Commonwealth Bank Home Loans Questions

outbackjack5y

I have been with Commonwealth since I was 8 years old ( im now 50 ), all my loans over that time through that bank all loans NOT one-time late payment and most paid out early, had super through them to until that became redundant, my wife also has the same bank, all loans I have had through Comm bank has been approved fast in 2 or 3 days, last loan was for 40k car no prob getting that and we are 10 k ahead on that loan already, now we just applied for a home ( first time ) have a 60 k deposit and been working full time same company for 20 years wife also full time worker making good money ,but they say I have a mark on my credit from 3 years ago with origin energy ( true ) long story that I was in the right of but the mark stayed, now getting a loan from comm bank for first home has been approved for way less than I need and they insist I use all my deposit and pay LMI towards it, anyone knows is this due to the mark ( even though my history with this bank is flawless and why they say im a risk hence the LMI needed and why no first home buyers 5% needed but ALL my deposit needed for only 450k home loan ( needed 550k) which i thought would be no issue ..so tad confused the agent is away so cant get more info yet but feel tad let down after all this time or is this all legiot and im missing somthing ? (the mark is off my credit in just over a year also ) but to have to use ALL my deposit for way less than I need is confusing saying im a risk WFT

Kelly10y

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?

Sean 10y

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.

rickl10y

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.

David Lambert 10y

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 10y

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 9y

"...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_Dogra11y

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

vbhargav80 11y

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 11y

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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JHM13y

Could you pls anyone suggest me any best bank for first home loan?

Sanka 13y

Hi JHM, i STRONGLY suggest you speak to at least 3 brokers and choosing the one that you feel a connection with. I went through a broker originally and ended up with a Wizard home loan and got a better deal than any bank could provide til Commonwealth bought them out. I am about to buy again and will go through the same broker - their help was so invaluable i cannot put a figure on it. They make sense of the chaos that happens sometimes when you buy a house and push things on your behalf. You are likely to get a MUCH better deal. Go through one of the major brokering companies (i.e. Aussie, Rams, Mortgage choice etc). I found it much like finding any other professional to help you - trust your instincts. I hope this helps. If you are in Sydney, there is an amazing softy spoken broker in Kogarah near the train station. Good luck and i wish you well.