Zero rating for crap bank
Where do I even start? My broker suggested they are a great bank with attractive terms and I got taken in. The whole loan process was a nightmare and it was extremely hard to get hold of them either by phone and email. The broker was trying his best but in total vain. Their Online system is equally horrible. Currently I have lost access to my online account and have emailed them twice and sent forms etc but again NO response in the last 10 days. I do have empathy for their staff with COVID around but I wonder if they even have anyone still wor...king or have they all left? Their eerie silence worries me. Please do not commit the mistake that I did. I was previously with Westpac, NAB and ING and I would EASILY rate ING the very best. Unfortunately I could nt stick with them as they couldn't finance a build. BIG NO to CHOICELEND
3 off cycle loan increases in first 6 months of loan
Took out a loan in December 2016. On January 10 first rate increase. Followed by more in April and July. There were no reserve bank increases. We were stuck because we had paid mortgage insurance. Be wary if your mortgage broker recommends this option.
What a terrible lender!
We worked with a broker 7 years ago and borrowed a lot of money on a Melbourne property. We never missed a repayment and in fact always paid more than we needed to. In October we sold the property and settlement date was 19 December and we noticed our payout was almost $3000 short. We questioned why and were told that they held next months (January 2020....we settled December 2019) payment as security! Just in case the sale fell through.....seriously! No wonder we have a royal commission into banking in this country. We still don't have our 're...fund' and it has been well over 5 business days since (we were told 5 business days). Don't use Choicelend under any circumstances.....disgusting and not a very reputable organisation. Also, be wary of using brokers....some are good I'm sure the rest.....hmmmm! Ombudsman first thing tomorrow.
Definitely wouldn't recommend
Will not allow an interest only option which has made things difficult for me, they are very slow to pass on interest rate drops. I cannot wait until I am able to re-finance elsewhere.
Worst bank I have ever dealt with
Sold my property and settlement is over 1 week overdue, bank keeps making up excuses why it cannot settle, keep getting conflicting information from different staff. With each query/phone call there's a new lie and excuse. Can't get a straight answer. Their problem solving skills are non existant.
paying to high an interest rate
I have been with choicelend for 9 years now. About a month before the last interest rate drop they put my loan up by .15 pc and have not yet passed on the last rate drop which makes my loan a very expensive one all. When I emailed them about this got no response.
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 . . .
Questions & Answers
Sorry, there are no questions yet.
Get an answer from our members
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.