Worst experience I have ever had.
This was the slowest loan application I have ever done and an overall terrible experience, we provided information and documents as soon as it was asked for, and it took weeks and weeks for any response or any "processing" to occur. We missed our settlement date because of Choice and weren't offered any apology or compensation. I will be refinancing as soon as possible, although I'm sure Choice will make that difficult as well.
3 months of stress and anxiety courtesy of ChoiceLend
In mid March 2018 we tried to be diligent and be ahead of the curve by contacting ChoiceLend about a renewal of our existing loans portfolio. We have had a loan portfolio with ChoiceLend for approx 3 years and never failed once to make any required monthly payments. We are very conscientious about all of our obligations. For approximately two months we were led to believe that our loan application would be approved, but at every turn we were asked to provide more and more and more information. In the mean time we were paying a much higher rate of interest and making principal payments that caused us extreme anxiety It felt like we were asking for a reduction in a prison sentence and the judge kept on refusing and wanting more information. Finally after again giving our financial adviser a verbal approval, ChoiceLend again changed mid stream and then required more information again and the time wasting occurred again. Every time the bank wanted more information your application went to the back of the queue! After wasting our time for approx three months we simply gave up. It appeared that the bank did not have any valid reasons for disapproval of our loans but was more interested in the political fallout from Canberra and did everything they could to make us want to leave.We contacted Macquarie Bank & they approved the loans in one week. Choicelend is a subsidiary of the NAB and In our opinion anyone looking for a loan of any description should not proceed with ChoiceLend. They are one of the most disorganised and appalling banks of all time. If the CBA was fined $700 Million, The NAB and its sub-par affiliate should be fined even more and perhaps their CEO should resign as well for their disgraceful conduct. Its actions are unconscionable at best and its staff completing Loan approvals in our experience are simply incompetent. We made attempts in vain to contact the Loans Department and was told someone would call us. This did not happen!!!
The worst customer service ever so slow
Rang them due too my broker lied and stuff up my application for a top up on my loan and was told there are no managers to talk too, can’t help you , you need a broker but our broker said he didn’t want to deal with us due to a complaint I made with choicelend about him it was put in the hands of a BDM but it would take them 5 days to get us a new broker ,all we need was to told if the loan was approved waited on the phone for 45min and 5 phone call all over 10min and still no answer
6 Months and still waiting
Six months ago I notified them that I was putting a property (which was security for another loan) on the market.I have another property mortgaged with them to offer as security, do you think they could process that? No they even ask me questions like do you know where your title is? WTH they are the ones with it. AVOID these idiots.
Don't lend money here! They even handle complaints bad!
have a loan with this mob who are part of the "NAB" Banking group. I applied to increase the loan for a line of credit and has been nothing but "pure hell" 6 months of complete rubbish! they would not pay for a registered valuation so they did a "desktop" valuation which means their computer tells them what my house is worth!...... and I built it!.... their valuation came back at $40,000 under what I estimated so I paid for a sworn valuation who came to the same value I did! would they accept it?........No way! after wanting me to rip up credit cards prove things with ridiculous amounts of paperwork, take weeks to come up with new things to argue about, not take complaints seriously! I walked in to the Commonwealth bank today and was approved with in the hour! subject to Valuation and the Sworn Valuation rang me this afternoon! Outstanding Commonwealth bank! Choicelend credit department are rude! arrogant! and complete tools! If you want finance fast don't go to this mob!
Paid final invoice without required docs and before the house is ready to settle
We used Choicelend for our first property (apt). It went well as we used a small loan broker. When we build our first house, I thought I will use them again. The loan broker we use is Loan Studio referred by Carlisle Homes. It all went well, until the final stage. They paid the final invoice without making sure the house is 100% completed and getting feedback from home owner's inspection, and without home owner insurance document. We still have a few weeks before we can settle as the builder needs to fix a lot of defects and is waiting for the gas connection which will take a few weeks. We have to pay interest on the amount of the early final payment. Choice lend didn't apologise nor waive the interest. We will refinance the loan to another bank soon.
Customer service is lame
I asked for change my direct debit account for home loans but I gotta do with paperwork, signatures and all crap processing.
Their service it terrible. Will never come back. if you are with them. That is fine. If you try to leave that would be a nightmare. Think carefully before you are dealing with them.
3 years, no issues
Have been with choice lend for 3 years, my application went through very quickly and smoothly.
No issues since, bit surprised reading their other reviews.
Great website and friendly customer service if I chose to call.
Delay in deposit payment despite preapproval and taking ages to be released from their loan when ref
I'm a pretty experienced investor with several loans with different banks that I refinance regularly for a better product and usually very comfortable with finance lenders (non banks) like choicelend but they are by far the worse and not worth the tiny savings in interest.
