very painful application process
I applied for a UBANK homeloan recently and it took them 20 days to assess and deny it, and they denied it one day prior to the finance deadline. I understand they are busy, but they left my case untouched for 10 days (documents and ID verification were completed beforehand) before starting to look at my purchase contract. I emailed them more than 100 times, most of them received no or very late response. They do not answer phone calls or voice message. In the end, just few days before the finance deadline, they asked me to provide various d...ocuments, some repeatedly as they apparently forgot what I had already supplied, some strange, but only to tell me my application was unsuccessful, which left me in a desperate situation. Luckily the sellers granted me a 7-day extension, and I successfully received loan approval from another lender within 3 days. UBANK nearly destroyed my contract, please avoid them if you are purchasing new properties. The only positive thing about UBANK is their rate and fees, so if you are refinancing, don't mind waiting and waiting and you have lots of time gathering documents to meet their requirements, you may go with them. Also to be fair, their loan specialist sounds friendly during talks on the phone, but that is useless if they are irresponsible and inconsiderate to their customers.
Zero Stars - Appalling service
The initial consult was ok. Then it went down hill from there. We had all the documentation together pretty quickly but then couldn't upload it to the tracker on their website. Then we couldn't get hold of our specialist assigned to us. After sending multiple emails to him, calling his number that was on his email signature (which didn't work) we then had to call the direct line twice to find out where our specialist was. He hadn't even assigned his name to our case. Once we got in contact with him again we kept being told our ID is missing or ...something is wrong with our ID even after we followed his orders. Eventually I called and asked for a different specialist as we were getting no where. They lost my husbands ID and made us do the process all over again. 4 trips to Aus post later and 3 months into the home loan process we still got no further, and our ID never even finished getting verified. I called our second specialist and left emails, again no response. I called back the main line asking for our home loan application to be cancelled and asked for the manager to call me as I had already put in a complaint and wished to take things further. I was promised twice that a manager would call. I am still waiting for that phone call or even an email. Our process started on 23rd April 2021 and to this day have not heard from anyone. We went elsewhere and had our homeloan fixed with no issues in less than an hour on the phone!
The website fails after completing the application form and hit submit. You have to restart the application process again, and then to be presented with an website error when I hit submit button. The cycle repeats. Finally, I gave up. No one is available to talk on phone. No one will call you. They don't even capture a lead and follow up. Don't bother!
Low rates and that’s about it.
You get low rates and that’s where it ends. The system used by their mortgage provider Advantedge is ancient. It takes 5 business days for the loan balance and redraw to be updated so if you make additional repayments you don’t know if the money has transferred for a few days and more importantly you don’t know if they are charging interest on the higher loan balance when they shouldn’t be. When you ring they just say, it’s not our system, it take a while to update. That is simply not good enough when you are dealing with other people’s hard ea...rned money. The lack of transparency with customers is a massive issue and I am surprised that inspite of the Royal Commission taking place banks are still allowed to operate in this way. We won’t be staying with ubank loans much longer as it’s been a completely underwhelming experience.
I wish there was a Zero star option
Rates looked attractive, so applied for refinance. Took them 1 MONTH for a phone appointment and they didn't call on the day. Got a call a few days later for a reschedule, they even didn't bother saying why they didn't call and no apologies. Apparantly staff are very demotivated and often incompetent. I made the mistake of progressing my application for a few weeks, but decided to stop. They are nonresponsive and act like robots. I think NAB has set Ubank up to show everyone what a low rate loan experience will look like. Welldone NAB, mission accomplished. And finally a message to the Ubank bot who is going to ask for my details to get in touch... don't bother.
Zero stars - Horrendous service and incompetent staff
Home loan specialist was unbelievably incompetent and absent during what is obviously an urgent and stressful process for the customer. Hotline consultants were useless in providing further assistance and addressing formal complaints. Management was equally indifferent and non-responsive in dealing with the issue, so no wonder their staff are the absolute worst. Just proves the business has no accountability and does not value customers at all. Do not use this bank, unless you want to end up punching a wall. Never mind the low interest rate promise, everything else about them is a joke. Beyond pathetic.
