- Verified customer
Waste of time for a home loan
Applying for an investment loan. Applied on Feb 5th and its now Feb 26th- Still have not had a response on if they'll even give me the loan or not. Apparently it is in 'queue' and will take 5-7 business days. Even though I told them I need to know by March 2nd. Looks like I'll be taking my business elsewhere.
Additional information- I asked if the house valuation was done or scheduled as I hadn't heard anything back. Was informed that yes it was done and I'll get an email that afternoon to confirm.... 2 days later I sent another email asking for an update as I did not get the email they said they would send.
Competitive interest rate and no fees
I’ve had a UHomeLoan for about a year now and am stoked that in that time UBank have passed on the full RBA interest cuts to customers (albeit with some delay). There’s also no fees. These factors make my home loan pretty stress free so I’m very happy with UBank and would highly recommend to others.
There was some delay getting the home loan approval in the first place, which caused some stress early on. After approval, I haven’t needed to contact UBank for any reason so haven’t really put their customer service to the test, but I’m happy not to have to.
The app is shockingly bad though for an online bank. It useable, but only just. To do anything other than see your current balance you need to leave the app and log in to the webpage.
5 times contacted over a period of 1 month. No call back. Useless
No call back from anyone from Ubank after one initial call for home loan.
Never sent any correspondence. Never answered questions and terrible customer service.
I called 2 times and spoke to [Name Removed] from Ubank and he was very apologetic and good to talk to and assured Lisa will call back. No call backs after a month.
I am not going to contact you guys anymore.
You aren't professional.
Could not find an more incompetent bank.
We have been waiting to top up our mortgage for two months now and still do not have the money.
This has been the most agonising and frustrating process and full of incompetence, bad systems, bad service, appalling communication and a complete lack of any sense that their customer is important to them.
Coupled with the incompetence of MSA National, Ubanks 'settlement partner' we have finally given up having zero faith in this bank or their product.
What you save in low interest rates, you pay for in time and effort.
Waste of time
I spent plenty of time filling out all my details online only to be told after 15 min of the follow-up call that they don't lend for off-the-plan properties. Since this is pretty rare for a lender, surely it should've been the first thing they asked during the application process?
If you are an online banking you should have good online!
Interest rate is terrific. If you just want a loan that you can set & forget, this is perfect BUT if you want a transaction account - STAY AWAY! As an online bank I expected very limited client support but I also expected a solid online platform. Didn't happen. Zero support and a VERY inadequate system through either the site OR the app. Nothing but issues. Very disappointed. When our loan term expires we will go elsewhere.
Investment Loan turn around time.
Steer clear if you are seeking a fast turn around time for Investment Loan.
I was originally advised it will take 7-10 days then when I phoned the Loans Department confirming appointment time to provide them with detailed information, I was informed application period was 6 weeks?
Very poor customer service
Unable to provide the service that they offer. I was told I would have an answer of approval yesterday this is so I could sign off on documents. I was not provided with an answer. I was then told to ask for an extension and over 24 hrs later they have still have not got back to me. I just have to sit here with no direct line contact number, staff away, no response to emails and twiddle my thumbs and loose my deposit and house. If you want to call the direct line be prepared to wait for 30 min on hold and that's just not practical in my li...ne of work. I have heard CBA get the job done. With such an important thing this is outrageous behaviour. You need to at least be able to reach a person you need to contact. I also had pre-approval subject to finding a property and I'm still being stuffed around. Basic things are queried by their admin also. I practically have a 50% deposit.
good but Internet banking poor
Positives: Very competitive Home loan rate, application process straightforward
Negatives: internet banking access to HL very painful. I can view HL balance via app but anything else it will open up a web browser which requires another login to manage or view details about your loan. Most smaller banks / credit unions have this ability! Ubank is a digital bank but is lacking the digital part! Fix the app and I will give UBank 5 stars
Simply impossible to contact when you need them.
