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Commonwealth Bank Home Loans

Commonwealth Bank Home Loans

1.9 from 153 reviews

Reviews

1.9

153 reviews
5
(19)
4
(11)
3
(4)
2
(14)
1
(105)
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icy

icyGreater Melbourne (Outer), VIC

  • 5 reviews
  • 4 likes

Worst Policies have made customer life hell!!!

published

We are very old customer of Common Wealth Bank.The builder is asking for few doc from the bank and to every request they just have one answer we dont share details with 3rd party.
Have to call so many time for a small doc.The builder is not some small ,they are known quite established one.We are banking with this bank from more than decade now.And so not some new customer ,they have every details .Even after lengthy process of income and affordability to take a loan when it comes to their turn they dont seems to be very helpful.Just frustrated with the bank really

Transparency
Customer Service
Timeliness
Loan TypeVariable Rate
Loan Start DateAugust 2020
Loan used forInvestment Property
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janakneha

janaknehaPerth, WA

  • 3 reviews
  • 2 likes

Exceptional service

published

My wife and I have been dealing with your mobile lender Alex Fairbairn for a number of years now and must say we can’t fault his service. He is exceptional at his job and always responds in a timely manner. He is an asset to your organisation

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forSecond Home
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Daniel Wilson

Daniel Wilson

  • 2 reviews
  • 1 like

Shocking

published

My wife and I have been with commonwealth bank for 7 years now with our home loan . Recently we looked into getting a better rate with them as were told that any rate over 3% with any bank was to much and we are paying more than that with cba. New customers were being offered a rate of 2.79% on a variable rate loan, so surely enough I thought being a loyal customer I would receive the same rate. So so wrong was I ,rang them multiple times and argued my case of why I don’t get the same rate as new customers. Bottom line is cba don’t care if your an existing customer,it’s all about realing in new customers then screwing them over .

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Customer Service
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Be careful with mobile lenders!

published

My partner and I purchased a house with the advice of our mobile lender from Combank, shortly after we were stuck in a contract and Combank decided they could no longer support the finance. Lenders name was Mohit, be very careful if your unfortunate enough to get him!

Transparency
Customer Service
Application Process
Timeliness
Loan used forSecond Home
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Brad

BradMelb

  • 18 reviews
  • 10 likes

Lost the plot

published

I’ve been with cba for over 20 years and they have really gone from good to shockingly bad over that time.
I suspect that this has something to do with it, from article by the NZ Herald
“While Westpac, ANZ, ASB and BNZ all have parent companies that are domiciled and regulated in Australia they are actually all majority American owned.
Westpac is 58 per cent US owned with 22 per cent held by Aussie shareholders. CBA and NAB (the parent companies of ASB and BNZ respectively) have similar ownership profiles - all dominated by US shareholders with Australia a distant second.“

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
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Awful. Try another bank.

published
Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
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A Person

A PersonPerth, WA

Awful bank - don't bother applying

published

I have a joint home loan with Commbank, we have never missed a payment, and without explanation, notice they removed our access to around $1500.00 of extra payments. This is all the while they're saying we will support you through COVID-19, how can we help you,, how can we give you access to more funds. No-one from the Home Loan division will even call me.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
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Winnie

WinnieSydney, NSW

  • 11 reviews
  • 15 likes

Suspicious Activity - Commbank Interest Only Department

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan used forInvestment Property
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Poonam

PoonamSydney, NSW

  • 2 reviews
  • 2 likes

Customer service for home loan is terrible

published

Customer care service for home loans on 132224 is terrible. No one takes calls. I tried so many times till hours but never got any response. It was like wasting my time.

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Automatic direct debit changes

published
Transparency
Customer Service
Loan TypeVariable Rate
AXIS

AXISPerth, WA

Be aware their plan is to give $2000 bonus & Trap you with initial low then higher rate

published

Initially they will offer you low rate, then either increase or will not pass RBA rate cuts, e,g they not passed 19 th March rate cut at all. also rates are not competitive with market & stupid idea to pay for wealth package for what? avoid if you can. Note they have strategies about how to hold unsatisfied customers & rip them off.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan Start DateJune 2015
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NotHappyCBA

NotHappyCBAGreater Melbourne (Metropolitan), VIC

Avoid this bank at all costs

published

Terrible service and home loan management team.
Very dissatisfied.
Right now, while we are all struggling with Covid19, a few big banks had stepped up to offer help, yet this CBA here has done nothing. It hadn't even passed on the interest cut to families.
Too greedy

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
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Ammenz

AmmenzPeel, WA

  • 6 reviews
  • 2 likes

Would be 5 stars with better rates

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateMarch 2020
Loan used forFirst Home
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Nathalie

NathalieSydney

Update on CBA mortgage

published
Transparency
Customer Service
So S.

So S.South East Queensland, QLD

  • 2 reviews
  • 2 likes

Depends on the loan officer

published

First home loan was seamless and closed in 2 weeks. The second loan officer Jessica Wells was terrible . She used my first property as security on the second without my permission, closed an application I had on that property without permission, and told me I needed another 30 k down waited a month for her to come back and say no I needed 80 k down. Went with another lender and now am not out of pocket any more than deposit, would avoid loan officer jessica wells.Thanks to her I will be banking elsewhere too and taking my savings out of commonwealth.

