Wizard Home Loans

Rude, hang up on calls – I received another unsolicited call from Wizard today. Told [name removed] I had no mortgage, did not want one. He asked “how about cash out?” I said “cash out of what?” At which stage he rudely hung up. Please don’t call again.

Redraw – Send everything they request, never enough. You go through total process get right to the end get green light everything Is good then when you check same old thing they need more Checks!!! Been paying on time 100 percent on time paid off 85 percent but always a holdup. so over bothering to keep trying plenty of others out there why waste time!!! It was easier in the beginning but for some reason it's got more complicated to even Redraw...

Receiving messages when i did not even apply – Not sure how these people got my details but they keep texting me, by another name and I have not even applied for a loan with them.

-10 star – Getting approval was easy and getting the money transfered to your account was quick. The customer service is absolutely terrible in comparison to Nimble. I've called multiple times waiting over 7 minutes each call to no avail. I've sent multiple emails without any responses to any of them. If you're looking for a short term loan I highly… Read more

recommend you go with another provider. Wallet Wizard is a terrible company with zero support post approval.

Bad service – Slow. Is suppose to be a quick process and wasn't. . 2 days and still they wanted paperwork.more and more and more

1 star is too much – Slow, pathetic useless staff, don't bother wasting your time AND the worst of all is the message they play on REPEAT when you are on hold. The message repeats itself every 10 seconds and is the most annoying thing ever... especially when you are on hold for 30 min.

Terrible – Got aproved for $1000 loan they put the money in someone else account and took repayments out of my account. Most dishonest company ever. Every time i ring them they hang up on me. They are taking money from me that they never gave.

Ripoff – They only allowed $500 initial loan and with their fees it amounts to an interest rate of nearly 100% per annum for a 3 week loan. These loans are designed for desperate people with a bad financial record. A loan shark would be no more expensive.

Bad customer service – They enter wrong bank details resulting in a dishonor fee being charged due to missing the first payment. I call them up to let them know my payment didn't come out, a week later they call me and say i missed both payments and need to pay today. After 8 minutes on hold they realise it was all their mistake and still co fused about what payments have been taken out. Wouldn't never recommend using this company.

Fair so far – I applied for my first loan through wallet wizard for 1100 as a new customer I agree offering me only 500 is fair got the money in minutes. Happy so far. Lets hope I can become a regular and continue to use wallet wizard.

Terrible – I applied for a $3000 loan with this so called company, they gave me $500. I have about $42.00 left to pay back, I have never missed a payment. I received email offering more money. I applied and was told NO as my circumstances have changed. The only thing that has changed is I now earn more money. I'm going to write a bad review everyday for a year.

Dont ever get a loan off them – I see a lot of the reviews on here are the same as my review. That's got to tell you something. I applied for a loan with them 2 days ago, they sent me a notification saying they are going to do a few extra checks before they make a decision. 2 days later Im hounding them on the phone waiting for an answer, then they decide to tell me "you need… Read more

this paper work and this paper work" Could of sent me a email to tell me that. 2 days later I am still waiting for a reply.

Also the representative sounded rude and tired like my call ruined his whole day. No answer by end of working day im withdrawing my application.

Useless! – I applied for a loan over a week ago and still haven't received my money. First off I didn't hear anything from them for about two days, all with me calling them multiple times per day. They told me they needed a bank statement with 90 days worth of statements and a Centrelink income report for my family tax. My partner and I had just opened up a… Read more

joint bank account, so them needing my old bank statements made sense to me. I was closing my old account that day anyway, so I went in and got them no problems. I sent it off and heard nothing for another day and a half. After me calling goodness knows how many times, they finally said told me that the assessment team had received what they needed. Finally I got the message saying I was approved and to log on to accept my contract. After the cut off time for receiving money that day of course. I log on and low and behold, I can't see the contract. I speak to about three different people and nothing they told me to do worked. I left it over the weekend and called on Sunday afternoon since I still couldn't access my contract. The man on the phone said he could see it and read out the account details to me. The spoons who processed my application wiped my original bank details and replaced them with the ones for the closed bank account!! Even though they knew that I was closing it (I made sure to mention to them on the phone each of the hundred or so times I spoke to them, which one it needed to be put into)!! So I had to go back into the bank on Monday to get a statement saying the bank account is closed. Slightly irritated by now, I went in and did what they asked of me. I sent that off and phoned about half an hour later and the lady told me that it wasn't acceptable and I needed a written statement, regardless of the fact the lady at the bank said what she gave me is the only proof they provide. After being on the phone for 2 1/2 hours straight they told me they had fixed it. I could finally log on and see the contract but low and behold it was the same god damn statement. Another 2 hours later and they finally pulled their fingers out and fixed it, so I was able to accept the contract and know it would go into the right bank account. Now it's been 2 days since then and I haven't received my money. I rang this morning and was told that the money was guaranteed to be in my account by 2:30pm today. Of course it wasn't so I called again. Turns out they have stuffed up again and the contract hasn't processed on their end. They will apparently call me back as soon as possible to let me know when they have fixed it, so basically I'm not going to hear from them. Guess I will just have to keep calling and put on my cranky pants to get something done.

