Hopeless credit dept
Applied to Westpac as I have been banking with them for 50 years for a small loan $150,000 to cover some renovations on my existing home valued at nearly $3M + I have sizeable steady income, have done for 30 years, no mortgage, no debts and a high credit ranking. Due to their lack of understanding and therefore not understanding my application and them not asking the right questions to satisfy their requirements, they just then rejected my application, they gave reasons that were completely incorrect, showed me they did not understand the appli...cation at all. I own a lot of assets in various properties & am financially secure. I offered for them to speak to my accountants who could explain my situation and what I was trying to achieve but they chose not to do this and just rejected my application. I have been thoroughly disgusted by their attitude to long standing customers with plenty of assets, I even worked forthis bank for 5 years, I really feel let down by them and will not be loyal to them in the future. Lisa,
New loan application - SLOWwwwwwwwww
Westpac Loan's department must be run by sloths. It has been 6 weeks since my application was submitted and I'm still waiting for it to be 100% processed and approved. If I could give 0 stars I would. For those looking to apply, walk away and apply somewhere else that will process your loan within a reasonable amount of time.
I will give minus point for Westpac home loans, the turnaround time is ridiculous slow
I will give minus point for Westpac home loans, the turnaround time is ridiculous slow and they have no response to my complaint, and delayed my settlement so much. it is really bad and the worst bank in the market for home loan. Never ever use Westpac no matter how low the interest rate it offers, not worth it at all
5 months with no real answers
Applied for a small loan (30K) for home renovations, on top of our mortgage, which is substantially below the 80% LVR
Minimal communication about the process, got a rollercoaster of answers over 5 months. Yes, no, maybe, yes, should be fine, yes, no.
The Home Finance manager dropped the loan application/process for about 2 months because they assumed someone else was in contact, only found out again because I followed up.
Looks like this is recurring problem within Westpac
You'll be Waiting Weeks!
The turnaround time for Westpac is ridiculous. We have been waiting 5 weeks for them to process our signed contract and to provide a letter of authority to commence construction. They claim to be inundated with loans but seem to be happy to take on more than they can chew. Apparently it takes 45 for them to even touch a file, which according to our broker, she has never seen any other bank do. Sadly, we found this out too late. The lowest rates don't mean the best customer service!
Refinance nightmare- Stay Away
If I could leave no stars i would. We are already with Westpac are only refinancing to obtain 35% LVR so minimal compared to property value and have been refinancing since Mar 20. That's right we are nearly onto 12months refinancing. Absolutely disgusting.
3 months for a small loan increase / 4 settlement delays for a new investment purchase
Two Home Finance Managers (HFM) over 6 months, first over promised and could never deliver and second was good but clearly there is something very wrong with Westpac. Use to be a great bank but now it takes too long to get a loan.
Service is very poor and systems/processes are seriously behind other banks in the market. There is no ability to escalate issues and you need to constantly chase the HFM. I called the helpline and was told, the best I could get was a new HFM but that would probably delay my settlement further.
Speaking as someone ...that has tick box servicability and borrowing power, I can't imagine how bad it is for someone that isn't on PAYG or getting their first loan. I've had everything with Westpac for the past 18 years but I am moving it all in 2021. N.B. The only other bank that I deal with is CBA (Commsec) for an investment trust. Already have a Online Investing account with Westpac but wanted to set something up for my family. But Westpac is too much hassle with ancient forms etc. And the experience with CBA was so easy in comparison (5 minutes tops!!).
Bad home loan specialist and credit officer
Poor home loan specialist and very un-informative. I need to email him every time I need to get an update for my application. Lack of customer service and terrible performance.
Home Loan specialist has confirmed I should be able to apply the amount I need it and told me to close my credit card which I ended up close one of my credit card.
In return after couple of weeks without any progress update, i sent an email and he said i am not able to get the amount i need it.
So disappointing and dishonest. Now it affected my credit score because of incompetent home loan specialist.
I would not recommend Westpac.
