Completely waste of time. We tried to refinance with them and it took them more than a month to conclude that we are not eligible. They could have told us to start with.
In terms of documents, it went back and forth for 5 rounds for them to say exactly what they need. The guidance on their website is more like a decoration.
Living expense is calculated without clarity. Case manager is very unresponsive and unprofessional and refuses to take calls.
The low rate comes with all pain!
Worst customer service- don't bother
Don't bother with these guys they clearly aren't interested. We filled in the online home loan form and scheduled a call to discuss the application. They didn't call at the appointed time and we had to use the online chat to communicate. The customer service was extremely poor on the chat, even initially indicating that we were mistaken in believing we had a call arranged for that time. Eventually after an hour on chat we were offered a call the next day with a notional apology.
The next day: no call at the appointed time. Not too sure what they are playing at but don't waste your time on an unprofessional company who would do well to do a basic course on customer service and frankly general common etiquette.
I recently got a new investment loan and UBank did a great job meeting my timeframes including the subject to finance date. The case manager was always available and guided me through the process. As long as you’re quick at getting your documentation ready, the UBank team are quick at getting the loan approved and contract generated.
Good overall experience refinancing
Like Dmitri’s review below, I’m surprised there are so many bad reviews on here....
We refinanced a loan from Bank of QLD (who I had worked for and banked with for over 10yrs, never missed a payment) as UBank provided is a rate a full 1% lower than BOQ ‘staff rate’ and a better LVR against our unit, 20% lower with BOQ, no fees.
The online app process Once lodged was quite slow and back and fro a lot with loan originator, so I can understand that if you were purchasing a property and had strict time lines, these guys could come unstuck.
As...we were not in a rush Refinancing , it all went smoothly at settlement and the ongoing maintenance has been pain free. It helps knowing the banking processes however overall for an online only bank. Overall, I’m happy to use again when I refinance the rest of my loans this year.
Don't bother wasting your time
Don't bother wasting your time with them atm. Got through stage 1, then stage 2, then stage 3, then off to creditors who only offered us half of what loan specialist said we could borrow.
Loan specialist made many errors and was slow at responding and poor communication.
Loan specialist claimed they don't do pre approval however there step by step process as indicated on the website states customers are given 'approval in principle' which occurs after 30-45 min phone assessment with loan specialist.
Go through a mortgage broker who is help...ing is now and said we will have no issues as they find the right lenders to meet our needs. Also, loan specialist never phoned me at time I booked phone appt for. I had to phone ubank to find out where specialist was. they had to make new appt as they clearly stuffed the first on up.
Loan Process A Total Farce
Antiquated ID verification. The loan assessment part is not just extremely lengthy and uncertain, it’s more like psychological torture. I think they have a small money pool, hence the strict criteria. Stay away from UBank if you want keep your sanity or after loan approval.
Terrible Customer Service - Borderline Threatening
I just had the worst customer service experience with UBank. Whilst going through the application over the phone, the home loan 'specialist' was very rude and tried to intimidate me into not submitting my application. I tried to explain my situation, but she cut me off and made snark comments. I'll take this as a sign to avoid such a dodgy and incapable loan provider.
Very happy with Ubank
I currently have 3 loans with Ubank - 1 for my residence, and 2 for investment properties.
I don't quite understand why there are so many bad reviews. I personally did not have any problem with them.
When I was buying the second investment property it was required to use equity from the other property, and also the time frame was tight - 45 days till settlement, and it went smoothly.
- Competitive rates
- No fees
- Redraw facility
- Friendly and competent staff
- Website is quite basic, works OK however...
- 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
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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