10/10 do not recommend this company. A crock of crap and the staff are utterly useless.

Inconsistent And Unfair – I applied for a loan with these guys a few months ago and was approved for $1000. Paid back all the money and all was good. Applied again, several times, and have been declined on the basis of my credit rating -- despite the fact that exactly zero has changed with my credit situation since I got the loan and the fact that I paid them back every… Read more

cent. Obviously their automated system sucks and they need to work on that. I was very happy with them before this (I thought the loan was fair compared to some lenders like, say, Cash Converters) and they've lost a loyal customer.

Eta - this review was meant for wallet wizard. I've mistakenly landed on the wrong page.

Terrible – Its a scam, a conspiracy and I understand it is against the trade practice act. We don't want a Aussie loan yet our alternatives are pay an exit fee or pay a high interest rate on a no frills loan for the next 14 months or change our loan to Aussie and we won't be charged the exit fee. I would be interested in knowing if anyone has any success… Read more

either via Trades Practice or the Banking Ombudsman in having the exit fee cancelled in order that they can obtain a loan from an institution of their choice and not being scammed into Aussies. It was promoted and had the cheapest interest rate at the time. Wizard has sold a part of their loan book to Aussie. We are now one of the many victims who can not enjoy the benefits of the lower interest rates this year, our rate has not changed even though the last two rate reductions amounted to 1.25% To get out we either have to pay an exit fee or change to a Aussie loan.

Good – We have used Wizard twice now and have been happy with their service. They are friendly staff and really know their stuff. The redraw facility is a great option and I would recommend Wizards over any of the major banks due to the low rates and fees. The options you have available (if you get a good insurance broker who knows her or his stuff) are… Read more

great. We were able to lock in a low interest rate at a very competetive rate for no fees what so ever. They send out regular updates in the mail and keep us informaed of any changes. Nothing at all.

Bad – I’m glad that I didn’t choose Wizard when I applied for my mortgage last year, otherwise I would be one of the victim who couldn’t enjoy the benefit of interest rate reduction this year. I was interested to apply for Wizard’s Rate Breaker loan which was promoted as the winner of the cheapest home loan for several years in a row. I found out that… Read more

there were plenty of limitation and restriction in this loan. You could not pay extra nor redraw, moreover it has high exit fee. Other Wizard products were pretty ordinary and none had an offset account. I called the call centre anyway to make an appointment, and the call centre transferred me to a Wizard branch near my home. After waiting for a while, one guy at the branch told me that currently there was no sales person at the branch and I should gave another call. I never did. A prominent alternative to the banks in providing mortgage home loan. High interest rate, especially nowadays.

Terrible – Disgusting they don't care about their customers, there out there to make a quick buck out of hard working Australians. There are no pros We are on one of the highest interest rates there is, we have a $230 000 dollar loan and are paying 8.59% interest. They will not lower our interest rate, they told us that we will need to go somewhere else for a lower rate and pay an exit fee of $5000, they are filth.

Terrible – I'm a pretty placid guy, but resent every cent that I have to pay wizard / AMS Mortgage Services and look forward to the day when my fixed rate expires and we part company – an absolute disgrace. Zero - oh hang on, when they're after your signature they can't do enough Make no mistake - you're on a need to know basis with this lot and their philosophy is you don’t need to know anything......but don't worry you'll find out as time goes by.

Good – I borrowed $6900 from GE money on five years installment. Paid $4200 in two years. When I went to pay remaining I was shocked when they said we still have $5200 to pay. I said why, they said because you were paying five years interest first. I was burned inside and said WTF. Ok, I paid and told many people I come across - Sacrifice holidays,… Read more

outings, etc. but 'NEVER COME ACROSS THESE BSTREDS' I got money in emergency Hate their trading practice, they rip the customers off by keeping them in the dark.

Terrible – I will never use a GE money product for the rest of my life. Ripping people off now may make them a few dollars but it the long run it will costs them, Go away GE money and never come back. They were great, but since GE and the sell off it is hell. It will cost thousands to get away and with the current market times are tough. That Wizard was… Read more

ripped away over greed when most people went with the Brand over what they stood for, I think what has happened has killed the non bank lender industry for some time.

