I refinanced with HSBC from Westpac last month and the entire process was such a pain. I normally don't write reviews at all but I was so frustrated with dealing with them I even called up their customer service just to complain about my relationship manager.
Long story short, in line with what others are saying HSBC required more documents than other banks and their systems are pretty old school and wasn't very user friendly considering its 2021.
What frustrated me the most is HSBC has a proprietary process called Fast refinance. I warn you ...not to opt into this as it is convoluted, misleading and the HSBC employees themselves can't explain it properly. This bank baits you in with lower rates and cashback offers but like everything in life, came with a cost.
Can’t complaints compare to big 4 banks
The whole refinance process/application is very clear and customer relation manager assigned is very professional. Very up to date and responsive. All completed by online, no need to go to branch at all.
Pros with HSBC:
-. Good customer relation manager assigned to complete whole process.
-. Competitive interest rates.
-. Banking apps easy to use (have all features I need it)
-. Refinance process from assigned case manager till completed only 3 weeks.
Cons with HSBC:
-. No pay id yet but have OSKO (receiving payment only)...
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.
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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.
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