One rate for newcomers, higher rate for existing customers

1 out of 5, reviewed on Jul 24, 2018

Our experience is similar to Mrs Deano's. We have a mortgage with ME Bank, paying 4.89%. However, this bank advertises the far lower rate of 3.69% for new mortgages. When they bank tersely refused to consider a lower rate for us, we decided to move our mortgage to a bank offering a lower rate. However, my investigations so far show that many, maybe all, banks have this practice. I wonder, does this mean we should move our mortgage every year or so? Does anyone know of a bank or lender which does not do this?

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Auswide Bank Official

Hi Rosey. We're sorry to hear that you weren't happy with our interest rates. If you would like to discuss your situation further, please call our Contact Centre on 1300 138 831.

Brisbane

  • 3 reviews
  • 3 comments
  • 3 helpful votes
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How to lose a customer without even trying.

1 out of 5, reviewed on May 09, 2018

We have a home loan and a large amount of money in an offset account with Auswide. I rang them to see if we could get a better interest rate that the 4.55% we are currently paying
New customers wanting more than 100k home loan are offered 3.69% which is a reasonable difference.
After waiting for more than a week for their 'customer retention team' to call me back, we finally connected.
I asked if we could possibly get a better rate than our current rate. The answer was no. Seriously ? Just no ??? I asked why the bank would offer new customers a better rate than their existing loyal customers however the agent proceeded to speak large volumes of words without actually answering the question. I stated that while I understood what he was saying, he did not answer my question and could he please do so. I was then told that I was rude and had an attitude problem. I asked to speak to his manager and he replied that his manager was the person who answered my initial call when ringing their 13 number. (Managers answering call centre phones ? Also note that the lady who took my initial call told me that she could not help me and that this had to be 'handled by our customer retention team) I replied that it was obvious that he was not interested in helping to retain my business and asked that he email a discharge form. I received his email with discharge form almost immediately.
Note to self Auswide if this is an example of your 'retention team' , you fail to understand the word retention The person I spoke to had no intention of trying to retain my large home loan and my large savings. So people don't bother calling to get a better rate, in fact don't bother calling at all because it takes them a week to call you back !

3 people found this helpful, do you? Yes

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Auswide Bank Official

Hi MrsDeano, We are sorry to hear you were unhappy with your experience and that we were unable to assist. Thank you for your feedback.

Brisbane

  • 1 review
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Verified Customer

Just another typical bank...

1 out of 5, reviewed on Apr 29, 2018

Applied for a home loan through my broker (Who I can't thank enough) almost 12 months ago with Auswide Bank as a first time home owner. Success! I was almost officially ready to start building my first house. Found a block of land I loved so I purchased it and things we're going really smoothly. Next step was to find the right builder. Success! found a builder.
To cut a long story short the builder went broke before they even started and I lost 5 months of time chasing my deposit back from the QBCC. During that time the home loan had lapsed and according the ASIC you have to re-apply after 3 months of not using the loan, which is annoying but that's the rules.
I work in construction myself and have done since finishing high school, been a full-time employee on different contracts for around 19 years and never having too much time off in between contracts (Few months here or there, travelling etc). While I was in the process of finding a new builder and re-applying for the home loan my current full-time contract was ending. I ended up finding a new contract however it is only full-time on a "Casual" basis with the potential to go full-time in 3-6 months which was fine with me cause the work suited my lifestyle and it meant I had a great work / life balance. My broker had asked the bank if this was okay and they verbally said it shouldn't be a problem.
Well.. That was a complete lie. They completely back-flipped and changed their mind stating my "casual" contract was a "concern" and that I needed to be employed at least 6 months on that casual contract before I could re-apply... Meanwhile I was already an existing customer that had already purchased land (while paying rates and making monthly repayments on principle and interest since June 2017) through this home loan. Not only that I had a 20% deposit for the loan (By myself mind you) with great savings in my accounts that if I was to have 12 months off I could afford to live and pay off the loan easily and still have money in my accounts.
Anyway my broker has already found another bank who knows my situation and are more than happy to give me a loan and I have now started the process of telling ALL my friends, family, work colleagues and even complete strangers to stay away from Auswide Bank.
Just for your information also their online banking is pretty subpar and basic. You can't download your own statements unless it's in QIF , DAT or CSV format which is absolutely pointless cause it has no "official" letterhead or anything with Auswide on it, so you've got to wait 3 months for paper statements or ring up and pay a fee for posted paper! It's 2018! who even does paper statements anymore? Wake up Auswide.

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Auswide Bank Official

Hi Aginbne. We are sorry to hear you were unhappy with your experience and that we were unable to assist. Thank you for your feedback.