Despite preapproval for loan, from signing contract (provided them a copy of contract on the same day) to payment of deposit, it was 5 months. They requested a document which the builder cannot obtain without the deposit payment and even their own staff agreed it was silly but no one knew how to sidestep that requirement. Constant calls everyday ends up with nothing and I was stuck paying interests on a piece of land where construction could not commence and potentially losing my builder. Complaint letter result in a response that can be summed up with 'it's not our fault". Right.. so whose fault is it?? They explained it was because additional information was requested from me. Yes, they asked for more information when my initial information provided was more than 3 months old because they took so long! And I provided all additional information within 48 hours! Response was still "not our fault". However, I was stuck with them for the duration of the build.
Every progress payment (it was a construction loan) was like pulling teeth. Several days for them to acknowledge receipt of the invoice and payment request authority, several days to contact valuers, several days for valuers to attend, several days for valuers to provide report, several days to process their report and several days to process the payment. That is well over the standard 7 days payment day required by builders.
Trying to refinance away from them now and it has taken months. First time, the agreed settlement date choicelend didn't show up. Next settlement date they suddenly announced they couldn't find one of the titles. (!!!)
Painful process which is prompting me to write this review. I normally have low expectations of all banks and financial lenders but this is a new low.
I read some of these comments and think they must be talking about another company. My experience has been wonderful and you CAN talk to them directly OR through your Broker. They seem to value the business and want to keep me as a client. As for delays, maybe this was due to the Builder, or the Refinancing bank. People always blame someone else. Some of these earlier comments seem to be from keyboard warriors :)
Very happy so far
When we purchased our new home, we decided to switch to a non big bank through our broker. He suggested ChoiceLend. There interest rate at the time was very good. We have been happy with the communication. In fact they called me for a review of loan and to do a valuation, and after that result, our interest rate was reduced again. 3 years down the track, and so far we have been happy with their service and product.
slow and unreliable
Even the low interest rate they offered has not been worth it for the appallingly slow rate that they undertake everything. They would not give us pre approval until we had signed a contract and had the stamped council plans...which meant that they wanted us to commit to constructing a home without knowing that we had the finance to do it!! Once that was all sorted we had to wait 4 weeks for the deposit to be paid to the builder, delaying our construction even further, waiting to see how slow they are with ongoing drawdowns. The only thing they did quickly was process the fees & charges to our account!! Can't wait to be done with them.
Refinanced all my loans to Choiclend from another provider and I could not be happier.
Fantastic rates, loans just humm along, and if need anything I can call customer care and everything actioned over the phone.
Extremely Poor Customer Service
Ask any questions at all, get abused and hung up on. PArt of ADVANTEDGE HOME LOANS, a subsidiary of NAB.. Disgusting human beings, worst people in the world.
Poor poor service
Stay away from this lender. Took 6 weeks to have our construction loan valued and approved (they continued to mess up the valuation) even after we had pre approval. Then on settlement of the land, they decided I would need to come up with an additional $6300 (despite already putting up $103K - everything I had) Now during the building process they are extremely slow to get answers from, and difficult to deal with. Customer service is 50/50, sometimes you get someone that knows whats going on, other times - no clue. Will be changing lender as soon as construction is finished.
Hi, I won't recommend this company at all. We are stuck with this loan and their very limited service. The customer service staff do not have very much knowledge and if you ring you will get answers and no results. Their managers apparently don't speak with customers and try sending an email to be followed up they don't answer them. All I can say is steer clear of this company.
ChoiceLend are fine as long as you don't need to ever interact with them! They declined an up stamp on our mortgage for having $38 arrears in rates that we didn't even know about and then we ended up leaving ChoiceLend to go with another bank and it has literally taken 3 MONTHS to get to settlement. You can't even talk to anyone as you have to deal through a broker?? We would strongly suggest not using ChoiceLend!
They have been great
I think choicelend have been great. The loan went through when needed.
The only gripe I have is that they followed the damn banks with the interest rate going up!.
I went with Choicelend to begin with because the banks are just outright greedy.
I don't care what anyone says!, they should be made to stick with the reserves choices! .
CONDITIONAL LOAN APPROVED - RENEGED AFTER ALL CONDITIONS MET
As the title says. We had conditional approval for a construction loan, met all conditions, including purchase of Land with our own money (leaving us nothing), signed building contracts, paid all charges due, then Choice Lend decide not to go through with their offer. We were due to start building in 2 weeks, now we have nothing but a block of land and no funds to get started. F*****g disgraceful act by CL. Time to meet with the Ombudsman.
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