Terrible – It's been 3 weeks since I applied for an extension on my existing loan of around $25000 - After sending in all required documents (more than once), still haven't had a reply.. calling my local broker everyday and everyday he has an excuse as to why no reply yet.. from waiting for an email from them or "have to re fax driver's licence" as was not… Read more

clear enough.. Wizard are a joke. Let's hope Aussie has an idea of how to treat customers. I agree with the last writer.. wish I could give zero rating!! That they are being taken over by Aussie local branch at Doncaster - bad customer service

OK – I went with Wizard six years ago because they had the most competitive rates. Over time their variable rate has become much less competitive, so my only complaint would be that the very low rates are a honeymoon thing. I found them to be fast during the approval process, but that was in part because I stirred them up by telling them my solicitor… Read more

warned me they were terribly slow. They don't have the presence and customer service of a big institution, so I would recommend them only for someone who is comfortable managing their loan online. Easy online management system, relatively low rates Redraw can take a few days to clear

Terrible – I would not recommend this lender. Internet banking is made difficult with limited hours, setting up direct deposits was difficult with many organisations (e.g. Mutual Community) as they did not recognise account details for Wizard and communication is very poor. We initially asked for a cheque book when we first signed with Wizard. After an… Read more

email to their website to complain, we were contacted and our consultant provided application forms (although forms were filled out when we initially signed up). We then received our Mastercards (after deciding these were more suitable than a cheque book), without the Terms and Conditions which were referred to in the letter, and upon checking our account found that Wizard had taken $5,000 out for each of our cards (a total of $10,000). We were told the cards were "debit cards" and were never told about the removal of funds.

Overall, we have been extremely disappointed with our experience with Wizard. As soon as practical, we will be moving our loan to another institution. Competitive rate Poor customer service, facilities and communication. Many institutions do not recognise their bank when setting up direct desposits.

Excellent – I was realy impressed with the way my consultant, went out of their way for me. Visited me after hours, picked things up from me, I never had to go to their office. They made the process so easy for me. The service I couldn't fault, the products and rates suited me. I like the online access to my loan. Considering all the financial crisis thats… Read more

been going on, I was really impressed. Fiendly staff, comparable if not better rates, excellent service. Work for you! nothing bad

Terrible – DO NOT CONSIDER WIZARD! I am about to submit a complaint to the Banking Financial Services Ombudsmen about them, with supporting evidence of all my issues over the past 5 years. Absolutely nothing apart from them lending more to people than banks, by providing head office with 'creative' applications and financial information. They are slow to… Read more

apply reductions in interest rates, grossly and continuously mis-inform customers about aspects (both verbally and in writing). I am onto my 5th complaint in 12 months. They are unhelpful and do not answer email enquiries. I paid a lump sum amount and was told it would be paid up until a certain date, and the payments were deferred by the wizard CSO until that date then I go t a letter 2 weeks before that date saying my mortgage was a month in arrears, I called to complain and to explain and they said there was nothing they could do as they could not identify who had misinformed me. The system would record who amended payments. I think they are deceptive and my experiences with Earlwood branch have been terrible. I did not want to deal with them and wanted to move my loan but no one will let me and when I tried by getting another branch to request my file, Earlwood called and abused the other branch member, so she was intimidated into telling me to stay with them. I am going to move my loan out of principal - bugger the cost!

Terrible – I just can't work out this company. Their television ads make them look like they care, but their home loan offers just stink. Deary me. I will be speaking to another lender in the New Year and take up their offer instead. Offers ridiculous home loans even though you can definitely afford to pay off more. For example, I earn $45,000 gross and… Read more

have a wife and two kids, but Wizard says I can only borrow $50,000 for a home loan! WTF? I tried a few other financial places (banks, brokers and online home loan calculators) and they all said I could borrow at least $170,000 -- with Bendigo Bank saying I could get a $250,000 loan over 30 years! What's up with Wizard's abysmal offer? Amazing.

Excellent – I would highly recommend Wizard to anybody - however with anything of this nature you need to ask lots of questions and do your own independant research and comparisons. I found that in comparison to some bank lenders some of their products were far more 'basic'in appearance, but while on the surface they seem fairly low on fancy features, when… Read more

directly compared to competitors products they had all the same major and important features with less of the sneaky little weekly, monthly annual or transaction based fees (what you can save with a marginally lower interest rate with some lenders is rapidy eaten up and surpassed with the fees that are tacked on for doing anything other than depositing money into your homeloan without breathing too loudly)

But my biggest acclaimation for Wizard has to be for their incredibly high levels of pro active, helpful, knowledgable staff. They went out of their way on several occasions to help me when I was house hunting interstate with no computer access and again after we had purchased our house and I was interstate on holidays without the access number I required to withdraw funds off my account to live on (we deposit our entire salary onto our loan weekly and withdraw a living allowance back off monthly to offset interest)Our manager organised all the required papework, completed all the details for us and emailed it to us within the hour and upon scanning and emailing signed copies back to him, he preceeded to deal with customer service and organise a manual transfer on our behalf whilst we got on with our holiday.

