I can honestly say Adelaide (and Bendigo) Bank is the most disfunctional bank I have ever dealt with. After applying for an 80% LVR home loan through one of their affiliated loans channels where I was provided repeated assurances that my financial position passed their credit assessment policy we arranged for valuations, credit assessment and all our documentation to be sent. Once it reached the bank for approval they decided at that point to tell us that they had "additional internal" policies which they did not disclose to either their affiliated loans manager nor us which meant that they could only offer to finance our home loan at an unreasonably low 60% LVR. Even worse, when we tried to engage with the bank to work out compromise options they flat out refused to entertain the idea even after escalating the matter to their executive management team. After struggling to work out a way to fund a 60% LVR loan and coming up with a solution, finally putting through a final application we were then told that the bank wanted us to pay down an additional $140k for an unrelated loan we had in order to qualify for a 60% LVR loan which we were applying for. In summary, this bank managed to waste 3 months of my life by advertising a product which they had no intention of allowing us to qualify for in its advertised form, a clear example of bait advertising, but were happy for us to waste our time and money attempting to 'apply' for. The communication and the way we have been treated throughout the loans process is nothing short of disgraceful and I hope by sharing this review it will help warn others that attempting to do business with this bank is an unnecessary waste of time and money.
It took 3 months and more emails and phone calls than I can count to refinance my three mortgages. They then gave me a higher rate than promised. Finally they agreed to a lower rate if I fixed my loans but this took more than a month of emails and phone calls. Have dealt with four customer service consultants now and all have lost documents and not returned calls. Customer service is an oxymoron where Mortgagehouse is concerned.
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