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.
Terrible terrible and terrible
I’ve been with ME for 20 years. It has taken 4 months and still waiting. For top up approval I have equity in house it’s a very small top up for home improvements. I would not recommend my worst enemy to use this organisation
Bad Bank, Cash Back offer never paid, Don't believe in Cash Back Offer
I have been offered a $3K cash back 24 hrs after settlement; after settlement they told me that the offer will be paid 3 month after settlement; after 3 months they did not paid the offer.
Slow Service and Outdated Application Process
ME Bank is great for banking however they do not excel with home loans. Lower interest rate than the big 4 but you pay the price with the wait times and outdated application process. We had to send our pre-approval application via mail which significantly delayed the process. After 4 weeks, several emails requesting updates on our progress and false promises that the wait times were ‘getting shorter’ our mobile banker finally looked at our application and requested more documents as the ones we sent were now too old. We ceased our application with ME and went to Macquarie who completed our pre-approval in 3 business days. Look elsewhere!
Still stressed by the experience
Had many problems including a change of their system no longer withdrawing loan amount from linked account, talking to representatives who provided false information and these resulted in extra payments and default notices. Also took 13 thousand off the money sitting on top mortgage without notice. Closed accounts without any communication- very stressful.
Great service and rates
My wife and I searched many financial products via our Financial Advisor, No Fuss Home Loans, and came across ME Bank. Although not the lowest rate, they were quite low, accepted us as borrowers even though we are 'older' people, and best of all accepted our loan application with only 5% equity. The only issue was that the Variable rate lock-in was left out, but this was quickly resolved by ME Bank no questions asked. We found the service was great,-- we did it via our Financial Advisor::
Kathy Dundas [www.nofusshomeloans.com.au]
AND, our conveyancer who helped us with property contracts::
Michelle Nassif [tri-stateconveyancing].
With ME Bank on our side, we had a great team. No fuss, no hassle.
THANK YOU ME BANK !!
Customer service is terrible. Waiting times in excess of 30 minutes. I understand in the safety and paper trail world, but modernise your system. The mobile app has improved somewhat and is quicker to load. The online banking features are rather basic and can't access statements from closed accounts.
Still lacking Osko for fast pay.
When you try to negotiate a better loan interest rate, they are all unhelpful until you have put in the documents to refinance with another lender. Refinancing is slow and brokers have to prompt so as not to miss the settlement.
Technologically poor banking system is ME that I can't bear to deal with any longer.
ME provides the opposite of customer service
last year ME Bank stuffed up my redraw facility. Now I have been on hold for an hour so far because they do not answer their phones, and you have to request a loan discharge form over the phone. Forget doing business with this worthless lot.
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!
Hopeless bank as once existing customer. Been unable to update my home loan. It’s been six weeks and 3rd attempt
3 times I have tried to reduce my rate for my homeland. Currently awaiting paperwork to be emailed and so far it’s been six weeks. Very unhelpful and very slow to help you reduce your home loan rate but quick to ring if my credit card is overdue. Very frustrating and hopeless bank once you are an existing customer
Incompetent and arrogant. Don't fall for the cool marketing image!
This bank projects a cool and friendly image in its ads, but don't believe the marketing. The reality is a mixture of incompetence and arrogance. The first giveaway was in the lead-up to my home loan settlement, when the bank sent me a package of 4 documents to sign, but with one of the four documents missing. This was a completely standard owner-occupier loan that they probably write thousands of each year... how hard can it be to send 4 simple documents? It was all downhill from there. They managed to link my online savings account to a...nother ME account (instead of an external account), which meant that I was unable to access my money in the account - had to waste more time of the phone to fix a problem that should not have happened in the first place. I was promised a 0.25% discount on my home loan as a NTEU member, this discount mysteriously disappeared after just a couple of months - never received any explanation or a reason from the bank. Interest rate cuts (2019-2020) were routinely either not passed on at all or only partially passed on. When I decided to refinance, I called ME Bank on the off-chance that they might offer me something better rather than lose me altogether; the customer service person I spoke to was so obnoxiously arrogant that there was no doubt in my mind after that call about going elsewhere. Their "parting gift" to me was to delay my refinance settlement by a month because they lost a document my conveyancer had sent to them early in the process. This one month has cost me several hundred $$ in extra interest. Needless to say, I am glad to have said "Good Bye" to them, and I have no intention of ever dealing with this pathetic excuse for a bank!
ME is for you if you want a breathtakingly incompetent, totally disorganised banker, loose with the truth and has many hands...none of which know what any of the others are doing. We changed banks based on word of mouth, we should have read the reviews and stayed put. We applied to move loans to ME in early October, 2020. After an incredible amount of misdirection and false starts one loan was completed after 2 months of daily interventions and much anxiety for us. The other was settled after lies, numerous broken settlement dates in mid- Janua...ry 2021, over 3 months after the application. So what? The loan repayment date began a week ago but the money has still not appeared in my account even after written promises! I am clearly expected to pay for money not received. I should have bought shares in ME instead, great investment when a bank only takes repayments without lending. Maybe this is ME's version of a reverse mortgage. A Mr Adam Crane was appointed as CFO of ME Bank December 2020 to "lead ME's business strategy" (ME website) as he has, in the past, driven "change, improvement and innovation". Well, no-one is running this shop. I'm off to AFCA and the Ombudsman with a formal complaint. Caveat emptor! Want a loan? Go elsewhere.
Slow and hopeless
Slow and hopeless would be my most accurate summation. Went through our trusted Mortgage broker to set the finance and after 6 weeks, still no approval, just repeated requests for the same information already provided with apparently no end in sight. We have pulled the finance and this is our first and last time dealing with them. Could not possibly recommend.
Started out great!! Have become bad!!!
Found ME to be excellent for the first 15 years or so, couldn't be better. Going down the gurgler in the last few years!! Their rates were always quite a bit below others in the past, now one of the most expensive around which is hard to believe as they are not a full blown bank with branches etc to cost in?? Wait times on the phone are long & then told someone will call you back within the next 2 days???? What!! I finally get a day off during the week when I can call & sort stuff to be told that, ridiculous!!!!! When we call you guy's we need ...to talk to someone there & then when we are in our home/work office with all relevant info, pen, paper, computer in front of us. Not at work sweating, in front of customers, unable to concentrate with nothing at hand that we need to make the call useful. Also new customers get looked after better than us 17 year loyal customers with offers of more attractive interest rates. To be fair they did drop my rate after asking for a better deal but it still wasn't very competitive. I think I need to leave this crowd.
Worst bank and customer service
Did a construction loan with ME Bank, sent application through for stage one payment as well as requested documents for the bank to be told it’s been completed and funds will be in building account in 24 hours to then receive a call a week later saying we can’t pay the builder due to a discrepancy with no explanation or detailed reason why. I have been calling everyday for the past month to be told the same thing over and over again that a team leader will call me, I am get to receive any phone call from the team leader or any explanation of what is going on even though we have settled the loan more then 2 months ago. Do not waste you time with this bank!
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
Get an answer from our members and ME (Members Equity) Bank representatives
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