Commonwealth Bank Helensvale.....Stay Away
Stay away from the big banks and use the small community banks where you will receive customer service. Loan is approved and bank is not making progress payments to builders due to their staff being on holidays and whatever other excuses they can come up with. Apparently they are behind due to Easter. The only thing we are told is that the payments are being processed. I could have withdrawn the money and walked it to the other bank faster than their electronic payment system of payments being processed. It's funny how we can make payments ins...tantly to people but the bank can't....... Disgusting service holding back payments which makes us look bad. Do yourself a favour change banks where you will receive true, prompt service that you ultimately are paying for.
Had to wait for 3 hours on the phone related to discharge and settlement inquiry. Prior to that our conveyancer had given up twice 1hr 37min and 1hr 43min. If you don't have sufficient staff get more. Your customers have other stuff to do other than waiting on the phone for three hours to get an answer.
Worst Home loan service
Worst home loan line 1 hrs of wait time all time . CBA messed up my land settlement money as well . Please stay away from comm bank for home loan . I cannot wait to move my home loan from CBA to other bank . Who will care for customer.
Impossible to call
After 1 hour and 47 minutes minutes on hold I gave up. Getting worse, soon there will be no option at all. You would think banks could afford to employ a few more people to provide quality service. No more. And yes, I want to talk to a human. End of story.
I have banked with CommBank for a long time and applied for a home loan - sales rep worst service and no knowledge. Fail
Below par service from sales rep, did not listen to client, did not know products or government grants. Worst service Received so far, no chance of getting business due to lack of knowledge or customer service
Worst of the worst ......
Still waiting to receive my home loan transactions summary after having had waited for more than 3 months.... there is absolutely no transparency whatsoever .....
wouldn’t recommend commonwealth bank for home loans....
Avoid the "introductory rate". First home buyer.
After 2 years my introductory rate finished, long-term customer before that.
I asked what my new variable rate would be they said 3.68%, which is currently well above market rate.
I attempted to negotiate a lower mortgage rate, operator said he would speak to his manager. They offered a fixed rate, but I only wanted variable, their response "I'm sorry there is nothing we can do for you at this time, have a nice day, goodbye".
Time wasters! Have to give up 3 properties due to their laziness. I can’t imagine how they still exists.
Just want to share my concerns and disappointment. I can never imagine that the one of the biggest banks in Australia can be so unresponsive for AAA customers.
I lost my opportunity to purchase 3 properties, changed 2 people as well as wasted my money on solicitor thanks to CBA.
Loyal customer for 12 years
Changed at least 5 relationship officers due to structural changes at CBA
No relationship manager at the moment
Credit application was managed by 2 people, no progress.
Interest rate 3.19% variable vs 2.8-2.9% online
I am saying big NO to CBA. Thanks for wasting my time during Aug-Oct-20. ...Very, very disappointed customer!!!!
Avoid this bank at all costs. Terrible experience!
Going through the process of selling our home has been a terrible ordeal with commonwealth bank.
We had a line of credit opposed to a standard homeloan. When first getting the loan we were told we could interchange it between properties should we ever sell. We could even use cash as a substitute security between sale and repurchasing which suited us well.
Upon sale we were informed our line of credit will be closed due to policy changes we were not notified of. They would no longer accept cash as security and if we wanted to keep the line of cr...
Worst Policies have made customer life hell!!!
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
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
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 .
Be careful with mobile lenders!
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!
Lost the plot
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.“
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.
Customer service for home loan is terrible
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.
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.
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.
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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