Ridiculous servicing and affordability assessment
Thought I might refinance a current investment loan. Had to wait weeks for an assessment call. That call and subsequent follow up were appalling. No real understanding of anything other than a straight forward situation, just fill in a spreadsheet and say NO. No capacity to explain the spreadsheet. Deducted 100% of household costs from my own income,....why when I have a highly remunerated partner who bears their share of costs ?? Complete waste of time. I know I can afford the loan many times over, I am not fooling myself as I am an accountant.. The review by a more senior person was just as woeful. I actually asked them whether they made any loans, but I guess they must. I would suggest you avoid UBank for a loan .
Can't get any worse... oh yes it can
I lost my job so trying to reduce rates. Trying to update a phone number to an existing loan, filled in the form, waiting the 7 days required but no... wait.... there's more. The form wasn't the right one. No one can help. UBank is the worst of the worst of the worst.
Bad Response Times
Wanted to know my borrowing capacity and the earliest time I could book a call was a week later. On the day of the booking I waited for a call but nothing came through. I checked my emails only to find that they needed to reschedule my meeting another 2 weeks because they were all booked out. Don't wait.
I'd give them ZERO, If zero stars was allowed
APPLY AT YOUR OWN RISK!!! I never fill in these reviews, but after my experience, I felt it was important to share, so I signed up to ProductReview just to let everyone know they need to think twice about Ubank Home Loan. They work to their own timeline, and have zero interest in meeting your timelines. So don't risk it. Had I not taken my business to CBA whilst waiting for ubank to commence valuation on the property, I would have lost the place I was purchasing. I was told valuation would happen as soon as I uploaded the contract of sale - a c...omplete lie on their part. It's been several days and it's still in "waiting" status. Spare yourself the stress, and don't lose your dream property because of UBank. I walked into CBA branch and told them I needed approval immediately because I needed to exchange contracts - they got me approved in less than a day. It's been over a month since applying with Ubank, and I have no idea what they are still waiting for, because they never update you. There's no regular update from the "lending specialist" on how your application is tracking. It's impossible to contact them. You can't call the lending specialist directly because it's an outbound call centre/customer support person. They don't take inbound calls. You have to email them, and it's rare to get a response. Why does this bank waste people's time and have such disregard for the fact that people are dependent on them with tight timelines? Why don't they just reject you upfront, so that you can secure a loan elsewhere. Instead they leave you in limbo and keep dangling approval in front of you.
A bit hard to contact but good rates
Could be hard to contact Ubank but got it sorted in the end. The interest rates are good. The website is easy to follow and the application process reasonably easy.
The reviewer stated that an incentive was offered for this review
So far so good
Approving the loan & paperwork takes a bit longer and a bit tedious process. However good customer service & friendly from UBank. Their mortgage manage by different organisation which makes transfer of money & any changes to homeloan takes longer but they do provide the cheapest interest rates so that I cannot complain. So overall I would say it’s so far been good & hopefully be the same in future. There I would recommend this product to everyone!
Great product and great bank
I have been with Ubank for several years. I am happy with their competitive home loan rates, with the quality of their support and with the website. I have not had any issues with them.
The support team is easy to get in touch with by making a call or by using a chat option on their website.
I have recommended Ubank home loan to my friends, and I plan to stay with them until the end of my mortgage.
Waste of time
Terrible process and poor customer service - very frustrating and a waste of time in the end. Worth choosing any other lender that knows how to process a home loan and replies to your phone calls and emails.
Think twice. Interest rate is good but you'll spend your time monitoring your accounts and chasing your money.
Customer service is reasonable. Feel sorry for the customer service people who have to deal with the ridiculousness of their products
Interest rate is good.
However, I expected that I would just be signing up with a bank that operated like any other bank. No. Their savings and loan accounts are on different platforms so you can't see everything from the app or even on the net via your phone. I need to log on my computer to get a fair look at all the transactions on my accounts, and even then I can't see everything I want. I thought it woul...
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 cant recall as mine was done 3 years ago, but thst doenst sound right. How can they not know what the solicitor fees will be? I’ve had issues with ubanks inconsistency in what they say and i’ve moved my business because i got fed up with it.
Was the solicitors fees situation clarified?
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)
I saw they are offering a discount on their regular rate taking rate to as low as 3.99%. May be you have got the loan settled before the discount offer was in effect. Normally new offers don't apply to previously settled loans. Or may you can call them and negotiate?
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