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Disappointing and frustating experience with Auswide homeloans

1 out of 5, reviewed on Nov 04, 2017

I applied for a home loan with Auswide while the application was through broker, got very surprising questions on deductions income etc.
I have taken other loans in past as well and I am really disappointed by the way the credit approval process progressed.
Finally took the call not to go ahead with them

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Auswide Bank Official

Hi Abhi, We are sorry to hear you were unhappy with the credit approval process and being asked to supply supporting information. Please contact us if you would like us to look into this further.

Peanuts and monkeys

1 out of 5, reviewed on Mar 29, 2017

Great rates, but that is where the good part ends ..... nothing about this lender makes me want to deal with them again. I thought I had dealt with the worst in the market, but this interaction has taken things to a new low.

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3 months to get internet banking, 2 months (and counting) in trying to close loan accounts

1 out of 5, reviewed on Mar 22, 2017

The short and sweet:

Use another bank and fire the mortgage broker that recommended this bank

The detailed:

3.99% seemed sweet at that point of time. However, the list of things I'm unsatisfied with this bank seems to grow with every contact I have with them. To be fair I'm using this bank while stationed in VIC so people in QLD might have a better experience.

1) The loan application process was terrible, and they still had me trying to submit verification documents the day before settlement date and this was even with help from a mortgage broker!!

2)Separate applications were needed for internet banking and bank card

3)NO bank details was provided to me after settlement date, i.e. no customer number, no bank statement etc. so for quite a while you're just left in the dark not knowing if there's an issue and you have no way of identifying yourself to the bank for any followups

4) Issue was resolved ONLY when the loan was about to go on default in the bank's books and the bank contacted me... only then did things get rolling. All up it only took a "short" 3 months to get internet banking up.

5) At this point I'd noticed that the interest rate is being charged at 4.2% while they were still advertising for 3.99%. So only the first 2 months enjoyed the sweet 3.99% interest rate. Dubious at best.

6) Finally got around to being able to refinance the loan with another bank,and Auswide bank has been obsoletely painful through this process, not recognizing attorney I've provided to the lawyers, therefore needing me to be involved in asking for things from Auswide, asking for authority forms but not providing the right ones, requiring 21 days for processing (and therefore charging me another month of interest), not transferring any outstanding amounts to the new bank (which i'm currently chasing up). All up another 3.5 months in trying to refinance the loan.

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Poor service of existing customers

1 out of 5, reviewed on Feb 13, 2017

We have had a home loan with Auswide (previously Widebay) and consolidated our car and personal loan from other Banks to Auswide. We recently asked for a 7,500 loan to buy a used car. A drop in the bucket in comparison to what we already had with them. I was amazed at their incompetence and lack of interest in servicing an existing customer of many years. 4 weeks later we still didn't have full approval. We jumped through all of their hoops and then without fail they would then need another document, etc. before they could approve. 4 weeks!! We had to change used cars 3 times in this period! After asking for yet another document that should have been asked for at any stage over the 4 weeks prior, we had enough. Walked into ANZ and had the money in our Bank in 3 hours. Needless to say we won't be staying with Auswide and do not recommend them to anyone.

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Incompetent and unreliable

1 out of 5, reviewed on Nov 27, 2015

We recently purchased our first home and got the loan through Auswide. Our Broker recommended them purely based off the low rate. They are a new bank and so he couldn't comment about their reputation.

Now, three months later, we are already looking to refinance.

Auswide bordered on incompetent during the loan approval process. They kept forgetting to ask for verification documents and had to come back to us multiple times asking for more. They lost our contract at one point (for three days) and we almost missed the settlement date. We only got the loan approved one day before settlement and this was entirely due to their lack of ability.

Within two week of commencing the loan we applied for linked credit cards. Two months later I've heard nothing further about this application, despite trying to follow up twice.

Their online interface is very poor. Previous transactions will randomly not show up in your Transaction History (and the ones that are missing are different each time!). They don't have any capacity to have an SMS one time password to multiple people for joint accounts, so you have to rely on one person doing all transactions (I enquired about this but was never contacted).

The straw that broke the camel's back was their unannounced and hypocritical interest rate rise. Back in October I read this news article (http://www.theadviser.com.au/breaking-news/33287-bank-announces-rates-changes) in which Auswide's Managing Director derided the big banks for their recent unjustified interest rate hike. A month later and Auswide have made the exact same increase of 0.15% - this is despite the fact that the rate increases from the big banks were actually in response to laws on investment loans limits, which don't even apply to Auswide! The worst part? They didn't even post a letter notifying their customers until a 4 days after the rate kicked in! They could have at least sent an email!

