I am a long term home loan lender but have a minimal amount to repay. I currently have an interest rate at 8.1% This is a variable rate. They will not reduce it for me. All banks are the same. I have had this loan for nigh on 11 years, I have an EXCELLENT credit rating and I have been with this bank for 52 years (since school days). Don't be a loyal customer, shop around at every opportunity and good luck! Also, a lack of local customer service!
No ability to work with individual people, if you dont fit in their boxes they cannot help you. Even if you are a long term customer, the people you speak to are not able to resolve or assist outside of the tick boxes making it very frustrating as a human.
peace of mind amidst stressful interest rate rises
I like the forward thinking of this bank if you are an investor looking to do things. Their internet banking and phone banking is top notch compared to what I've used. I've found package fees per year ($395) won't ensure you get the best interest rates they can offer so you have to keep a close eye on your interest rates as challenge them if you can get a better deal elsewhere. Comparison sites like Mozo, Rate City and Finder will help you compare. Beware, they lowered our interest rates to a more acceptable rate, after we challenged a high rate coming off a low fixed rate, but it was not as cheap as what's offered out there and we get zero percent interest on money sitting in our offset account.
The best bank and there support if or when things go bad with our payments from our jobs , employees and whom we have a payee of any income. They don't chuck you in the deep end but support every step of the way and notice and help sort before things may go or before going bad or (south). I are going through way to much and don't need hiccups or problems so they have that settled and covered.
I would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
I've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Commonwealth Bank is a trusted bank and have an easy to use and functional app which makes mobile banking simple and easy. I have always used them for personal banking but moving my home loans over means everything is now in one place that is easy to access. Only complaint is I wish they had frequent flyer rewards.
Very understanding, great customer service..
Difficult to get someone to talk to about lowering home loan rate.
Its alright. Only went with them because it was convienant at the time and they would lend/
We have been with our bank for over 20 years now and they are willing to talk to us when times are tough, we have a direct broker and they secure the best rate for us. We always talk and discuss wit them on a yearly basis to make sure that we are on the best possible outcome for our needs. Don't just organise your Home Loan on line, find a direct contact/Broker within that bank, this will give you a person who will work for you and not just a computer, make regular contact so you receive the best out come for you.
FLEXIBLE AND ACCESSIBLE
It is mostly fine but can be very impersonal at times
Commonwealth bank are all round good. They offer a great Netbank service. They have good customer service. However, they do not offer competitive prices.
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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