New home loan assistance
My husband and I began the process of looking for a better interest rate in August of 2020. We were approached by My Budget in July and 2020 and contacted them to begin the process in August.
It is now February 24th, 2021 and we are still waiting for the process to be finished. Most if not all of our documents have been lost or misplaced. We supply a list of requested documents only to get another phone call asking for a different document or the same document again.
Why are we still using My Budget? Because as a budgeting company they’re g...reat, but home loan specialists they have not been. We’re busy people. We don’t want to begin the process again, when in fact we have begun it multiple times with multiple ‘home loan specialists’ through My Budget. We’re tired, angry and frustrated by it all. We have never experienced service like this before.
A whole week of no access to funds!!! What a joke!!
Good service when working. I need funds and cannot get them. I am leaving as I can't even call or contact them as phone lines engaged. Go somewhere else.. they cant sort out their systems
I have been with my budget for 6 years and have found it great life changing even
Yet the last 5 days I haven’t been able to access my money or my account and can not get through on the phone how can such a big company drop the ball so majorly you have all my money and I have no access
Look elsewhere before signing up with MyBudget
I've spent about 6 months with MyBudget. It has helped me get back on track with paying off my debts. However, it is very expensive for people who are struggling financially. The service also varies in quality and you need a lot of time to liaise with the customer service officers as they do not reply to messages promptly and calls are time consuming (once I waited 40 minutes for my call to be answered). At the end of the day I decided it wasn't for me but still have $900 of my initial joining fee to pay off. I'm pretty disappointed with the service and would recommend doing your research into other options prior to signing.
Ive been with My Budget for a few months now. I have extreme frustration with it all. — It’s troublesome that I can’t walk into a branch to talk face to face with someone, I hate talking on the phone it gives me anxiety.
- it’s based in Adelaide with time difference
- it takes 24hrs to transfer money
- I don’t understand the app and have never been shown how to use it
- dealing with multiple people
- bill payments are late or overdue or missing
- I received inheritance and have paid off my debts which were not big at all, but my medical situa...
It’s all smoke and mirrors!
We were told we would have all monies paid on time and a fairly large savings on our initial consultation, boy did that change once we signed up! All payments inc mortgage were late within 6 months with nil savings! This didn’t happen when we were managing our own money. We engaged my budget to tidy up our spending whilst were going for a renovation loan but it all went horribly wrong
Late payments. Lost my details
I have been with My Budget for a month now. Firstly. My payments can be up to 8 days late. Leaving me without food and medication. Secondly. How many staff members do I have to deal with? 6 so far. Thirdly. They have already cost me $30 in late fees by not paying my bills on time. Fourth. I have been asked for the same details three times. And then they told me they didn’t have my details and would cost me a further $40 to set up this dd. More money worries than before I joined.
DON'T FORGET TO ASK ABOUT THE FEES
High fees. Seems like no cool off time. Pressure to sign. After i decided not to go ahead because of fees over $1000 charged. Disgusting really.
Uncaring company, its all about the money
I have found MyBudget to be a waste of money. I was heavily in debt after a marriage break-up. MyBudget missed a rent payment in my first fortnight so their fees could be covered putting me a week behind in rent with no way to catch it up due to the extreme tightness of my financial situation. I was advised to get a border in to share my rent. I told MyBudget upfront I would not have a border in the time frame they requested. I was told ''we would cross that bridge later''. When the later arrived and I requested the non-existent border in...come be removed from my future budget, my liaison officer threatened me with ''maybe you are not suitable for the MyBudget service''. When I requested that my creditors be contacted and re-negotiate payment arrangements that I could afford, I found out there is a $45 fee for each phone call (that is after already paying $165 per creditor to make original arrangements). Basically, I regret everyday signing up. I have a $3,000 to $4,0000 bill for the not very good service MyBudget provides and if I leave now I will get wacked with an invoice. Today MyBudget had a computer issue and was unable to transfer money to customers. As it is a Friday afternoon there are a lot of concerned people. MyBudget has no plan B and has pretty much said we can't help you. You may get your money today or you may not. I have not. It is the end of the day and I am wondering how I am suppose to get home. MyBudget has my entire fortnightly. If you are in a lot of debt a debt agreement would be a lot cheaper and less stressful. Stay away from MyBudget.
Fees kill you
I joined July 17 and cancelled today Sept 17. Didn't take me long to learn real quick how our spending was just too much but mainly how much more wed save on fees if i just do it myself. Nothing bad about service just the fees, we have paid roughly $800 in 2mths on just fees! & there was more to come out but I just cant deal so had to cancel. The good, I learnt how to budget real quick I just youtubed a spreadsheet and now have my own up. We dont have that many bills or debts so dont understand why fees were so high and we were on the cheapest one :/ But yeah not for me, $800 way too much I can save that myself...but i can see how if i was deep in debt Id need it. But Not for us.
Very disappointed in my budget, we have been trying to organise refinancing our home through my budget. It's been 6 months, no one responds to our enquiries we have submitted our application documents 3 times now but nothing gets done. They are quick to take out fees but not quick at assisting when you are really in need of help. Our money worries are supposed to get better not worse.
