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.
Misleading loan application, don't waste your time
I was attracted by the low interest rate to refinance and top up my loan. I went through the loan application online which is quite comprehensive and took me close to an hour to finish. At the end I get the graph showing that I can easily afford the loan with over $1200 a month surplus, which is what I expected anyway. After talking to the loan officer he said they qualify people on 7.5%, not 3.59% and as a result I can't afford the loan. The funny thing is that I already have an approval from CBA at 4.08%.
So if you are on the edge, don't even bother going through the length application process and waste your time. Also note that they don't have an offset account or credit cards.
Ubank is fantastic!
I recently refinanced with UBank after ANZ increased their interest rate. The process was easy, staff were friendly, helpful and easy to understand. No long waiting on the phone and emails were responded to within 24 hours. Even MSA - their settlement agents were fantastic and kept me up to date every step of the way. I was hesitant at first to go with Ubank as I read some bad reviews but very happy I decided to give them a chance. If you are prepared when applying and upload everything straight away you will be fine! The Ubank app/website is also very easy to use!
Hopeless customer service and confusing application process
Our UBank experience started with a sinking feeling, after their consultant attempted to call us on the wrong number and then we were required to wait another week before they were able to contact us again (what business responds to their own error by putting the customer back to the end of the queue?).
We sought an investment loan from UBank, and on the second call, and after outlining our circumstances, we were advised that we met all of the criteria. The loan ‘specialist’ then entered into a long series of vague questions regarding how muc...h the rates and utilities costs of the investment property would be, something that UBank didn’t ask us to be across prior to the call, and without which we couldn’t proceed further. Further, the staff member explained that UBank needed to know the final value of a property before they could process the loan application: so in short we needed to have made and had accepted an offer on a property before UBank would process the loan application. This is an idiotic requirement as, clearly, we couldn’t even make an offer on a property without having finance in place. It was an absurd catch-22 situation which the consultant felt was totally sensible. At that point we politely ended the call. Do yourself a favour and look elsewhere for your investment loan or mortgage. UBank is incredibly disorganised and inefficient, and their processes are counterintuitive and utterly impractical. March 26th 2019 Update: Terrible customer service undermines their competitiveness. Easily the poorest customer service from the four lenders we’ve dealt with over the years.
Long long, inefficient loan process
After nearly two months of going to JPs and post office for approval, we gave up after they approved our loan application. Over and over again, they wanted more and more documents. We sent everything only to be told that we needed to make another trip to a JP after just going to one for the loan. It is an extremely time consuming and lengthy process. The last request for more documents just prior to settlement was the last straw. Very inefficient and delayed customer service; it was like being a mouse going through a maze to find that golden block of cheese that ends up being outdated and mouldy.
Inept and incompetent
I could not access my account wither through their website or through their phone app so I contacted them in late october. After going through a few different probable solutions (none of which actually worked) they said they will get their IT staff to look into it. I waited for a week but got no response so called them again, again went through all the questions and tests and again got assurance that their IT staff will look into it. This cycle of not being able to resolve the issue then giving an assurance only to forget about it continued rig...ht till February - That is more than 4 months BTW!!!!! For four months the bank could not solve an issue which limited their customer's ability to access his own account. Finally sensing that they will not be able to resolve this, I asked them to close my account. Astounding level of incompetence!!
Recently made the switch as we were getting ripped off by St George bank.
Whole process was faultless and they were fantastic to deal with. As long as you can use a PC you should have no problems uploading docs etc. 3.59% variable with no fees is near impossible to beat I imagine.
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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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