Bank Australia is a small consumer involved and environmentally friendly bank. It actually had the lowest interest provided at the time and because of it's small community, it has a personal approach to loans dealing with one consultant through the whole process.
They make it impossible to be approved for a loan!
Waste of time. Applied for a car loan as they had an awesome interest rate. Had to wait 3 business days only to be told no. My income is $75000 and I wanted to borrow to purchase a $16000??? No other loans except mortgage which is has large amount of equity. Must only lend to millionaires! Currently going through another bank who are a lot easier to deal with and fast turn around time. Not happy Bank Australia!
They can be slower than the big 4 in loan approvals, but they are also a different kind of bank. It is better to apply in person in a branch or on the phone. Nice to know Bank Australia also has positive social values and is owned by members.
Worst banking institution in Australia by far! I have had a terrible experience with incompetent staff. I have spoken to so many people the last few weeks trying to close off a loan and I get a different answer each time I speak to someone. They also decided to open up a savings account in my name that I did not authorise. Can not stress enough how useless they are .
Do not get a car loan from this place! Possibly the worst financial institution I have dealt with. 3 weeks and still waiting for funds to be transferred. My wife had her application rejected for a $17k car even though she had $80k in the bank. I then joined the application which was approved yet it has still been 2 additional weeks and waiting for funds. You get one representative to speak with and if they aren't available no one else can help. Doesn't help if the rep is not at work.
Terrible. Very low process. They just started to look at the application on the 3rd day after the application submission. I have 2 people's full-time income, and it's been rejected due to "NO previous credit history" with them. They asked us to open a saving account for 3 months and they will re-assess it after that. Wasting time and energy.
When I first applied, the lady I was talking to was SUPER nice. She said I would have an answer by Friday (27/06/14) which suited me great as I was looking to buy a car which was still on end of financial year sales, which would end on the 30th of June (Monday) which means I had the weekend to go to the dealer with a pre approval (if it was approved). However, I called up an hour before they closed on Friday and they said they wouldn't have answer until Monday and that I would definitely get a call back on Monday. Monday came and I had to call THEM again and the lady couldn't help me and the person that I had to talk to had already gone home. I then got a call on Tuesday (1/07/14) from a man who simply told me the application was declined. Overall rating is 2 because of the very nice lady I dealt with in the beginning or else it would be 0. Luckily I had called the dealer and they organised finance for me and I didn't rely on bankmecu. I got an APPROVED application within 4 hours and the fixed rate was 7.9%, with all the benefits Mecu had and more! I would not recommend. I had never heard of bankmecu and when I was applying for a quote with an insurance company, they hadn't heard of bankmecu either! I suggest go to finance with your dealer, they will find you the best rate for you with an approval within hours! There are plenty more lenders out there with competitive rates and approval within hours! Not 6 days only for a no.
We wanted to get a car loan for just $6000, but the bank actually refused the loan based on the grounds that the income is too low! This is crazy when my husband has a full time job! Aside from this, the bank actually took three days to get to this decision even when we had fully completed the online application form. We went with Commonwealth bank and our loan was approved in 20 mins! The service of Bankmecu was very poor and we are really annoyed with the decision.
Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.
Car loan comparisons on Mozo - rates updated daily
New Car Loan
Including Demo, Fixed, Secured
5.22% p.a.based on $30,000 over 5 years
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.
*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
Want more? Compare all 198 car loans in the Mozo comparison engine.
Mozo gives you the inside story on the best banking, energy and insurance products as rated by thousands of real customers around Australia. We don't make subjective judgments, nor do advertisers influence our ratings. Although our reviews may be moderated to improve quality standards, they are moderated independently of any of Mozo’s commercial relationships.