Has not helped besides,the TV commercial is on every 5 minutes, has driven me crazy! If you want to do something right - do it yourself!
Never again, we did not have a good time
We thought we would try MyBudget to see what it was like. At first it sounded great, the way they will look after the bills and manage our payments etc. Unfortunately it did not work out for us. We were always having to check payment details (they made so many errors) to make sure they didn't put in the wrong account numbers and so on. The staff when we called were always putting the blame back on us and were never really helpful or friendly. I would of thought with almost $4000 in fees (for the first year) they would provide a much better serv...ice. I would not recommend MyBudget, instead go see a financial planner as a one off for a small fee for them to draw up a plan for you. Save your $$$. It is very clear how the CEO/founder of MyBudget became so wealthy. We now are no longer with them and have an extra 150$ a fortnight in our pocket, not there's for the fees. Thank you.
I joined Mybudget last August and though there are some things I like about them yet there are some I don't. I don't understand firstly why they take the high one off fee payment and continue to deduct appx or $40 a week from your acct for their services? What services - apart from prioritizing what to pay when and whom? Shouldn't the one off fee cover these costs? Then you get a message on the day a bill has to be paid that it is 'unaffordable' so that gives you no time to phone and negotiate with your creditors. Then I am hounded by these cre...ditors re payments and have to deal with them myself do different from the ad that says MB will take care of all these type of calls. If you MB know a bill is unaffordable shouldn't you be calling the respective creditor and negotiating or liaising with them? After all the weekly fee of $40 I am sure must be for this purpose. I also don't think they prioritize payments as I have received messages that home loan payment unaffordable, rent unaffordable, credit card unaffordable, land rates unaffordable, insurance esp landlord unaffordable and you wonder what are they paying with your money? I guess themselves first and foremost and then others fall back irrespective of the client threatened with bad credit. I would like them to remove the one off payment fee of over $1k and just charge the weekly fee or vice versa. Please contact me on [email ad removed] if you agree so we can petition this.
Good until it gets tough
It was great while we had two incomes coming in but since I had to leave my job due to ill health and we have been struggling a bit we have found the service not very helpful. It is taking ages for our emails to be answered and for money to be transferred from our savings. We actually have quite a bit in savings but seems that we have to fight to get our own money transferred. They say to call if something is urgent however you end up on hold for anything up to 30 minutes or more so then your phone bill is blown out and as we only have mobiles ...our credit is used up. I have repeatedly emailed that my husband has started a new business and will be paid fortnightly and from what date but still they persist in budgeting on weekly pays so today we didn't get any living expenses because they budgeted on income that I have told them is not coming in. So, no food this weekend unless I use my credit card which sort of flies in the face of the purpose of the service. This, despite that I have put money in savings from a payout to cover this period of uncertainty. There was no email or message to say that our living expenses weren't being transferred but their fees have certainly been budgeted. Now after further emails about the change in our incomes they have for reasons that I cannot fathom doubled our income by adding in an income from me that is equivalent to that of my husband despite that I have told them multiple times I m not working. I am now waiting on a response about this large and very serious response. I have also emailed Brooke so it will be interesting to see if I get a response. I have at this point given 3 stars only because the service worked well until things got tough but over the past month it is definitely down to 1-2 stars. My son also was using MyBudget but he moved with us and was also very sick for a while so had no income for months, first he was suspended but then a couple of weeks ago he was unceromonioulsy dumped despite that they knew he would be soon receiving a regular income as he and my husband have started a new business. MyBudget needs to understand that a fair weather only service is not good enough and it is time to work on doing what I thought it was all about which is helping people when times are tough. I am happy to pay for this service when it means I don't have keep on top of the budget as it leaves me free to focus on work and other things but lately it is creating more stress than anything and we don't feel like our money is our own. I hope that MyBudget can improve their service for when the going is tough. I am thinking seriously about withdrawing but expect I will still have fees to pay to do so.
Questions & Answers
HI! HOW MUCH IS A BOY DOG?
Goodmorning, thankyou for your question which type of dog would you like?
I think you may have the wrong page! However, if there is any way that MyBudget can help, please let us know.
I just joined my Budget
So when I asked the lady if I want to cancel she didn’t mention any fee she just stated I have to give some notice.
So since I have 2 days cooling off period do I still have to pay ?
I imagine if you are still in your cooling off period there would be no fees. That is how cooling off periods are supposed to work.
Thank you so much xx
Hi Anps, If you are wanting to cancel, please call our team on 1300 300 922 and we will be able to step you through the process. Reach out if you have any other questions! Thanks, Peter - MyBudget
How much do you charge for this service
As there are different things that we do here at MyBudget, the fees vary depending on your situation and requirements. We offer a free consultation where we go through your finances with you and work out a budget that’s right for you.
From there we can work out what your fee will be. To make sure we always improve your financial situation, our fees are worked into your budget so you don’t have to worry about paying anything upfront.
Let me know if you have any other questions, or you can call 1300 300 922 to speak with one of our money experts or enquire online: https://www.mybudget.com.au/enquire-online.
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