Great customer service and always willing to help.
I have banked with them for over 15 years. When I took out my third home loan with them I was not informed of several issues that were to cause me disadvantage. I was moved from my no additional fee package to the 'new' ultimate package that saw my account attract several penalty fees. I had discussed fixing my home loan and having an offset during my loan officer interview and at no time was I told by the officer that the two features were not compatible. Once the loan was approved and I attempted to set this up as it was not done on initiation. I realised the loan officer had obfuscated to get the sale knowing that the product would not provide what I believed it would. This gave me a false financial analysis of the product and caused me to accept this loan over the loan of another bank. When my 2nd loan came out of a fixed rate period I was put into the variable rate. This was a rate higher than their standard variable rate. When I questioned why my rate was higher than the variable rate that should have been applicable to my loan under their ultimate package. They nearly changed it effective the date I called and kept the incorrectly charged interest from previous periods and pretended like what they were doing was fine.
We speak to the same account manager every time, our emails go to the same person everytime. It is refreshing to have a single point of contact at our bank to discuss our financial affairs.
Great as far as a bank goes
This bank is small, although it has connections with the NAB. Although its interest rates may be higher than some other competitors, the support you receive from staff cannot be found at any other bank.
Still in the process of applying for a DHOAS home loan. They have taken months and still no decision has been made. Only after threatening to drop the application and go to another bank has any progress been made but they are still missing their own deadlines they give me. They are useless with non-standard loans. Purchasing off a related party for less than market value with multiple sources of income, forget it. Next time, use a competent bank.
My husband has been a customer for a long time and has found the customer service and the product solutions to be excellent. