am currently in the process of refinancing. Plus the extra fees, $10 per month per account. you want to split your loan that's $20 extra a month just to have an account open. BUYER BEWARE
BOQ CPA offer is fake
We have applied the home loan 2 times in this bank under their CPA offer but they have just rejected our applications without any reason. In fact, they are offering the fake promotions to the people and wasting the people's time. I would not recommend this bank to anyone and I am sorry for CPA Australia that they are partner with them. I would never touch BOQ for anything. Very disappointed!
Not bad for the first year, but forget about it after that
We have been loyal BOQ customers for 20+ years. I negotiated a reduction in our loans about 6 months ago, then within 1 month they advised me the loans were being increased again, basically up to where we had started. I called the bank 3 times to renegotiate and no-one called me back. Went into the branch to talk to the manager who said she had organised a great deal for me, still almost 3/4 of a percent above their introductory rate. Stated it was bank policy not to reward loyal customers with introductory rates so BOQ, you have lost 1/2 million in earnings from this (no longer) loyal customer.
On advice from a friend we contacted BOQ to refinance and consolidate a couple of small loans . There interest rate that is being advertised seemed a good thing . We have equity in our home so thought we were a good chance . After valuation we were advised loan had been knocked back due to high voltage power lines running past our residence . They lose, anz wins.
Interest Rates - Terrible
At first this bank was our only very few options who would loan us funds with minimal deposit -
family of 3 on single income.
We Fixed for 3 yrs.
Fast track 3yrs, received a letter in the mail "contact us to discuss your options/interest rates"... so I did. 12.5mins on the phone requesting what my new interest rate would be in 6 weeks time to get nowhere.
Customer service advised "sorry call back closer to the 3yr expiry date but at this point we can offer a rate 0.50% lower than your current fixed rate", i thought ok thats fine... but ...
Stayed with me through tough times
I have been with BOQ Gympie for a long time. When my business was running well they looked after all my needs. As the economic down turn happen they supported me through tough time. After building the business back up I would not leave them as they never left me. Thank you
Nothing but the run around trying to discharge Mortgages
So, we started the process with BOQ To discharge our home loans last week.
On Wednesday, I rang up and asked them to send me the discharge form. This was sent within a matter of minutes. We were told we needed to send the form to the branch that established our loans. (BROKER UNIT) we tried to ask the customer service team to be put through to the broker unit. This was approx 6pm AEST. We were told the brokers unit had closed for the day as they only work business hours. (They are based in Perth and it would have only been 3pm)
The form ...was rather convoluted and difficult to fill out so my partner rang the broker unit for advice on Thursday. Forms were emailed to the broker unit Thursday. Come today, new lender has advised us, BOQ won't arrange settlement as the form needs to be sent to the loan establishment branch. Rang the broker unit. They advised forms had been sent to retentions, but they weren't available to talk and they could only email them to call us.
Took 2 months to get the loan approved, only to get a higher interest rate
I attempted to refinance to BoQ. Having promptly submitted all requested documents, it still took them 2 months to get the mortgage approved. Being a refinance, I was under no time pressure, so I just waited for them to get it done. So after waiting 2 months, I finally get a mortgage contract to sign, except the rate was about 0.3% higher than the deal that I had applied for. There was no official cash rate increase in that time, and they never bothered to tell me about the rate increase. They just made me wait 2 months to get a worthless contract with a higher rate that I was not going to accept. A complete waste of time. I would never touch BoQ for anything.
Worst Bank... don't get attracted with their Interest rates..
I had my Home Loan with BOQ for 3 years . First of all their online Banking is very ordinary and painful.
Beware of their interest rate, Every time RBA Cuts interest rate, BOQ would say they will pass 0.25 Full rate, but they do have a catch on this. before passing the full 0.25, you will notice an interest rate increase on your current rate. So they Increase the rate and apply the 0.25 cut. This is their Trick. Don’t get caught up with this.
Very poor Communication and it almost took us a year to get the home loan approved and I had to ...pay 10k on Loan Fees. Ridiculous!!!! As a First home buyer I didn't know much about this so I was a victim of their bait. Last week I switched my Mortgage to another Bank. Guess How much exit fees they charged ? $9,500 for a standard variable loan. What a joke!!! I was on their best home loan package "Home Loan Privileges Package " and yet I had to pay a fortune to exit. I wish there is a Royal Commission into Banking Sectors as proposed by the Labor GV. I will not recommend this bank to anyone. Please look for another bank. This could be the worst bank u can ever deal with.
- Verified customer
As unethical as the big 4 banks
We got our home loan from BOQ after seeing their attractive interest rates however even before we signed the documents, we were advised their interest rates had increased. At that point, we had limited time so went with it but didn't not expect our rates to be systematically increased every 2 months after that! They have increased our rates 3 times since we signed with them 7 months ago and after receiving the latest increase yesterday, have decided enough is enough and are currently actively looking at switching. BOQ is NOT a bank to love, and are just as unethical as the big 4 banks.
Worst bank ever will like to give 0 - 1 star is too much
I am a CBA customer but I looked at attractive interest rate BOQ had advertised so I approached them for refinance...took them 8 months to say they won't give us loan after losing documents 2 times and interest rate changes 3 times... Staff is always on holiday...They don't know value of time. They are worst bank on planet earth. WORST BANK
Questions & Answers
I am thinking for a refinance with BOQ but given all the negative response can you ensure that you will not increase the rate at least for a year unless RBA change the rate? Even if you need to increase the rate without RBA rate change how much and how often would you change the rate? Please answer specifically.
What was the average time it took to get a approval? We have been waiting for a few weeks now and every time I call them to ask they feed me lies about why it is taking so long. Be Klingon very frustrating!!
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.