QT Mutual Bank

Absolute joke of a bank – 25 year member of QTMB, don’t know why I have any loyalty as they treat you like a second class citizen, three weeks to get a response on a loan application (not a approval, just an email to say it has been received) did the same application through commonwealth bank in 15 mins. Refinancing all three of my home loans and shutting my RACQ account, I hope they all end up on the dole but they would probably stuff that up as well.

3 months to refinance and still nothing – I contacted my local QT mobile lender and began the process of refinancing my loan. 12 weeks later, 3 different people looking after my loan and 2 emails stating full unconditional approval I am now told that I was never approved and that I cannot service a loan refinance that is $100 a fortnight cheaper than my current lender and that I can only get a home loan if I take out a personal loan with QT to refinance my carloan.

Unprofessional and misleading – After 2 months of stringing us along to refinance and get a construction loan we were told they were sorry but made a mistake and didn't realise our property classification was 'rural' - this is one of the first checks any lending organisation to make, very, very poor.

Different to the other banks... in a bad way! – QTMB promised to be different to the other banks and I was surprised to how different they were! 1. They miscalculated interest on both of my home loans. They were charging interest almost 1% higher than their advertised rate. 2. They didn't give provide their advertised introductory rate to new loans unless you ask them repetitively and identify that they are overcharging customers.

3. Pre-approval for loans means nothing! I got pre-approval for 3 loans. So after establishing 2 loans to refinance and buying a block of land I assumed the pre-approved construction loan would be a given. Nope! New and exciting conditions rendered construction finance impossible.

4. They cannot be trusted. At least with other banks I could trust their calculations, advertisements and pre-approvals.

I did find that their customer service was reasonable but I've had to mark them down due to the trustworthiness issue I have with them as a whole. Communicated was very good. They communicated lies and miscalculated interest.