Slow application and slow to respond to rate cuts
Application process took well over 3 months with many (almost stupid) questions being asked resulted in another week long review process each time. As I was refinancing I told my broker I'd had enough and ready to quit luckily loan came thru soon after. Notice now they are terribly slow passing on rate cuts and slow notifying you. Was with ING before and they were brilliant in comparison. Should have refinanced elsewhere
It's Simple - DO NOT choose Choicelend
Our 1st ever property has been mortgaged with Choicelend. We managed to save few $$$ and deposited in the loan account as we have a "Redraw" facility. These deposits continued and we had saved about 120k.
There was an urgent need (emergency) for which we needed cash and when I requested for redraw of a portion of the amount, it was dishonoured. None of the agent had any clue. Throughout this ordeal they gave me different messages and by then I have come to conclusion that a) they don't speak truth or b) they don't know what they are talking ab...out. The 1st redraw was attempted on 19 - Aug and it took a week to realise that it was dishonoured. I was asked to raise 2nd request (26-Aug) and this time, they promised it would go through.... Fast Forward to 28-Aug, they have rejected my redraw once again. It's MY MONEY and I have the right to redraw anytime I wish to.... There has never been a dishonour or any other issues with my account. In fact, I have and am paying more than what I am supposed to. My humble suggestion is that you stay away from them and don't get lured by any of their tactics.
PIN for Internet
New customers please be aware that the PIN number they send you by post is on the back of the pull off tab. I rang asking for assistance about this. The guy that answered was telling me it was like a scratchy so that is what I was doing. Eventually I worked out the pin after a couple of days. Staff need better education about the organisation.
Taking "no frills" to the extreme
I refinanced with Choicelend. I was told the variable and no fee terms they offer are so good because there aren't all the unnecessary "add ons" that other banks include in their mortgage products. For example I didn't want offset but I did want redraw. It's been a debacle since settlement. Terrible customer service. Conflicting information from different staff. Long wait times for call centre and for email response turnaround. As for their Cemtex system...I wouldn't recommend this lender if you want to make additional payments to your m...ortgage. If you want transparency in terms of processes I'd forget that as well. I called the broker and told them I would opt out of this lender if I could do so without incurring fees. There's a question below in this rview page asking whether I could tailor the loan to meet my needs. I thought so but it turns out that I was very, very wrong. Abysmal. August 6th 2019 Update: Terrible from settlement to disbursement Pleased to say my settlement with a new lender has settled and Choicelend can become a bitter memory. Right up to the disbursement of the loan Choicelend stalled, failed to notify either my broker or me of important information and only "escalated" my request to instruct their lawyers to discharge to loan after I'd rung them weeks after the discharge request to ask them what the latest delay was. A really, REALLY poorly managed lender with ineffective systems. Don't believe the hype about Choicelend's amazing variable rates either. I got a much better variable with a more reputable lender who I should've gone with in the first place.
Simple, loan only account
I have had no issues with Choicelend. If you are looking for a simple, no-frills, loan only account to save you moving all your bank accounts then this is the way to go. Customer service is in Melbourne, so no weird phone calls after hours. Would definitely recommend!
Customer gauging and very poor problem solving
Disgusted that my $1,000,000 worth of loans with the NAB owned and operated with Choicelend - after the interest rate cut of 25 base points June 19, it took over a week For them to decide what to do about it and it won’t be passed on for a month! That is absolutely appalling for them to try to gauge the customer when the interest-rate‘s have been dropped with NAB CHOICELEND using the reduction in interest rates to line THEIR pocket instead of passing it on.
There customer service is also darn terrible with it requiring very senior management t...o get any movement of action. The application process was an absolute nightmare With them completely getting confused, losing pieces of paperwork, requiring the same submission of documents again and again, changing their minds etc etc / if you want to lose your mind to get a loan with these guys
Very easy to deal with . .
I was a little nervous given the reviews for this company however they have been very easy to deal with. The interest rates are great and yesterday I had to call them to clarify something and the customer service agent was knowledgeable and answered all my questions with a minimal hold time.
Their website is a little clunky and basic however once its set up you shouldn't have any real need to use it or contact them.
Very happy with this lender so far . . .
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!
- Verified customer
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 th...e 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.
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 ...
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.
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