Refinancing a current personal loan, NEVER AGAIN!!
Slow, Misplacing paperwork, Missing emails, No communication.
I do not want to hear the word sorry again.
Total Rip Off High interest rates
As a ME Bank Home loan customer for over 5 years, I have just recently realised how badly I was ripped of for soooo long. Their interest rates are a whole 1 - 1.5 % above the other lenders.
They will make you pay a lot initially... stamp duty LMI wont be capitalised, you pay for the banks charges too. Overall you have a to shell out a larger deposit with these guys.
Variable rates are now at 4.83% for one of my loans.
They are the true Comparison rate cheaters. All big banks and ME bank charge similar initial charges and yearly packa...ge fees, yet only ME Bank advertises the lowest Comparison rate... And all this without even having a people facing branch in my city.. They should offer the lowest rates in the market for their service.. Ofcourse they claim to be the lowest but are they?
Total waste of time.
We waited for 5 weeks to be told that we could not get a home loan. They knew the first week. They did not know what they where doing and may have missed out on our dream home because of all their waste of time when we could have applied to other banks,
Customer service non existent
Don't bother with dealing with these idiots if you value your sanity !!! Trying for 4 days to complete a direct credit transaction and no luck and certainly no service
An appalling approach to customer service.
This bank made an error, acknowledged their own error then refused to fix their error. It concerned underpayment of interest. I have forwarded my complaint to The Financial Ombudsman.
They gave me a rate of 4.38 capped for 12 months, then raised the rate (without telling me) after 2 months. I am now refinancing. There have also been several rate cuts in this period and they are still charging me 4.58.
- Verified customer
Have three products? It's like dealing with 3 banks!
I have a savings account, home loan and Mastercard with ME Bank. Trying to get them to look holistically at my situation and try and work out a way forward was impossible. Credit card dept. couldn't talk with home loans and vice versa. Ended up closing all my accounts and going with Bendigo where I have a personal banker who can assist me with all accounts.
Also, as others have already confirmed, they are terribly slow. The refinance and settlement of the original home loan took over 3 months from application to settlement.
Sick of being used as a cash cow to fund new business
Last November ME put up my mortgage interest rate off cycle WITHOUT EVEN SENDING ME A LETTER - I only noticed because I logged in to check something out. I noticed that they had suddenly cut rates for new borrowers - so obviously they were using old (established and trustworthy) customers to fund the marketing drive to get new (unknown) customers. I kicked up a ruckus and got a small cut, not as much as the increase was. However, at the time I was not up to changing lenders - it is such a hassle!
Now however, the RBA has cut rates by .25% a...
Avoid! what a joke no coordnation
I Guess it comes down to what mobile banker you get, as I was recommended me bank from a friend who used a different mobile banker with great success.
Pre approval meant absolutely nothing. After finding the house I wanted and informing the bank I put down my deposit. I had given everything me bank asked as requested (all good). I was then informed they needed an extension for finance approval, Lucky the vender agreed allowing 9 more business days. I facilitated in every requested they made in getting the loan finalised, even down to the last remaining hours until settlement they were still asking for new payslips etc, no coordnation, very inefficient and incompetent. NOT WORTH THE UNCERTAINTY
Longest approval time ever
Me bank have absolutely no customer service morals, they have wasted 3 months of my time for a simple yes or no answer regarding my home loan, if it wasn't for the cheap interest rate I would have canceled my application months ago, BTW I'm still waiting, 12 weeks and counting.
- Verified customer
Terrible customer service
I have experience a very bad product and poor customer service with them. It was my mistake to join them at the first place. I will move to one of the big banks. The bank didn't provide me with the information and now they are referring me to their fact sheet. If I had tie to read all those pages I wouldn't request your mobile banker. Anyway they are not willing to fix the problem!
