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.
Never answer the phone
I must admit that they offer a great home loan rate . Just be aware that if you ever need to contact them by phone (never lose or forget your pin number for online banking), you will be treated as a second class citizen as they already have your business. This is the third day I have been unable to contact them. For two of those days I have been kept on hold for 45 minutes plus, before hanging up out of frustration.
Most incompetent buffoons I have ever tried to give my business to.
Tried to get a loan for a 70% owned property - a no brainer. I and they spent hours going through the approval process, and at the last minute the whole deal was rejected because my verified passport (issued by federal government) and verified license (issued by VicRoads) could not verify my identity because one contained my middle name - they had to be identical letter for letter including case. Somehow the photo of me and the issuer being the Australia Government was not enough for the poor ignorant buffoon at the approvals desk just followi...ng orders blindly - the fact that I was transferring the loan from the NAB as a customer of 25 years yo would think would also be a clue.....but no....... what a sad bunch of unmotivated unthinking, customer hating employees.......
Everything you need and nothing you don't type loan / bank - overall good
We have had a U-Bank Home loan for a number of years and I cannot fault Ubank. Ubank provided exactly what we were after - a home loan with a very competitive rate and were very easy to deal with. They don't have any "brick and mortar" branches but I never missed those as I never use those anyway and secondly the customer assistance over the phone is good and typically quick. I cannot relate to the bad reviews on this website at all.
The only thing that Ubank could improve in my opinion is the layout of their internet bank portal which I found...slightly unclear but perhaps that's just a matter of getting used to. We ended up leaving U-bank in the end as we are planning a knock-down rebuild of our home and U-bank don't do construction-loans, if it wasn't for that we probably would still have been with them.
Cheapest but get what you pay for
They were the cheapest but pretty incompetent. Took ages to get my loan. I was a first homeowner so inexperienced, not sure what they’re excuse was. Really inexperienced and did not understand the concept of how long we had until settlement. In the end we persevered as it would have taken too long to start again elsewhere. Would not recommend unless vanilla loan.
Outsourced, poorly trained, unavailable, unclear and inaccurate.
The last thing that is needed in a loan application is the service that UBank and its outsourced loan application provider AdvantageEdge, provides. Bad UBank tech which is full of bugs and unclear doesn't help, but their poor training and inability to handle the situation impacted my loan application.
Terrible experience. I applied for a home loan, provided all documents and received notice that it was approved on 21 May 2019. The online tracker told me to "Celebrate! Your application has been approved! Your Contract Pack has been approved. We'll let you know when it has been sent". I made a few phone calls and sent an email to my home loan specialist after I had heard nothing. Then on 27 May 2019, I get a call from someone else to say the home loan had actually been rejected. Wow, thanks. UBank are unaware of the difference between 'company...title' on a unit and 'strata title'. I was told it had gone all the way to the top, but never mind, UBank are willing to waive the fees. I pointed out rather firmly that the property wasn't on company title - just look at the property title - and asked for the decision to be reconsidered. I didn't mention legal concepts like 'estoppel' - if you make a promise and the other side relies on it, and then you break a promise, you might have to pay. Several calls later and there is no answer, although the online tracker still tells me the application has been approved and I should celebrate. The customer service isn't great, and the legal team need some basic legal education on how to read a property title.
What an incompetent team!
Nothing but technical issues when I tried to do anything with my account. Multiple phone calls didn't resolve anything. They never called me back even when they were supposed to. Empty promises. Decidedly unhelpful.
Excellent service don’t listen to the reviews
I have just signed my loan contract today and have been very pleased so far with their service. Excited to move in thanks to UBank. Communication is great and they walk through everything you need to do. Just make sure you have your paperwork ready.
Good rates. Slow application and settlement.
Slow application process. Took ages for them to make call to me do ID check. Maybe 3 weeks? Online document signing is good, as is portal for uploading the documents. There was a couple of instances of asking for additional information which was frustrating as this delayed application process. Good rates and as a low cost provider I expect that to remain the case.
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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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