Awful. Try another bank.
I’ve been with this bank since the days of Youthsaver accounts, so over 20 years.
I opened a loan account with CBA 3 years ago and have been making payments with ease and have saved up some serious cash reserves.
I reviewed my variable rate and realised how uncompetitive it was and asked my loan manager if he could do any better.
New customers were being given 30 basis points better than an existing customer.
My home loan manager said that the credit team wouldn’t allow him to, and that he was sorry.
CBA are relying on that fact that I have my savings, credit cards and home loan through them will translate to me finding it too hard to switch. They rely on this and don’t give a continental about their customers.
Awful bank - don't bother applying
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.
Suspicious Activity - Commbank Interest Only Department
Submitted an interest only application for an investment loan I have. Only $187000 remaining. Received notification that it was declined without any help as to how I can fix it. They stated I couldn't afford the repayments after 5 years interest only. Questioned what the repayments would be, and I currently pay more now than what the requirements would be in 5 years anyway. Then they stated I couldn't even afford interest only for one year? All this and I'm currently paying $1000 extra off my owner occupied home every fortnight also? My hom...es are also valued significantly higher than the loans values although there is no leniency at all. I stated I wanted to pay even extra off my owner occupied home, hence the reason going interest only investment and I believe they simply don't want me paying extra off the bigger loan. There is something very suspicious going on. Banks are helping people that are losing their jobs and in financial distress, but the people who still work and who can afford their loans are left with no assistance. I'm simply trying to better my financial position, and as a customer the commonwealth bank is meant to work for me. I'm baffled I'm not approved and it seems very suspicious. Very suspicious. I simply cannot understand.
Automatic direct debit changes
Today I found an email from CBA, stating that they were going to automatically change my monthly repayments to the minimum amount. While they say it’s due to the Coronavirus and they’re doing it for our benefit, it’s clearly just a shameless money grab. It’ll extend people loans and increase the amount of interest CBA will receive. If people need to drop to minimum repayments due to hardships, CBA could’ve just sent out a “how to” email.
They say I can manually change my repayments back to my current amount, AFTER they have automatically chan...
Be aware their plan is to give $2000 bonus & Trap you with initial low then higher rate
Initially they will offer you low rate, then either increase or will not pass RBA rate cuts, e,g they not passed 19 th March rate cut at all. also rates are not competitive with market & stupid idea to pay for wealth package for what? avoid if you can. Note they have strategies about how to hold unsatisfied customers & rip them off.
Avoid this bank at all costs
Terrible service and home loan management team.
Right now, while we are all struggling with Covid19, a few big banks had stepped up to offer help, yet this CBA here has done nothing. It hadn't even passed on the interest cut to families.
Would be 5 stars with better rates
Home loan product: P&I variable rates with 20% deposit and 3.33% interest, free redraw and unlimited extra repayments.
+ Streamlined process from pre-approval to settlement;
+ Free detailed property reports;
+ They promised settlement within 10 days after acceptance of offer, took them just 2 days;
+ Very professional and efficient home loan specialist (this might depend on branch);
+ They helped with first home owner grant paperwork and also pointed out I met the criteria for another grant (up to 2000$ if the house was sold by a real estate agent);
+ Complementary cover in case of death or permanent disability (12 months);
+ Netbank easy to use including everyday account....
Update on CBA mortgage
OK so following my last review we finally managed to have them look at our rate- we are only allowed to have them review it once a year - so much for the Royal Commission- and it was reduced slightly... after much begging with someone who has no idea about life. Having paid taxes for over 30 years and never having been on any benefits, begging to get a break is heart wrenching.
We wanted to change banks but as we are now full time carers for my mother who has Alzheimer’s, and as we are both not working for the first time in our lives, its imp...ossible to change without 12 months of recorded payslips. So for all those out there who are carers, and who want to keep a roof over their heads, its virtually impossible. No benefit from the recent interest rate reductions, no possible handouts because of the corona virus (and what are our grounds for claiming?), no help from CBA. How did this happen that we are at their mercy?
Depends on the loan officer
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.
Wonderful CBA Home Loan Team
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:)))))
Thanks to CBA Team*****
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
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.
