For 6 months BOM have keep us hanging waiting for approval for a loan. We have jumped through every single hoop and they are still to give an answer. Withdrawing the application and going elsewhere.
I wanted to increase our loan by $20,000 but was rejected because I was made redundant, even though our house was valued at $950,000.
We had multiple applications and Bank Of Melbourne came through with the fastest approval and the best rate.
Pro: I have no issues with the customer services of this bank. They are responsive, friendly and very helpful. Con: When I tried to get my house evaluated, I was given a price that I thought was undervalued. I went through the process of appealing the price but was responded to in an email that said the price was set. I was not told what the process was for this appeal. I did not think the process was transparent, and hence less trustworthy.
Wont let us get out of a fixed term loan.
Great service and easy to find facilities.
In all the years I have been with bank of Melbourne which before hand was St George all my dealings have been very helpful with no complaints. The online banking website has changed in recent months which seems more complicated. They should never have changed it
Have held my Home Loans with Bank of Melbourne for the last 6/7 Years. Unfortunately they can be a hit and miss in the Customer Service Department just like playing the Lotto. Recently I called up to see if they could give me a better Home Loan rate or price match a quote I received by NAB and you guess it! No jack pot what so ever. I guess it pays to shop around. In the famous words of GUMPY lifes a box of chocolate you don't know what your gonna get. At this point in time i'll think ill go with the Chocolate Hazelnut NAB instead of the ROCKY ROAD of MOB. Each to there own cheers.
I refinanced 2 home loans with BOM in Feb 2020. They didn’t settle until June 2020. They asked for the same sets of documentation 5 times. Then asked for additional paperwork not previously mentioned after this. Un-explainable delays & poor communication. Didn’t explain fees or paperwork. Put a substantial amount of money into a redraw facility & the money wasn’t accessible for 1 month. They basically appropriated all my savings & made me write a letter to them to get the savings back. Had to go to AFCA for compensation which was awarded. The cash back offer just isn’t worth the hassle of this bank. Avoid them.
BOM is a good bank with excellent customer service. Wait times low and my questions have always been answered timely with good financial support. Online banking very good too.
Bank of Melbourne offers great, personalised service and are responsive to our needs. They are happy to review their interest rates regularly and will price match.
Always seems to increase their rates higher then other bank. Not a good service.
Young couple, first home together and the bank has been with us every step of the way. Our local branch (Mikey) is always friendly and knows our needs and account as soon as we walk in.
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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. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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