They have also been very helpful on an ongoing basis for information on equity and investment advice - providing honest information not angled at attaining more business (I can say this with confidence because they advised against a possible opprtunity which would have resulted in more business for them)

Definitely worth checking out if your in the market for a home loan. Competitive products, very helpful and knowledgable service that continues at the same helpful level even after the ink is dry on the application(unlike other institutions I've dealt with) Good communictaion on any relevant changes. Pro active contact made by my loan manager several occasions when I've contacted the customer service line, to see if he can assist me personally ( which I find exceptional in this day of faceless call centres)

Very flexible with out of hours appointments in our own home...odid all the running around and follow up for us. That we owe them alot of money!!

Terrible – Seem like the best deal for me when I originally signed up 3 years ago. Since then interest rate rises are passed on immediately (RBA + their own) but drops can take months to pass on (sometimes not at all and almost always not in full.) I naively thought they would stay in the same competitive position relative to other loans. Same complaint as… Read more

others that there are high exit fees which have made me pause about refinancing.

If things don't change, the next few RBA cuts and it will be more affordable to pay the exit fee and refinance.

Avoid them like the plague!!!

Oh and their BPay facility is so slow (8 working days) that by the time my credit card payment reached my bank I had missed the payment date, copped the $60 late payment fine and then had to clear my credit card balance to reset the interest free period. Initially the interest rate was competative. But since that is the past I guess there are no longer any pros. Very, very slow to pass on interest rate cuts. High exit fees

Terrible – When I organised this loan, it was very competitive. The ratebreaker loan comes with restrictions; you can't make any additional payments off the loan's interest, with only the minimum payment coming off the interest. I thought at the time this would be offset by the much lower interest rate they were offering. Unfortunately they have refused to… Read more

pass on most of the RBA's recent rae cuts and as a result this loan is no longer competitive. You can get chaeper loans without the restrictions. What's worse, their steep exit fees make it impossible to find a more competitive product. Not much too much like about this lender. I am on a Ratebreaker loan (Wizard's basic loan), every time they decrease the interest rate (not often) I have to call their call centre to have the saving applied to the loan. When there is an increase, they just apply the additional amount automatically to the loan. They are slow to pass on RBA interest rate cuts.

OK – Slow to pass on rate cuts, and exit fees are high(in contract before we signed)5k on a 450k loan for- $350 after 4 years. Nice looking new web site...easy to contact(no phone queues) and friendly staff.Helpful when applying, settling loan and good rate to start with. Slack or very slow to respond to rate cuts. Just rang Wizard to ask about rates… Read more

and was told they are waiting for 15 Dec for news? NAB buying wizard might make money more freely available to lend, but I cant see them keeping rates lower than the banks in the long term.

Bad – I purchased my first block of land and got my loan with Wizard then got a house built and continued to stay with Wizard. The initial start up was good but over time their customer support has been unfriendly and poor quality. They don't drop rates when everyone else does but leave it higher for a few weeks to make more money. This is poor form and… Read more

I wish I knew this before I choose them and now their exit fees are just too high to leave. Initially they provided a decent interest rate, allowed me to borrow the money I was after and seemed competent. Poor Customer Support, Higher Rates, Cut Rates Slower than all other companies and have extremely high exit fees.

Bad – Blamed on the recent mortgage crisis in the US, Wizard sent a letter that our rate was going up a massive 0.35% independant of the reserve bank, the highest out of any banks or institutions so far. This quickly resulted in me sending a stern letter noting it made no further economic sense for us to remain with Wizard. This resulted in an offer… Read more

to reduce our loan back 0.25% which we verbally excepted, as a 0.1% rate rise was combarable to all the other banks - a week later we have received the letter of offer....funnily enough they didn't mention it came with a Deferred Admin Fee catch, $1000's if we leave within then next few years....We are on the Smart Choice Loan that currently has no DAF. If we accept that offer what is to stop Wizard just putting the rate back up another 0.25% independant of the reserve bank again then laughing in our face if we try and leave! Oh and we also asked to move to the rate breaker loan, but basically got laughed at, told this was only for new business and not for refinancing - it says on their website it's for refinancing, and says nothing about existing customers. Needless to say we are considering our options while we aren't still locked in with these crooks. It's not really their fault, Wizard were bought by GE a few years back, and that's their downfall. Initially had a good rate. Customer service is abysmal.