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!!).
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.
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.
- Verified customer
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.
High rate after fixed term and does not discharge my case for refinancing
I am refinancing my home loan from Westpac to NAB.
In the beginning, we booked 7th April for settlement but got put off to 5th May by Westpac, while NAB is ready to go.
My fix rate home loan ended on 10th April so I have no choice but to have a variable rate home loan with Westpac while I am waiting for the discharge. The rate I got after a phone call to Westpac is 4.28% as investment home loan. I explained it is an owner-occupied house and it took 3 weeks to make the change so I paid extra money for no reason for three weeks. Today I got 3....73% interest rate with Westpac while NAB is offering 2.84%. 3.73% offered by Westpac is a joke. I am losing money every day. I also believe further delay from Westpac could make me losing the $4000 rebate from NAB. I called Westpac discharge team on 22nd April and Westpac claimed my case was finalised already. They said NAB can re-set the settlement date ASAP, and Westpac will accept the new date. Therefore NAB booked 28th April. On 28th April I was informed Westpac has put off the date again to 12th May.
- Verified customer
No dramas, good customer service
I got my investment loan with Westpac last October and I did not face any issues. Everything was smooth and the customer service was great. the only downside is I don't find their website to be user friendly and it lacks many features that CBA site has.
We have had mortgage with them for more than 10 yrs. When the Covid19 started , their website offered 3 months mortgage defer option for those who's affected. We were instructed to fill in online form and not contact them as they will contact us. We 've received an email later said that they have received our form and will contact us again. Four weeks later they sent us letter and reminded that us overdue payment. So we rang them and they talked like they have never received our online defer application. Anyway, we decided to cancel our 3 mont...hs defer and try our best to keep up with our loan for now. However, when everything is back to normal, we will refinance our mortgage with a different bank who are more helpful when we are in difficult situation like this again.
Offshore Processing a nightmare
Applicants beware. Due to Offshore Processing in India, there are major delays with getting your New Home Building Loan Final Approval.
Even before the COVID-19 disaster we had been waiting more than 5 weeks for the bank to give our final approval. Now with India shutdown , only limited applications are being processed in Australia and with new home builds receiving a lower priority than a straight out home purchase. We are now at 6 weeks with an unknown estimated time for Final Approval. Keep this is mind if your Builders Contract has any cla...
- Verified customer
Home loan approved in 4 days!
Extremely surprised but yes this is true that I got the loan approved in four business days. Although the valuation was done beforehand, but still considering it was right after Christmas period and everyone still on holidays, Westpac team did a great job. Credit also goes to my broker and his assistant.
Westpac saved the day
Banked with nab for 15yrs, even had 2 personal loans over 15k each paid out early. After going for a home loan with them and them saying we meet conditions, they wasted 4 weeks to tell us we were not approved. Thankfully my partner didn't want to give up on our dream home like myself and we went to westpac and explained the wasted time with nab, westpac were honest and upfront. And after two weeks westpac approved our home loan. They kept us informed during the process, and went above and beyond to help us. We are extremely grateful and will be...moving all our accounts to them. I recommend you talk to westpac if you're considering a home loan, they are upfront enough to tell you if they believe you can or can't get it. And seem genuinely interested in helping you achieve it.
1hour 4mins wasted on the phone
I needed to increase my online Pay Anyone limit urgently to pay some bills and move some money around.
Online banking wouldn't allow me to raise the limit far enough so I had to call. 37mins on hold waiting to get thru was unacceptable. I got thru and the consultant tried to tell me she had systems down and she was placing me back in the que. I refused and asked for a supervisor. The supervisor tried telling me the same thing - Unacceptable. I complained, he took notes, and not expecting me to take note of a receipt number, he then placed me on...
Usually The most important transaction in life. Insist on Individual service.
After what I thought was an unredeemable experience with refinancing my small mortgage with westpac (doing simple internal refinance) I was very pleasantly surprised by Bernice who is the customer solutions manager. Bernice made all the wrongs done previously, right again. It is very important when dealing with such a large transaction as a house mortgage to know that the person you are entrusting will simply follow through with what is said. I found Bernice to be considerate, thoughtful and factual.
I have to say that at the end of the ...day the outcome for my mortgage being changed into my name was very pleasing. I am now enjoying a better interest rate with no changeover fees and all the benefits of the previous loan. My advice is if your applying for a loan and not actually presenting at a branch to be looked after by one individual banking member, insist on only one bank staff member taking you from the beginning to the end. Do not allow yourself to be passed around the call centre as it is less than satisfactory. Being treated as a person not a number is far more favourable and beneficial. It is staff like Bernice and the professional ladies (or men) at the local branch that make a bank. I had to give credit where it was due.
Worst banking experience I've had - do not go for loan with them
Westpac was notified by our mortgage broker that we had a complicated guarantor application when we applied for mortgage pre-approval. They agreed they would send it to senior review straight away and the turnaround time is 1-2 days. Instead, upon receiving the mortgage application they sent it through their normal review process and we were subject to 2 business day wait time just for the file to be opened. It was sent to senior review after 5 business days (due to complexity) and we have been waiting 3 business days now on top of that (8 in t...otal) with still no outcome. We have received absolutely no communication from Westpac or an expectation of time frames. Our broker has been chasing daily and they won't return his calls. In addition to this, Westpac asked me to sign a form stating I salary sacrifice as they could see from my payslip that there was an amount being deducted from my salary. The notes state I have a HECS loan and there is no salary sacrifice in place. I had to screen shot the ATO tax calculator to prove I was being taxed correctly and did not have a salary sacrifice arrangement in place. This is not something the consumer should be responsible for, a banker should not be asking for forms to be signed (which state they will then alter your net salary as a result for the application) unless they are sure. Overall the communication from Westpac is terrible and they are slow. They are not adhering to recommended turnaround times or providing any clarification as to why an application is being held up.
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
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