Refinance nightmare - regret decision to go with Westpac
We wanted to top up our loan to buy a new property. Broker spoke with bank regarding our financial position, who said borrowing 85% with LMI should be no issue. Application lodged on that basis and 6 weeks later we were told that bank will only approve loan at 80%. I would have stayed with my current bank had I known that - they offered a loan at 80%!! Delays in bank responding to broker were also totally unreasonable - 9 day delay each time they requested something. 9 days!! And our broker is deemed platinum. Oh - assessor called broker...to ask what AfterPay was!! Seriously - it’s like pulling teeth! Loans docs finally signed and then nothing again - something wasn’t completed internally so the bank just keeps pushing out settlement because it’s easier than fixing the mistake. Broker not notified. Broker escalated matter 3 times - each time nothing! Finally broker emailed BDM and still nothing. The bank is literally going nothing. Our current bank is ready to discharge mortgage and settle. We have missed out on buying a property because we need the money for a deposit. It’s frustrating and totally unacceptable. Taking your loan processing offshore might have saved you some money. But it’s made the loan experience unbelievably slow and frustrating for Australian customers. Wish to god we had not gone with Westpac.
Carlingford Tony is the best!
Did our finance with tony, very experienced and helpful . Approved in 2 minutes with no drama! Highly recommended!
Book with tony, your finance 80% all fixed! Start with right person, end up with brilliant result!
Thank you Tony !
Won't give a damn about customers
Won't care about your conditional due dates even after getting 5+ extensions still treat you like you just applied.
If you speak to a Westpac Homeloan specialist they have very limited knowledge about home loans and customisation according to your needs, they might not offer you any better options while a good Mortgage brokers knows alot better than them and convince them to get your a better option which Westpac might have said impossible, for example in my case they said I can only barrow 300k with out any issues a mortgage broker can get me...a 500k loan with. westpac itself. No updates nothing, when you followup they come back with a stupid query that you would have answered during the application time in seconds. Horrible customer service.
I just renewed my mortgage interest rate .. they offered me 2.29% for three years ... so I just ignore other banks offer and Stayed with westpack but after paperwork record shows that they renewed for only two years for 2.29%and I asked why.. I was told that they got mixed up and apologies then they are ready to change to for three years but I need to pay $ 711 for break up fees and also they can give only 2.59%for three year, reason because old offer not available at this stage... and gave some confusing calculations.. I lost all trust... feel like cheated
What a change from my previous useless bank (ME)
I have been a Westpac customer since the bank of Melbourne merger (a very long time ago) but have not previously had a mortgage or any facility beyond savings account. I recently moved our property loans over to Westpac with the help of Westpac premium staff and it has been an absolute pleasure from start to finish. The professionalism, product knowledge and attention to detail in helping ensure dual settlements is first class. The only hiccup we had was the typically negligent performance of ME Bank whose outsourced settlements team almost b...ungled the entire process with their enduring incompetence. I can’t fully express the relief of having our property loans with Westpac after years of third rate service from ME. Even the Westpac rates are better now too.
Outstanding Customer Service
It was an excellent experiences with Westpac Bank, Lakemba branch. Ms Christine Solomon (Home & Investment Finance Manager) has provided us extra ordinary customer services. She guided us from the initial stage to the end. She was always upfront and proactive to settle our home loans. She has responded promptly and available when needed. Westpac should proud having such a professional personnel and valuable asset on their side.
Extremely bad service and home loana
Worst bank to deal with - phoned them at least 5 times to get a better rate from 5.41% to 2.7%. Keep either hanging up or line goes dead. HOW DO YOU RAN A BUSINESS WESTPAC.....
Do not join this bank absolutely HOPELESS.
Questions & Answers
How long does it take for a home loan preapproval?
We obtained Pre-approval fairly quickly, however it is the Final Approval that should take no more than 2 weeks and we were still waiting at 5 weeks when the Coronavirus caused their Offshore Processing Centre in India to be locked down for at least 3 weeks. We are now at 8 weeks and still are waiting for the Documents /Final Approval.
Not a good time to start building a house with Westpac :(
Aww no sorry to hear that :( fingers crossed you hear soon!
We have been told by our broker that we will not get an answer for 21 days!
Feels a bit long to me :(
Thankyou for your reply
@ not happy jan, I had pre approval for my build in jan. extended the pre approval in April. Got my loan formally approved mid/end of June!!!! WTH?!
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