convoluted process and not customer focused
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
Bank that put their interests before customers to gain profits daylight robbery
CBA mislead me to buy investment property, without considering the I could repay it. I was shown that I could repay it and would be better off. Believed the big professional bank went ahead with their advice. Year later, when I wanted to refinance the loan with the same bank to a lower interest rate, CBA informed they made and error. Increased my home loan to an amount I could not even pay (over $4,000 a month as the minimum repayments). I learnt through a lawyer yesterday that a loan cannot just increase a loan without giving the increased amo...unt to the customer. Not only that when I went to the bank to discuss this I was ignored, insulted, threatened and shouted at buy the staff especially the woman manager at Glen Waverley branch and the staff at Knox city branch. I was forced to sign documents as I was helpless. After many yrs still they took the upper hand and manipulated the whole situation when I made a complaint to the authorities. They left me with finally a debt of over $200,000 which I have to pay. The customers have pay for the banks mistakes. Very unprofessional, unethical behaviour of the CBA staff and still stand tall because it is a one of the big 4 banks of Australia. This behaviour is against the banking code of practice. The bank put their interests before customers to gain profits. I was given a picture I would be better off which was untrue. Guiding the customer to a wrong path and making customer understand the loan can be paid where as customer cannot pay it. The bank was thinking of its goals of increasing profits not the customer. To fight the bank I have to pay top money to lawyers. CBA knows that, so it's their way of resolution or you get hammered by the bank. How good is that? My final decision is no customer is safe with Commonwealth Bank of Australia. I will never ever step into this bank as long as I live. Please don't step in to this bank run the other way!
The Fawlty Towers of banks
Like many others here, had been a customer for decades. Attempted to do a refinance to clear idiotic credit card debt using 40 percent of the available equity in my home.Both applicants with credit scores in the high 800s, solid jobs with reasonable income and if successful would have had close to twenty grand year more disposable income after accounting for mortgage increase. Got conditional approval fine, no valuation required. The woman I was dealing with was nice enough but did not seem to have adequate knowledge of process and kept pushing...for me to increase the amount of the equity loan which I refused. In any case, the credit team declined the application due to three overlimit transactions on credit cards and another amount on a payment plan. Bear in mind the refinance was to get rid of the credit cards. Summing up over the years ... they have been good on occasions, will give them credit for that. But I've had some real doozies of dealings with them when the staff just dont know their own products and processes ... to the point of bordering on incompetency. Anyway, went to another lender. Moving all my business away from Commbank. What they dont seem to realise is that not having a bit of lateral thinking around risk will cost them customers ... and those who walk like me will have a nice rant to friends, move my kids bank accounts to someone else. In the end it will cost them a few more customers than they thought. Put simply it's quite a stupid business practice.
One of the best banking service provider
After going with a few brokers, thought I need to take things under my control and do it on my own, however, without the Commonwealth bank that would have been impossible. Mr Hanson from CBA has done an extraordinary job by completing the file in less than 1 week (from application to final approval to settle). Its all pro-active than being reactive. He went above and beyond to make this happen. Kudos for the entire team. In fact, all my lost interest in the deal was brought back to life due to his work ethics.
On the other hand, Commonwealth Bank`s Netbank is so advanced and built with an excellent centric thought process. I have all the accounts with Comm bank so far, it will remain the same.
Very Positive Experience
Being self-employed (for less than 2 years) we were advised to find a broker to help us with our first home loan. Over a period of 10 months we spoke with and worked with 9 different brokers – and that time period for us was utterly harrowing! They were all quite negative about our position; some of the deals offered were terrible (requiring us to take on extra debt such as credit cards!), the processes were tedious, the depth of personal information requested was really invasive and communication was often very poor (taking days to weeks to re...turn phone calls, reply to emails etc). We don’t know why we persist with that path for so long; just our inexperience and everyone around us kept saying working with a broker was our best option. But we were exhausted and thought let’s just approach the bank ourselves and see what happens. From the moment we contacted our local CBA mobile lending specialist everything changed, she was just lovely, and positive and reassuring and kind to us. We felt incredibly relieved and grateful as we were honestly feeling so depressed and hopeless after all of our negative experiences. The process went so smoothly, they are mobile and can come to you, you deal with the one person directly (no being shuffled around an office of people like we had been in the past). Best of all we never for a moment were made to feel like lesser human being because we didn’t have a huge deposit, or had never owned a property before, or because we were small business owners without regular payslips. We wanted to write this review to hopefully let others in similar situations know that although you might have been told (like us) that approaching the bank directly is pointless or a waste of time, this is definitely not the case. Thanks to the CBA we are finally about to move into our first home! We are really happy with the deal they gave us (and the interest rate is half of what some of the brokers offered us). We would highly recommend to just give them a go, maybe they can’t help.. but maybe like us they can. After 15 years renting, we are elated to finally own our own home and can’t thank them enough! Tip: Contact or book with a mobile lending specialist directly not branch staff
35 year client
I have been a client of CBA for over 35 years. I have purchased around 10 properties using home loans through CBA. Whilst nearly every loan in the past I have needed to ask for an extension on the settlement period so CBA could sort out their side of the loan, the last few years I have had an excellent CBA loans officer, Kosta Nikakis, who has been extremely proactive and has continually secured competitive rates close enough to all the small lenders with fewer overheads.
CBA have always had a level of flexibility and the obvious face to face s...
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?
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.
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.
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.
"...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.
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.
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