Do not deal with them! Customer service is terrible
Do not deal with this company! The customer service is terrible! Its like they were desperate for staff and hired from the bottom of the barrel.
They changed the lock in rate every email you send them. It goes higher every call. They are a joke!! Stear clear!!
We must have the best broker..
Reading the poor reviews about this lender. I can’t say our experience has been the same. We found the process easy, and service great. Maybe it’s just our great broker!
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
Worst banking experience
Clunky system resulting in many stressful delays when accessing our funds and staff who have no knowledge or pass the blame. Tried to blame us, the bank we were trying to trade funds to when ultimately it was all on Choicelend end. I read negative reviews and questioned our brokers choice.
Avoid at all costs. I would not recommend banking with choice lend regardless of the financial incentive
Unable to refinance/change lenders.
This bank is hopeless when trying to refinance with another institute. My new lender has booked settlement twice only to have Choice lend not come through on their end. They keep making excuses and have been waiting over a month and have no idea when it will go through.
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.
Having had many home loans with various financial institutions....I trusted my broker and went with ChoiceLend. I have had no problems to date and the communication piece has been great.
At the end of the day I just want to pay my mortgage off as quick as possible with a no frills institution that will give me what I pay for. I can honestly say this has been the case to date!
These lenders want to suck as much financial gain out of you as possible. That is why they are in business. Lenders have all the same faults. Hey......if I had enough cash to purchase my house I wouldn't be on here giving them a review lol!
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.
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.
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!
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