Great service and excellent online/mobile banking
- Overall customer rating
- (Reviewed about 2 hours ago)
At the age of 19 I was ready to purchase my first house. Of course, I needed to apply for a loan to fund this investment. After some research, I decided to apply with Commonwealth Bank. In comparison with other major financial institutions like W... Full review
At the age of 19 I was ready to purchase my first house. Of course, I needed to apply for a loan to fund this investment. After some research, I decided to apply with Commonwealth Bank. In comparison with other major financial institutions like Westpac and NAB, the features and interest rate of the Commonwealth Standard Variable Rate Home loan was the main incentive at the time.
I found the service at Commonwealth Bank to be efficient and my Loan Officer at the time was very helpful in outlining how interest would accrue over the period of my loan, additional fees and how we could go about securing the amount I needed without any significant credit history.
While I am happy with my interest rate and loan type, the main reason I continue to use Commonwealth Bank to manage most of my finances is convenience. They have one of the most efficient online and mobile banking platforms of any Australian bank. I am able to use 'Netbank' to monitor, transfer and exchange my money as well as apply for increases and changes to my accounts, and review all of my statements in one place. They have also just launched a new budgeting tool and a 'how to invest' page which i have found quite helpful as young person trying to plan for my future. In this day and age and as an on the go twenty-something, the fact I can access my money anywhere, anytime is invaluable to me and my work. There have been a few glitches with the site in the past but they are always fixed within a few hours and it is reassuring to know Commonwealth Bank realises how important online banking is to their customers.
I will admit the last paragraph sounds a bit like an advertisement for Commonwealth Bank but I have a personal loan with a smaller financial institution and its online services are of no comparison. There are confusing systems to log in and transfer money and there was one situation in particular where I had to call the bank to have someone personally give me a pin in order to transfer $500 from my main account to one of my sub- accounts. In today's fast paced world, it is too time consuming to be on the phone for 20 minutes sorting out one minor transaction.
Currently, I would deem the 'Big 4' banks of Australia fairly similar in terms of home loan types and rates offered however I would not change my provider because of their efficient service, and intuitive understanding of customer needs (i.e the need for on-the-go and international services ) and once, again a fantastic online banking facility.
- Customer service