Auswide were hard enough to deal with before they had our business. Now that they have it, they just don't care. If you value customer service and reliability, go with another provider.

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International money transfer

2 out of 5, reviewed on Jul 12, 2016

Worst service I've ever encountered mistakes made have been charged to me over 10 days for money to arrive and it was less than i sent ZERO customer service closing my accounts after being a customer for over 20 years disgusted with the whole bank

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  • 3 reviews
  • 3 helpful votes
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Can't be trusted

2 out of 5, reviewed on Mar 07, 2016

After being lured by a sweet 3.99% interest rate we soon discovered that Auswide can't be trusted. After increasing our rate 8 weeks after settlement to 4.14% they were still advertising for new customers at 3.98%. Application process difficult due to limited branch network, and overcharged for valuation fees and strict lending criteria. Online systems seem to work ok . Do your sums thoroughly and don't be tricked into low intro rate.

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Make people happy and grow.

3 out of 5, reviewed on Jun 30, 2017

as being happy is the desire of most people your primary aim should be to achieve this at a personal level. The impersonal mechanical structure of doing business is off putting and does not encourage the good customer /banker relationship that produces word of mouth praise and recommendations. Good is better then big. Regards John.

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Auswide bank

3 out of 5, reviewed on Jun 13, 2017

The staff are always friendly and helpful when I go into a branch. If I have an question about my home loan, I also get an answer from the staff member helping me. Thank you.

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Sunshine Coast QLD

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Old values better services

4 out of 5, reviewed on Jul 17, 2017

Always a bank that treats me with respect and patience , always treated like a highly valued customer when I have needed to talk to a consultant online and in person to persons communications.Since becoming a customer my experience and other known customers always changing so they have always been given better money saving deals to existing and new accounts and services the best service and deals for me for wotever different accounts held over 20 years at this community bank. Keep up the good work!!!

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  • 1 review
  • 1 helpful vote
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A local bank

4 out of 5, reviewed on Jul 02, 2017

Very helpful staff, knowledge of product and human side makes them a winner when refinancing a home loan. Give them a go. The others said it's not possible to drop our rates. Auswide beat them by 2 full points! Cheers.

1 person found this helpful, do you? Yes

Good local bank

4 out of 5, reviewed on Jul 01, 2017

We are happy with Auswide Bank,their staff are always friendly and helpful. Their interest rates are competitive so it's good to give the smaller guys a go.

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Great service

4 out of 5, reviewed on Jun 30, 2017

Great customer service, great access for in store banks and atm's. Also great no extra fees when using a westpac atm.

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Auswide Customer Service

4 out of 5, reviewed on Jun 30, 2017

I appreciate the longer opening hours and the retention of multiple tellers at a time when other banks appear to be actively discouraging over the counter interaction with customers. Auswide has the feel of a small business rather than a large and impersonal corporation.

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Eggs in baskets

4 out of 5, reviewed on Jun 30, 2017

Auswide suits my needs, not all my eggs in one basket, They are as good as the big 4 and have an good online site for statement and info

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  • 1 review
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Banking Review

4 out of 5, reviewed on Jun 29, 2017

I have stayed with Auswide ...because I have always been treated with utmost curtesy & respect, by the the friendly & helpful tellers, of every branch I have dealt with ...over many years.Thankyou.

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Verified Customer

Just Saying...

4 out of 5, reviewed on Jun 29, 2017

Very good to date. However, reviewing the interest rate on our mortgage had to be from our side. The market is very competitive and we feel that we could easily transfer our mortgage business to another lender at a much more competitive rate...finding the time is the one core reason we have not looked as yet!

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Questions & Answers

hi there, are you a bank for businesses and taking up loans or are you also a bank for everyday banking? cheers Nicole

Nicole asked on Jul 20, 2018

Answer this

Hi Nicole. Thanks very much for your question. Auswide Bank is a full service bank and offer a range of both personal and business banking products and services for our customers.

Our personal banking products and services include: transaction accounts, home loans, personal loans, credit cards, term deposits, insurance and financial advice.

We also offer business transaction accounts, business loans, overdrafts, lines of credit, commercial vehicle & equipment finance, together with a range of business support services such as EFTPOS merchant solutions and online bank feeds.

For further information on our range of products and services, please visit www.auswidebank.com.au or call us on 1300 138 831.

We hope this assists in answering your question. Thank you.

Thank you

Do you approve Home loans to someone who has been working for a new company just short of three months but in the same field of work does 46-50 hours a week an parents are also on the loan application?

Sam asked on Jul 10, 2018