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.
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.
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
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.
Long waits on the phone, online app is very basic and crashes all the time, very long time to process requests. I was expecting good customer service because it's a small bank but overall it's been very disappointing
Had verbal pre-approval from an ME representative to buy a house more than a year ago. Good loyal client with strong savings record. Borrowing well within limits. Permanent, covid-safe job. Recently successfully bid at auction, subject to finance (14 days). ME messed us around for 5 weeks and then finally said no. No real explanation, nothing in writing.
Many others would have lost their deposit at that point. Fortunately a rival bank has been very helpful. Stress was increased by a lack of communication. We had to do all the following up with ...
Mebank ripped me off, charging $400 on top of a high rate. When I stopped them taking my $400 they increased interest to 4.75%. 11 years as a customer. Scum.
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.
they have taken money from my account,
took money from my redraw no notice no contact, the people you speak to after hours on the phone, just spin what they have been told, this bank is just like the big banks now, they need to be investigated wirth a royal commission, Mark,
Money missing from our redraw account. When I asked where it is? Because it wasn’t in our savings account and it didn’t come off the principal. They said “it had been absorbed into the loan” bloody thieves.
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!
Absolutely terrible - will raise your interest rate as soon as they can
Raise interest rate a month after signing up but lie and say they won't if you purchase their "member package", lost my paperwork prior to settlement which delayed it by days, delay processing your pay so you can't organise direct debits, send texts you have missed a mortgage payment when you haven't, statements don't accurately reflect each other even though all accounts are with Me. Will keep you in the phone forever and then laugh at you when you question their system their banking ap has constant glitches and is never up to date. I seriously regret going with them and will bail as soon as possible.
SERIOUSLY! DO NOT TOUCH!!
Delay! Delay! Delay! Get used to those words. This is the worst bank we have ever had to deal with, they charge numerous fees and give zero service, the terms of the loan were even incorrect, eg. frequency of repayment, fixed or variable. You can do bank to bank transfer out of their accounts, but don’t try to transfer in, they are NOT registered for that service. They outsource valuations, their solicitors, all with added fees. They do not communicate, they charge heaps and give worthless service.
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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