Stay Away, The Worst Lender I Have Encountered
Our current three loans of 2.49% fixed interest P&I loans with ANZ expired 7 May 2022. We engaged a broker end of January & he was able to offer 3.19% for 3yrs fixed with ME Bank. We were given an option to pay $750 per loan to lock this rate in, which we did. The process with ME has been very very slow. We had three unconditional loans approved in writing by ME Bank. We received two loans documents mid-March, we sent completed signed docs back within days. We waited six weeks our loans had not been processed. Meanwhile the broker was calling M...E every second day to enquire about the where abouts of the third loan documents. ME advised that they were having technical issues & will send this soon. Four weeks later, it come to light there was never a technical issue, as there was a serviceability issue with the loans. (This was after being told the loan was unconditionally approved) back in 18 March. At no point did ME request for any additional documentation or advised there was a concern about the serviceability. We have now been notified in writing by ME that, ‘sorry we can’t go through with your loan applications’. My question is, why did ME provide an unconditional approval & send out loan docs, the serviceability should have been sorted by ME during their due-diligence process. Our 3.19% fixed rate no longer is on offer. As ME have now wasted four months of our time, alternative banks are now offering 5% fixed rates. ME Bank are like the modern-day terrorist, they don’t care, ruin people lives & don’t care about the aftermath. Please be Warned, any potential person considering of engaging ME for loans or banking, you will be mucked around. ME will lure you in with low interest rates, offer you $3k to switch over each loan & then offer you a ridiculous ultimatum. i.e. to still offer you the loans, we needed to close our credit card & contribute an additional $50k from our personal savings, what a joke you are ME Bank. For any insane reason you do proceed to engage ME, you deserve the pain & suffering that you will eventually endure. ME Bank is unprofessional, deceptive, unreliable, dishonest, deceitful & they will mislead you with false information throughout the loan process. The broker raised a complaint & our concerns to two senior managers, there responses where we can’t help you as we are leaving ME Bank, how disgusting. It’s incompetent amateur banks like ME, why there needs to be a royal commission into the banking lending sector again. We have now lodged a complaint with AFCA, to seek compensation by ME & engaged legal representation.
Waiting and waiting for my home loan to be corrected
Refixed my home loan with ME Bank after three attempted phone calls to get through (eventually just waiting and waiting which isn't easy when you have things to do). After a long phone call to fix it, it's 12 days later and nothing has happened. I'm still being charged the higher old rate and the money I added into my home loan hasn't been absorbed into it. And despite sending two emails, I'm stuck with making another dreaded phonecall and waiting endlessly again. Doesn't make life easy for working people that they only take calls during the same working hours that their clients work. Go somewhere else if you're looking for good service!
Do Not Get A Home Loan With This Bank
Received a letter today telling me that my available redraw had been reduced over $10k but that quote".... the total amount outstanding and the time remaining on your home loan all remain the same." That is in spite of paying well over the minimum payment required for over 2 years. I will be complaining to Australian Financial Complaints Authority. I am just flabberghasted that a bank can decide to more or less take your extra funds without permission!
One star too many!
ME, ME, ME - how apt!
Utterly pathetic follow up. Told things were done, only to find they weren't. Never got a call back when they promised. Never sent through paperwork when requested. Consistently having to chase up. Don't seem to understand the word 'urgency' unless it applies to them. Due to their contempt and lax ways, my family could be on the street as a result of a settlement falling through! They don't care. They really have become Australia's 5th largest bank. Welcome to the club ME Bank. You wont be hearing from me again!
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Questions & Answers
Hi. which one is quicker - processing a new construction loan or processing our release paper?
Hi there! So that we can follow these matters up for you, can you please give ME a call on 13 15 63. - Jeremy
once you approve a home loan how long before i get the loan documents to sign? & then how long does it take for my refinance from my existing lender (choicelend) to go through? thanks
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