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Commonwealth Bank Home Loans

Commonwealth Bank Home Loans

1.7 from 123 reviews

Terrible customer service

Can’t get through on the phone and no one responds to emails absolutely terrible to deal with. Still don’t know if our home loan top up has been approved or not nearly 6 weeks from the application start date.

Customer Service
Application Process
Online Tools
Loan TypeVariable Rate

Don't look after existing customers

We've been with CBA for 20 years with a good credit rating and zero issues. I decided I no longer wanted to buy the "Wealth Package" and asked to switch to the cheapest variable home loan rate. The cheapest rate they could offer was 2% higher than the cheapest rate currently advertised. They would not negotiate a better rate because I refused to purchase a wealth package (would not even match what they offer to new customers which was significantly better). I phoned three times to have my rate lowered without success. I am now with a new lender and so far so good, you don't need all the "frills" and the benefits offered don't come close to how much you save with a lower interest rate. I can't imagine why you would stay with CBA unless you had limited choice due to not meeting criteria of lenders.

Customer Service
Loan TypeVariable Rate
Loan used for:Second Home

The worst bank for Home Loans

If you would like to get a Home Loan then I would recommend getting one through Westpac because they calculate the best calculations and they are always accurate also they never rip you off.

Customer Service

Its ok just ok

I had lot more expectations from cba as I've been banking with them for a long time. But haven't had really a great experience for home loan. Yes I got the loan but gee there were so many mistakes and my broker and I were sick of fixing them at some stages. Their call center is the biggest joke of all. Every single time I call them it's a guaranteed 45 min to an hour waiting time to talk to anyone. Certainly you don't expect this from one of the biggest banks in the country. Anyway will see how we go for our subsequent homes in the future.

Customer Service
Application Process
Online Tools
Loan TypeVariable Rate
Loan used for:First Home

What a crap bank it is !!! Pathetic service

How hard it is to get a replacement cheque. With commonwealth it can take up to 3 months thats how crap service they provide !!!! Absolutely disgusted !!!! I will not be dealing with them ever.

Customer Service

Not disclosing critical information. Do not trust them

I took a home loan in 2017 and based on the initial discussions and preapproval by the bank. The bank used my other property as a security against the new loan to which I had not consented. Obviously I didn't expect the contract to change or have my other property listed as a security on the final contract, I signed the contract and when I sold the other property the bank took all the proceeds of the sale.

Do not trust the paperwork prepared by them as they are very deceitful.

I am still trying to work out a solution with the bank since end of 2017 but it's falling on deaf ears. They do not accept their mistake and just want to snatch every single penny they possibly can.

Show no loyalty to customers

I have banked with CBA for decades and have held various home loans with them since 1992.

My most recent home loan is 3 years old. The honeymoon rate is over. When I contacted them the 'best rate' they can offer a current client is 1% more than that of new clients.

Shame on CBA for not rewarding loyalty.

Thank you ANZ for welcoming me and offering me a much better home loan.

Can’t get anything done

Charged for things we shouldn’t have been everything we have asked them to do they have somehow managed to stuff it up not happy at all will be going back to ANZ as soon as possible

Stupid dogs (.we have to find out instead of them letting you know)

Stupid idiots at commonwealth bank at mildura langree mall made us fill the wrong form for fixed interest rate, our interest rate kept increasing despite being told it was going to decrease after filling the form. Only to know they have stupid wench and dogs that can ruin damn time and life. I don't damn know who they employ dogs picked up from the street? They didn't bother ringing us to tell us the form was wrong instead we have to ring up and we were told the form was invalid. They really don't employ human beings now says. Don't know why you need the right people for the right job sore loser.

Home Loan approved but rates changed

My home loan pre approval and then my loan was approved without much issues. No unexpected costs were involved and bank explained the process good. The initial rate offered was good but the downside was the rates were increased within a few months of my loan as part of overall industry rate change.

Home Loan within 4 days. Excellent service

Being rejected by Bank of Melbourne after asking for so many additional documents and dragging the process for 4 weeks, been to CommonWealth Bank. There service was exceptional, within just 4 working days from Lodging the applicaton,i signed the loan documents. Thanks alot Jigar Shah and lending team at Hampton Park Branch.

Rather you pay interest on your credit card than give you a $200 overdraft

Offered personal loan but can’t get a $200.00 overdraft on account because they’d rather me pay interest on my credit card. No other debt and a substantial amount of savings in my netbanksaver but still didn’t qualify!! Banked with them for 40 years,needless to say goodbye commonwealth bank thanks for nothing

Poor interest rate and no negotiation.

I was disappointed regarding the interest rate rise with the Commonwealth Bank despite the cash rate remaining on hold. I wasn't offered a more competitive offer when I attempted to discharge my mortgage and transfer to another bank. Clearly, the bank doesn't care about its customers and I won't be dealing with Combank in the future.

Best brokers around

After speaking to other brokers and online comparators commonwealth bank happily came to us to help prepare us for getting our first home. Our lender went above and beyond helping us work out the best options for our goals and finance to get us the best deal.

Approved and then declined

I was given a preappoval to purchase land so I put down the deposit and 4 months later when ready to settle, Cba tell me I’m declined due to the lending changes that occurred after July 1st.
I feel it is unfair to allow those changes to affect those who have an application is progress. All our life savings!! 29 years a customer of yours, I trusted you and you failed.

Surripticious high increase in interest rate

I'm now about $7 K worse off because of a sudden hike in interest that could have been reviewed and reduced by the bank if they had pointed it out in a communication to me

Rapid interest increase

I found that just one month after settling my home, the floating interest rate loan experience a 0.75% interest rate increase. That's ridiculous. Without any informing, they increase the interest rate that much. It seems I need to think about change bank.

More seriously, the interest rate for fixed rate loan increase 0.05%. What is fixed rate loan?

A great service experience

Lynette from CBA Dee Why is such an asset to the bank and a lucky find for us. She is so customer focused, totally professional and knows her job. I could not recommend her highly enough.The process to establish a home loan is not overnight or a small event in ones life.She handles everything while ensuring that the bank's duty of care is fulfilled.

Slow and unyielding

I have applied home loan with CBA jan 2018 and its still pending. The credit assessor keeps asking for the same document again and again saying they need updated one. When I ask why such a delay then says they have lots of applications pending and its a busy time. I made another application to another lender in April and got preapproval in a week time. Wasted so much time waiting with CBA .

Incompetent, misleading and distrustful.

9 years paying a Wealth Package fee that was a total rip off:
Over the years I had asked for an offset account - a different answer from each staff member I spoke to, still no offset (although it was meant a part of the package). No reduction on insurance, paying "excess" debit fees for internet transactions, all the while I thought I was getting a "big discount" on my interest rate 4.72%. Imagine how I felt when they offer 4.52% and free offset to anyone and they don't even have to pay a fee! I called again and said I wanted to cancel my wealth package as the fee was due in a couple of days. The woman who took the call cancelled my package and set up the offset explaining it would be an $18 PM fee - I agreed and also said I would be shopping around to change bank as I was extremely unhappy and felt I had had no real benefit from the Wealth Package I had paid for years, she said she would review my rate if I stayed on hold a few moments - she came back to me with 4.02%. I checked my account over the weekend and without any communication they had put my interest rate up to 5.22% after only 9 days at the reviewed rate - I have found this bank to dishonest, the worst financial decision I have ever made and cannot wait to switch

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Questions & Answers

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
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.

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
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. DavidThanks 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."...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?

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
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.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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