Customer loyalty counts for nothing with this bank
I have been a customer of this bank for over 15 years. Recently I was in a very bad car accident that has resulted in several operations and almost a year away from work. Through most of this we have been able to make our fortnightly loan repayments, until my last operation where I had exhausted all my sick leave. We called ME Bank and explained our situation and asked if our repayments could be paused for a month until I was back at work earning a salary. We understood that if they said yes to this it would extend the length of our loan by at ...least an extra month. They point blank refused to pause our loan for just a month, meanwhile there are banks out there that offer their customers a "holiday" of up to 12 months from mortgage repayments. ME Bank refuse to pause your loan for just a month when you are experiencing about of hardship. Like I said I have been a customer of this bank going back to when they were Super Members Home Loans, back then they actually cared about their customers and offered the most competitive interest rate available. Since becoming ME Bank they have become not only a "bank" but possibly the worst example of one. Needless to say we are now in the process of refinancing.
Echoing the other reviewer sentiments, I am also a disgruntled customer with diminishing faith in this 'bank'. Agreed, aside from the low interest rates, there is little to commend this banking service. The lack of professionalism and customer service, the poor online banking service, and long wait time for phone service all amount to a thoroughly frustrating and disappointing introduction to this bank. I would not recommend this bank to my worst enemy... stay away at all costs!!!
Unbelievably bad service
I can't believe I have applied for another home loan with me bank in view of the disgusting service in the past Never hear back from a mobile lender and ringing them for months to find out they don't work there any more make an appointment and don't turn up Ring and abuse you for complaining about the previous On a loan application in 2004 for $150,000 for a knockdown rebuild chased the mobile lender for 6 months without a reply then out of the blue he rings with. Congratulations your loans been approved the building quote was now expired and yes they put the price up $5,000 on the new quote. So much more even tried to go to their office to apply in person appointment cancelled on the day no call back just a text
Read all your product information very closely as I have since found out that the mobile banking staff have no idea what they are talking about when they push products at you. Was told when i applied for a three year fixed term home loan that i could make additional payments up to 10k a year. Just been told that I can't and the bank is "sorry". what a joke
Do not use ME Babk bank for a Home Loan
The worst financial institution I have dealt with. After waiting 7 weeks for a loan approval I gave up. I had to chase the Mobile Loans Officer for everything, including valuation inspections and reports, advice on progress and a contract that never arrived. After 7 weeks of waiting I never received one document and ceased my dealing with ME Bank. Do not use them.
Totally unsatisfactory service
Major deterioration in quality service to customers. I joined ME over 10 years ago. It was one of the best performing financial institutions available. Don't know what's happened since then.
It took over 6 months for a fraudulent transaction on my credit card to be finalised and monies returned to me.
ME have now removed $63 from my bank account because I transferred over $1000 between accounts and the $63 was their 'fee'. A staff member advised me this transaction was considered a 'withdrawal fee', however the money never ...left my bank , it was just moved to another account of mine within the bank. This transaction was done by me via the internet, there was no ME resources used at all. The money was in a savings account so it was my money. None of this matters, I have been advised ME take 6% of whatever money is removed from a customer's bank account and is considered a bank fee and legal. I have now lodged a dispute with the Banking Ombudsman as I am very unhappy with ME charging me $63 because I moved money from one account to another. I have more money on termed deposit, wonder how much I will be charged as a 'fee' when I take that money and close the bank account. There are much better financial institutions around who still value their customers and provide a good service. I will be closing all accounts with ME.
Slow Slow Slow!
ME Bank's service is slow! Sent an enquiry about closing my account and had to chase them up with no response after 5 days. They apologised, then told me my account would be closed in 10 business days. It's been 20 days and the account is still open. My mum submitted an application for a savings account and after a month they still hadn't opened it (she ended up cancelling and went with Virgin Money instead).
I'm only giving them two stars because their First Home Saver Account was great when it was available.
Fast credit card approval.
Applied for a ME Credit card. Was approved within 24 hours. Am in the process of applying for a personal loan. Seems to be moving along pretty quick. Good communication. So far i am very happy with customwr service.
Biggest mistake I ever made investing money with ME
I had considerable amount invested with ME bank for one year after my husband passed away. At maturity I asked for the interest payment and amount invested to be transferred to another account. I received three calls from ME bank checking if all details were correct however when I checked the transfer amount I discovered that I received less than half of the amount of the interest payment. When I followed up with them, the mistake was acknowledged and I was promised it would be resolved within 24-48 hours. I called after 50 hours as nothing has happened and I still don't have my money.
Questions & Answers
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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