We were selling our house and buying a different one a few years back and had everything sorted and dates lined up, then BOQ told us we had to sign a particular document which then had to be sent via courier up to Queensland then sent back again with a turn around of about 3 days. This delayed settlement and at the time we asked to be compensated for it, they said should be fine we'll deal with that later. Got the transfer done and suddenly BOQ claimed they had no intention of giving any compensation (I'd had to take days off work for the juggling around of paperwork etc). Reported them to the Financial Services Ombudsman and eventually got compensated. Combined with the fact that there are very few actual branches in Victoria, and the fact that having to send physical copies of documents to Queensland totally nullifies their promotional campaign of "owner managers" being able to solve all your problems and deal with you on a personal level.
I recently applied for a home loan through the Bank of Queensland. They have taken a ridiculous amount of time to complete the application, with very little contact made throughout the process, which in turn has created so much stress for me and the real estate agent holding the property. It is beyond me what they need when I have owned numerous properties, have an excellent credit history, and I've been in the same job for 33 years. I also have a substantial deposit. The stress is not worth it! It's changed my moods, my temperament around family, and my general concentration.
Spent months back and forth,ridiculous paperwork requests. Rates ,charges ect. changed on every contact. Could not answer any questions. Requested business structure changes. No idea of what they required. Time wasters with no results. Avoid this bank. If they can't organise a applicant,god help you if they have your mortgage
Staff are great and cash back was awesome. Not many ATMs and the phone app was designed in 2001. Absolutely shocking. You can't name your accounts. You can't lock a card if it's lost or stolen. No chat to ask any questions.
Biggest headache I have even had. They told us they would push our application through quickly and there will be a two day turn around. After we applied they said it will now be a five day turn around. 19 Days later (and two extensions on our cooling off period) and we are going to lose the house because they keep asking us to provide stupid documents and asking stupid questions (for example how my uni degree relates to my current job and previous job, provide evidence of your previous job title, provide your tax statements from 2018). Every time we provide them with what they want they take another 24 hours to process then come back with another stupid request. So disappointed we will miss out on the house and lose our deposit because we chose the wrong bank to go with. Never use this bank.
BOQ has good personalised service and has matched interest rates from competitors. Would be better if there were no ATM withdrawal fees as limited bank-owned ATMs, but other than that quite satisfied with the bank.
Customer service has been helpful in the past however interest rate is still quite high for the current market at 3.8%.
By far the worst banking experience I have ever come into contact with. Do not use this bank, save yourself the heartache. Try anyone else.
Competitive interest rates and easy set-up of my loans, but the app and lack of apple pay is ridiculous. The app is so outdated, the safari version is better (barely). Having no apple pay in 2020 is just ridiculous.
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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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