Banks don't want to know you when you are a senior
When our home loan of 25 years was finished, we still had $50,000 in home equity saved. We had our car loan on there which still had a balance of $11,000 to go. Unfortunately the bank wanted the balance paid in full and then we had no equity to use, when home loan was finalised. We couldn't even get any other loan to use as equity for any repairs on our home in the future. As seniors/pensioners, the bank didn't want to know us and they admitted that they do not loan to pensioners anymore. We have always had a great credit rating but that doesn't even mean anything to the banks these days!
So disappointed after applying for a personal loan and being told for one week that it is approved only to get online to see it is declined, no phone call to tell the customer personally. Totally poor service. When I did ring enquiring as to their reasons I was made to go through all my finances on the phone once again, which they had in front of them. I will never apply for another loan with them and also will be closing my account. I don’t have a problem with a loan being declined I have a problem with inadequate customer service.
Customer service was great when I needed to contact them about an issue I had with payment. Interest rates being variable are a bit high, but that's the way the loan is. Could shop around for lower rates at another bank. It's Commonwealth, so being a big bank you can trust them.
Much better interest rates can be found. The process is long and frustrating. Trying to contact the branch directly resulted in about a dozen calls going through to the answering machine and none being returned.
Fast easy personal loan possess. Can sign up online which is a plus. Rewards with travel insurance which has come in handy! Cons are if your young and don't really know how a loan works you have to do a lot of digging rather then the information being there! E.g. what happens if you miss a payment, monthly fees etc
Overall I have a neutral liking of this bank. Its one of the big banks and for some reason have confidence that they will do the right thing. There are however smaller banks/institutions that offer more competitive rates and fees.
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.
Personal loan comparisons on Mozo - rates updated daily
Low Rate Personal Loan
8.21% p.a.based on $30,000 over 5 years
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 8.00% would cost $36,647.51 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 229 personal 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.