Too small too slow
We applied for a new car loan through Holiday Coast Credit Union as their rates were one of the cheapest around.
That's about all that was positive about the experience. Their turnaround times are very slow and it just seems to be request after request. Their licence validation system was not working so we had to go get our licences certified by a JP.
We advised them that we are picking the car up in 2 weeks and they assured us that would be enough time to fund the loan. 2 days prior to the pick up day they advised us that we had not joi...ned and paid or $10 membership fee, which we had but their system again failed, and that it would take 24 to 48 hours to come through and they can't fund the loan until that occurs. If you want a smooth experience i would not recommend, i got the feeling that they are too small to offer the level of service you come to expect.
A good start that turned sour
I applied for investment home loans with Holiday Coast. The NSW manager based in Newcastle [named removed] was very helpful for the first week of the application but things turned sour after that. Multiple attempts to contact the loan manager never received a response. I assume that lending funds were not available (the rate being offered was very good) and rather than telling me this or rejecting my application, Holiday Coast decided the easier path was to just ignore me.
The good news is that I found out about the total lack of service ...and culture of Holiday Coast before I became a customer. An organisation with a service ethic like Holiday Coast Credit Union deserves a wide berth. When bad news was to be delivered they just ignored me
I have dealt with the credit union for over 20 years and have found their customer service to be very good. You are more than just a number or statistic and you actually get to talk to the bank manager and it is easy to talk to someone to have any issues solved. Their interest rates are slightly higher than the big banks and they cannot offer as many services but their other attributes more than make up for this.
They are easy to deal with, friendly, approachable and their loan documents are easily understood. One of the big banks has a...loan contract that is frightfully difficult to be sure that you really do understand it. Fine for solicitors but not so fine for ordinary Joe. If times get tough you can reduce your payments without too much drama but you must be aware that this will extend the life of your loan. Great customer service, easily understood loan contracts, variety of products. Loan interest rates slightly higher than the big banks.
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