Buying a new house and meant to settle this week. Sent all documents, replied to all communication sent to us (wife and myself). Been awaiting discharge of loan from MSA for about a week. Sent multiple email and phone messages to Ubank and now MSA. Our conveyancer has also had severe trouble getting any contact from them. Finally waited on general UBank line for 40mins to be told there is a problem and we did not reply to email communication from 8 days ago. The problem is no email was sent to either myself or my wife. Since this still...unknown email was never sent and nobody from their side was ever going to reply (on waiting on the phone right now), answer their phones or emails our conveyancer told us advised us that our settlement is unlikely to be finalised as required by Friday. Essentially we will be without a home to move into (of course we will have to go to a hotel and have our house contents moved to storage) until this is settled - if it is ever settled. We may have to start again with a proper bank.
Terrible service and waste of time
Very bad customer service, dont know what they are doing. Was refinancing with them and told the valuation of my home is good and waiting for my credit check. Waited a month no updates and told they are still working on it. Later they told the valuation is wrong and cant do refinancing. Totally disappointing service and wasted two month. Wouldnt recommend this bank to anyone with my experience.
Poor customer service, especially for First Home Buyers
Ubank home loan specialist made several mistakes with my loan details and communicated by email with many typos and mistakes.
After loan was approved, they directed me to MSA national, who was relatively good and responsive.
However, on Ubank's side, my case was being handled by [Name Removed], who was rude, unresponsive and unclean about many things.
Ubank also does not help First Home buyers with lodging for this grant or even explaining anything about it, which according to my solicitor, is pretty rare and poor customer service
Hopeless Product from NAB! Dont waste your time!
Just Hopeless NAB, dont advertise a product you cannot service or offer! A month and half waiting for formal approval, then after making an offer on a property, im still waiting till today for an answer, thats after cooling period has ended, managed to get this in 5 days through other banks. BTW just ask the other banks to match their interest rates or come close, which they did.
Awful service, slow and incompetent
Applied for a home loan. Our "loan specialist" told us from the outset that it will take longer than usual due to increased demand. Was then knocked back as we had too many transactions over $1000. Apparently this flags the system. We were told to review the problem transactions, which turned out to be internal transactions to our savings account!! Further transactions that sparked concern were to a trust account, our rent! Yes we have to live somewhere while we are waiting to buy a home. Our home loan "specialist" was not able to tell the difference between internal transfer, rent and general expenses.
Have 3 years of excellent savings history and a 30% deposit but couldn't secure finance with Ubank. Ridiculous. Would not recommend.
Very Poor electronic process for mortgage.
I was looking at re-financing to save a few bucks, 8 weeks later, I am still in the process, there seems to be a major issue with the administration of documents and application's. I have electronically signed all of my documents and received confirmation that all is in order and nothing more required. This has happened at least 4 times despite them sending conformation that they have received all documents, a week later I get an email requesting that I electronically sign the application again . . I was about to walk away on the last time..., but they assured me that they have everything now and will book settlement. Today another email saying they have not received the documentation and can I sign again and send back ( 5th time). No I wont do it again , cancel my application, If you treat your customers like this now, I would hate to see how you treat them when they finally do get a loan. UBank sucks.
Make sure you negotiate a long cooling off period !!!
Their product is great, but their loan processes are not. Having provided them with all documents, on day 6 of my 5 day cooling off period there are still questions about my finances that are apparently in the way of me receiving formal approval. I'm not sure what the pre-approval stage is all about? I've been pre-approved for 5 weeks but now there are questions holding up the loan? I would not recommend them for a home loan. They only told me on the last day of my cooling off period that it wouldn't be ready - and told me not to worry - I could just extend it. Which of course only works if the vendor agrees to it!!!!!!!!!! So I had to pay the deposit anyway.
Waiting, waiting, waiting.
