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.
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.
Worst bank experience in 25 years
My Odyssey in Bankingland
Three times i had to resend a discharge form for a sttlement of our property in Brisbane. MEBank has never confirmed or otherwise if documents sent were in order. A week later - we called them (40-45 mins) and were informed that we had to resend documents again (it was our inexperience). One would think that bank will get back to you by email or phone to let you know? Not really. It was entirely our problem
---second call (just under 40 mins) a representative went through our forms and confirmed several times that ev...
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!
Customer service does not exist
When trying to close out mortgages there is always a delay even after being given six weeks notice. Each time they have blamed someone else however taking the opportunity to charge the extra interest. This has happened three times. It appears to be a trend.
Frustrating customer service
I've hated dealing with ME Bank since my broker used them for my home loan. They consistently give advice for the wrong product, or only partial answers for another product. I've asked them to investigate advice I was given over the phone and they ignore the question. They refuse to acknowledge that I can't access their phone service due to disability trying to push everything through a case manager that won't help. Email assistance turn around time can be a high as 10 business days and due to partial or generic advice mean a further 10 days ...as you try to get them to answer. Assisted calls mean a wait of 30 minutes to 2 hours if you don't get cut off or hung up on. Some of this I could absorb if the product was worth it but my loan interest rate is more than twice that of other banks and I've already negotiated They have no interest or respect for their customers eg: when I was taking out my loan I was called "dude" by a representative multiple times. The silly jokey ads are not marketing. They are really treating you like a joke. I hope that the acquisition by Bank of Qld will clear this out. Time to leave
Most expensive rates in the country
Just got a letter saying my home loan rate is increasing to 4.3% . Logged into internet banking to call and get pictures of fake chattering teeth . Are your customers a joke to you.
Hopeless customer service at this bank!
I am now refinancing with another bank after the poor I received from Me Bank last year. I have a home investment loan with them which I had to pause repayments during Covid restrictions. Due to the poor training of their call centre staff, I was treated like I was in default and you always wait at least 20 minutes to talk to someone. I lodged a complaint with the banking ombudsman and in the end, they offered $200 to settle my complaint.
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.
Would not recommend an investment loan
Loyal customer for 5 years tried to negotiate lower rates as paying well above average. Interest free period has also ended. Was advised that it would be easy to reapply for interest only, but rejected. So now stuck paying high rate and principle. I have a second loan with another bank that I am paying a significantly lower rate with and interest only. ME Bank have passed on a small cut, but interest rates are already high so still well above a fair amount. I would never recommend this bank to anyone, my broker can't even deal with them anymore so I have had to myself.
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!
Interest rates remains high
Borrowed from ME in 2001, the interest rate at the time was competitive as an owner occupier the interest rate currently (July 2020) is 4.47%. Conversations with ME about the interest rate have been to no avail and the costs involved in refinancing have made the option unviable. I have always made repayments on time and have a spotless credit report. Never again.
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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