Worst Customer services for home loans refinancing
Customer experience was worst, misleading i feel like i have been cheated.
Relationship Manager confirmed me in first place that loan application and supporting documents look good with no issues to come for loan approval
i told him clearly that please do not run my credit check, if you see any issue with my application and documents provided to them.
They run a credit check on me and then credit officer start delaying our loan approval, with keep asking me same question why my employer is deducting more tax on my salary, start doubting me if w...
the home loan process does ask for a lot of documents but to be fair I am organized so it took me less than 30 min to pull everything together. Just the usual bank statement, bills, payslips, etc. Caroline Bi has been fantastic I forgot how lovely it is to deal with polite, professional organised people. Looking forward to having a bank to talk to again.
- Verified customer
Conservative bank with competitive home loan pricing
HSBC loan approval process is a bit protracted, they do ask for more documents than other banks and they do sometime asks somewhat silly follow-up credit verification questions. However our relationship manager was top notch, with timely communication and follow-ups. HSBC is not one of those banks that will throw credit at anything that moves (hint: royal commission), they are conservative, aka old fashioned bank in a good sense when it comes to credit checks. And I'd rather have it that way.
Home Loan Application
Ive been a long standing banking customer with HSBC for almost 20 years now and have always found thier customer service great so when they started advertising thier home loan packages with a competitive interest rate I applied for a refinance. I spoke with a home loan specialist at HSBC, was advised based on preliminary information provided i qualified, sent through all required documents and paperwork and never heard back from the loan specialist despite my follow up calls and emails.
Lose interest on refinance
I did refinance in HSBC, it's the worst decesion I made. I spent a lot of time on it as they asked for more than double documents than the normal bank and made me signed 3 times. They told me to transfer the balance on my offset account to the home loan account at the same day of refinance. I did it and found they didn't transfer it to my HSBC account. I had to wait as it was the public holiday and tried to get the balance back to the offset account, then transferred it to my HSBC account myself. It spent more than one week, I had to bear my in...terests losing and a lot of time wasted. The banker didn't know what she should do at all and didn't reply me after my refinance was done. They even took deposit to make me push the previous bank to complete the refinance process, this is the worest serveice I met.
Bank promote very atrractive rate but deliver very poor service by asking 100 different documents on several occasions taking very long time to approve. Mine was a refinance from commbank( even though rate was bit high with commbank , I now think I made a mistake by refinancing).
Hsbc even made me to cancel my credit card to get required loan amount. But considering the lower rate I thought its worth to go through little pain for lower rate advantage and finally one month after apprval and transferring my loan to hsbc, all of a sudden Hsbc increased the rate.this is nothing but cheating.
Poor experience and we regret our refinance
After some comparisons, we chose to refinance with HSBC as they had the best rates and provided us with facilities which we wanted, namely fee-free offset (or akin to) and redraws.
We were promised that the low rate of 3.59% (which was valid only for a certain period) was not an introductory rate.
We understand that we signed up to a variable rate loan, but definitely did not expect a letter in the mail barely a month later advising a 0.1% rate hike - when the Reserve Bank has kept the rate as is.
We can’t help but feel deceived.
- Verified customer
Very competitive if you ignore customer service part.
As I can see most reviews are from frustrated customers. But my experience was great with this mortgage. Great discount on interest, no application fee, No annual fee and a little discharge fee. What else do you want dumb people ? Just be a bit patient with initial procedure and your savings will go a long way.
I had to spend my day off going to the HSBC in Melbourne, wasting 2 hours of my time and get nothing
I had to spend my day off going to the HSBC in Melbourne, wasting 2 hours of my time and get nothing out of it!
Met [name removed] on Collin Street branch to do my refinance, fill up the docs, and at the end of the day, nothing, NOT even a follow up, Not even feedback, he just disappeared, thanks for wasting my time and my credit score!
Worst customer experience ever
We got a home loan from HSBC a few years ago and With every enquiry, as simple as rate change based on market, we have got a different relationship manager. I feel like a ping pong ball getting passed one from one person to another repeating myself over and over again and nothing gets done without 20 email followups.
Won't recommend them to anyone!
No contact, no effort, stress central!
HSBC are the worst! Don't expect to have approval within a reasonable time. Poorest service I have ever received, constantly chasing up my 'Premier Relationship Manager' and then I find out he is on holiday on my finance approval date!!! Complete incompetence from him and the credit team there. AVOID!!!
Very very slow to discharge our loan
Because HSBC customer service is non existent, no responses to emails, everything takes multiple calls to get any answers, they never ever ever answer phones, permanently on voicemail, we refinanced with another lender.
HSBC wanted 21 days notice to discharge, however although it's a really uncomplicated loan they have now delayed everyone and everything to 42 days and counting.
No reasons, nothing but sad attempts to blame everyone but themselves and their ancient systems and overbearing business processes.
Don't bank with these people unless you wish to be frustrated and angry on a permanent basis.
Complete time wasters
I don't think I've ever had such a frustrating experience with any other bank in my life. Warning- do not get lured in with the low interest rates on offer because it doesn't mean anything when you can't even make it past the finish line of the application process. We were refinancing and were told we could borrow x amount initially and were happy. After submitting first lot of documents we were then told we could borrow a slightly lesser amount (despite no changes in income). This meant that we had to quickly pay off our credit card and throw ...savings on our current mortgage to get the smaller loan with HSBC. This was annoying but we considered it would be worth it as our monthly payments would be drastically cheaper. Then the fun began with the ID checks- I had to submit my signature several times as it wasn't 100 percent identical to my licence (I'm talking a slightly different loop in one of the letters!). When they finally accepted my signature we then had to get certified copies of different forms of ID (why this couldn't be done initially is beyond me!). We quickly organised for a police officer to sign all ID and witness our signatures. This was all that was requested on the form but of course, several days later we are told there needs to be an official stamp from the police officer! By this point we'd had a gut full and pulled the pin. It was like they were playing a game with us. I couldn't imagine being locked into this bank for 30 years. Probably a blessing in disguise they showed their colours before we were approved.
Still waiting very disappointing
Applied early October, spent 2 hours on the phone, evaluation rep came over, filled out 7 pages of documents, gave all personal details. Preapproval granted end oct then never heard back. Still waiting to hear back. I've now canceled application - complete waste of time. Rang my current banks retention department & got an immediate reduction in rates.
Don't trust this bank
Applied for home loan with provided all of the details they requested originally. The customer service is very poor and not sure whether my loan would get approved or not. Happy to pay more interest rates with one of the big four banks and make sure the loan is approved and get better service.
They offered competitive rate of 3.55% variable. I applied for a home loan . The only thing which I don't like was relationship manager is on leave and he will get back to me after couple of weeks because he is in holidays. He could have given responsibility to someone else to get it touch. Willl keep posting
Cheap and nasty
Don't expect any sort of customer service from these guys. They are slow, process is cumbersome, no communications, always have to chase up and don't brother giving a call back.
Yes their rate is cheap but I rather pay abit more and go to a bank that knows what they are doing.
they are hopeless , slow as hell
it's now 3 weeks waiting to get a simple pre-approval, FYI this is something most banks give you on the spot !
initially they said it will take 5-10 business days but on 5th day they said their system cant recognize my identity !!i and needed some more docs (AU passport, Driving license, Medicare etc.) signed by JP. all docs were already provided on day 1 !
its now 16 business days since submission and last follow up reply (i was lucky to get a reply) was our system needed identity confirmation and that delays the process for another 5-7 working days.
FYI, am an AU citizen, my employer and living address have been stayed the same for last 4 years ! not sure how they cannot confirm my identity
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