firstmac home loans

I refinanced my SMSF loan to Firstmac in 2021. I was sucked in by their enticingly low interest rates. However, by November 2023, amidst a series of interest rate hikes, my rate had surged to 7.99%. Despite my repeated attempts to negotiate a rate review through multiple calls to Firstmac, they consistently declined, in stark contrast to experiences I've had with major banks over the past 17 years. The big four banks, often criticised, have shown willingness to conduct rate reviews, typically resulting in marginal reductions between 0.03% to 0.06%. Given the rising cost of living & the significantly higher interest rate of 7.99% compared to standard home loans, I made another plea to Firstmac for a rate review. Unfortunately, they remained resolute in their refusal, displaying little understanding or empathy for the financial strain caused by their elevated rates. Given the rising cost of living & the significantly higher interest rate of 7.99% compared to standard home loans, I made another plea to Firstmac for a rate review. Unfortunately, they remained resolute in their refusal, displaying little understanding or empathy for the financial strain caused by their elevated rates. Disappointingly, after this conversation, three police officers arrived at my home (important to note I did not behave rudely or abusively towards Firstmac). This incident highlights the deplorable & unprofessional manner in which Firstmac handles customer requests for assistance. Their proclaimed commitment on their website, "Helping people is at the heart of everything we do," is a far cry from reality, this statement is actually misleading & deceptive. Their service is horrible, everytime I call, your approximately number 38 in the queue, usual wait time is approximately 1hr. They offer the option for a return call, but it could take up to three days, an insufficient response time. Blaming COVID for these extended waits seems baseless & excuses their inadequate service. Even when they eventually return your call, the constant need to put you on hold for clarifications portrays a lack of professionalism & expertise within their staff. Firstmac ought to be ashamed of their treatment of customers. Having since refinanced, I now have peace of mind knowing my hard-earned money is no longer in the hands of such a money sucking organisation. Firstmac management should reconsider there morals as human beings, when dealing with customers. As navigating their bureaucracy is an ordeal. Engaging with Firstmac seems to invite unnecessary pain & frustration. For any insane reason you do proceed to engage Firstmac, you deserve the pain & suffering that you will eventually endure. Firstmac is useless, hopeless, incompetent, unprofessional, unreliable, unhelpful, just plain useless grubs. In conclusion, Firstmac's track record reflects incompetence, unprofessionalism, & unreliability. They allure customers with low initial rates but eventually burn you & any hard earned money you have. It’s incompetent amateur banks like Firstmac, why there needs to be a royal commission into the banking lending sector again.

Have tried to call keep getting someone over seas that can hardly speak English .have asked if some one from Australia to call me back but have had NO CALLBACK . Bad customer service in fact NO CUSTOMER SERVICE .

Be careful dealing with this company, they falsely advertise the solar home loan product, even if you satisfy elegibility criteria they will wait until the last days of finance due date and advise you that you're ineligible, therefore charging higher interest rate and leaving you no time to apply with any other lender for a better rate. Very dishonest company, avoid them.

Firstmac provide competitive interest rates for their products and have always accommodated our requests with ease for interest rate changes, changing home loan products and also for help with repayments during covid. Have nothing bad to say about our personal experience with them.

Misleading information. Pre approved then not pre approved. Offered loan then cancelled. Re financed then had to re finance again. Took up to 6 months with no answer and still no pre approval. Would not recommend at all very unhappy customer.