The loan process is very dis-organised. The documents you are asked to upload are not a complete list of what is required. I am applying to refinance (40%) value of property (a no-brainer!). I am being questioned about a $1000 credit card that was closed over 12 months ago and being treated like I am a liar! Probably not worth the hassle to refinance to save a few dollars a month.
Go for a different Bank if you need your loan approved within a month
Things just go back and forth. Instructions are vague.
Always asking for additional paperwork.
ID check took one week at least.
Then After submitting all the documents they asked, they advise the loan has been sent for assessment and we should get a decision within a week.
Another week later they ask for additional documents and then they will conduct a full credit assessment.
Still waiting for a reply after 4 weeks.
Cannot apply for loan due to no second mobile phone number or email address
We just tried to re-mortgage two loans and borrow to purchase a third. Our application was blocked due to my husband not having a mobile phone number or separate email address. Speaking only to an agent whom advised that you must have these in order to progress. When did customers have to bend over backwards? Not everyone like technology. Taking our business elsewhere.
- Verified customer
Very dissatisfied, never returning
I started off with two mortgages with UBANK - both three-year fixed terms - and both times at the end of the term I realised they had nothing to offer to retain my business.
On the first instance, UBANK sent me an ‘it’s sad to see you go’ letter with no opportunity to provide feedback. When the second three-year tenure expired, I applied for a top-up through the online application process, uploading all requested documents in a very timely manner. I got an email shortly after saying the application was rejected with no explanation. I, therefo...re, had to probe the gentleman for details and via a few single answer emails, he barely gave me a credible reason. I realised how dissatisfied with his work this particular staff member was from the effort he was putting in scrutinising my application. The response scared us because both my wife and I have a very high credit rating with no defaults on any credit ever. I knew it was time to cut all ties with UBANK and applied with another financier. I received an automated message from the CEO of the Bank on 16 June, and I provided my feedback. The auto system sent me a response saying that my concerns have been elevated for a response but I haven't received this, two months on. The new mortgagee spent an arduous amount of time understanding our needs, consolidating various debts into an affordable package with a rate comparable to UBANK and making sure there was enough room for us to stay ahead with repayments and pay off our mortgage earlier. The two staff members who were working with us were super professional and always prompt with their phone calls, emails and postal mails.
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Questions & Answers
I got a contract from them saying that I had to pay their solicitors fees for attending settlement. Same if I leave them. They did not give a value for this fee. Did anyone else have this clause in their contract? If so how much did it cost? It seems they lie in their advertisement because they said no settlement or discharge fees but here we are. I don't want to sign a document that has an undisclosed fee associated with it. Does anyone have experience with this?
I'm wondering if anyone, who has had a bad experience with Ubank, has taken their complaint to the Banking Ombudsman?
I was considering refinancing with Ubank but then read all the negative reviews on this page. I'm doing my research as to who to refinance with and the above reviews are mostly negative - so it leaves me feeling less than confident that moving to Ubank would be a good idea.
In our case, we were already moving to another institution anyway because we wanted to be able to visit a branch. We had no problems before we tried to leave and didn't see much value in pursuing the matter further, it only would have cause us further unnecessary stress. If we were currently looking to refinance to a similar product, we'd definitely be looking for a bank or similar with at least a handful of branches.
That was going to be my next step if U Bank did not sort out the problems in time, I found out the the mix up was mainly to do with Advantage who are the lenders; as it has all been sorted I have no need to report to the Banking Ombudsman, but there is clearly an issue with "time" and documents not turning up, I think if anyone has had issues that were not resolved they should report it.
good question curious customer - we are encountering extraordinary obfuscation in an otherwise simple re-finance (with about 80% equity) - CBA have come close to matching their best price & I'm not proud to say it but I'm keeping the process bubbling along for a bit of sport to see how **cked they are !!
Why my variable Uhomeloan rate increased to 4.51% when current variable rate is only 3.99% ? (16/09/15)
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