Transparency
Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
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Gurpreet

GurpreetSydney, NSW

Wonderful CBA Home Loan Team

published

Hello!!!
Lots of appreciation to Sartaj Singh(Home Loan Executive)for helping me getting my CBA home loan.Thanks Sartaj for your marvellous customer service and helping me getting through all the hurdles on my way in getting pre approval. I would highly recommend CBA
Thank you so much................Extremely happy:)))))

Customer Service
Application Process
Timeliness
Loan TypeVariable Rate
Loan used forFirst Home
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Karam Mani

Karam Mani

  • 2 reviews

Thanks to CBA Team*****

published

Hi,
I am here to share my personal experience with CBA home loan. We chose Brooker for a home loan but unfortunately, Brooker didn't do good as suppose to be. Then we approached the bank directly just 2days before our settlement. Bank assessment team helped us a lot to get through all that mess created in a file and we succeed in settlement on the due date. Thanks to all CBA team members for cooperation and especially thanks to Mr Emon for making it happen successfully. Mr Emon from the verification team of CBA helped us thoroughly and informed us personally after the loan settlement fixed. Very happy now

Transparency
Customer Service
Loan TypeVariable Rate
Loan Start DateFebruary 2020
Loan used forFirst Home
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Very Sad

published

Have been with commonwealth for 30 years am very unhappy with my loan. They take the full amount of your home loan repayments at the start of the billing cycle if you put into your redraw facility and hold it until the due date WHY? This has only been in for 6 months and is really disappointing. Will be changing lenders ASAP.

Transparency
Customer Service
gemini

geminiGreater Melbourne (Outer), VIC

  • 5 reviews
  • 4 likes

convoluted process and not customer focused

published

I've borrowed many times from other lenders but home loan experience with the CBA was worst of all.

1) They took 4 weeks to approve unconditional loan though I had a recent a pre-approval from them, very long process.
2) Vey bad customer service you just can't get through phone banking ( even after 90 mins happened 3 times ) for your home loan queries ,visited a branch at Collin square totally unhelpful.
3) Took them 60 days to send me a settlement letter which I asked for it more than 5 times .
4)I would not recommend CBA

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan Start DateSeptember 2019
Loan used forInvestment Property
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Ivy

IvyGreater Melbourne (Metropolitan), VIC

  • 2 reviews

Bank that put their interests before customers to gain profits daylight robbery

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Loan TypeVariable Rate
Loan used forFirst Home
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Questions & Answers

Kelly

Kellyasked

What is the average home loan processing time with Commonwealth? My application through a broker has been in 2 and half weeks now and no news at all, last request for paperwork was 8 days ago?

1 answer
Sean
Sean

You should contact the bank lending manager who is dealing with your application directly. Mine took less than 2 days to get full approval once I gave him all the required documents. Has your loan been conditionally approved by credit team? I know that Commbank conditional approval is different from other banks in a way that it goes through full credit check and income check.

rickl

ricklasked

Commonwealth bank staff sent me an email July last year to inform the home load will increase from August and ask if consider to fix the loan.
I fixed the home loan per the information provided by the bank. However I found it is mistake to do so as I have a offset money which I though to pay a matured account in August 2015. However, the loan does not mature until August 2016. I told the bank to fix the loan was a mistake and asked for correction. However, the bank said it has to pay a big money to break the fix loan and refuse to do any compensation.
May I ask has the bank done the right thing? I feel the bank is cheating as the interesting is going low from last year. The bank did not check my account details which they should.

3 answers
David Lambert
David Lambert

Short answer is no. They haven't looked after you like they should. You could try and see what they can do but don't hold your breath. You could then try the banking ombudsman in your state.
David

rickl
rickl

Thanks for the valuable answer. I will further trying to resolve the issue with commonwealth bank. If commonwealth still refuse to help, I will seek the help from ombudsman.

mandymoo67
mandymoo67

"...ask if consider to fix the loan..." - they advised, they asked, IF YOU would consider. Obviously, you considered, then did - where is the bank error?
If your money was in an offset there is NO reason you wouldn't have been able to get the money out even though the loan was fixed. If the money was actually held in a redraw, then you can't redraw until the fixed rate expires. Did you fix the loan online? If so, I suspect you didn't ask anyone about the pros and cons of fixing?

Vik_Dogra

Vik_Dograasked

which bank is the best one to go with for home loans?
Need and honest and quick reply, help will be highly appreciated.
Cheers
Vik

2 answers
vbhargav80
vbhargav80

Since you're an IT guy, I'm sure you can do most of your stuff online and won't get flustered by lack of personal service the big banks provide.
Have a look at loans.com.au, they are quite good with their online only service and certainly one of the cheapest around if not the most cheap.

engagefs
engagefs

Hi Vik as a mortgage broker I would definitely encourage you to seek professional advice as there are so many options and good offer from lenders at the moment.

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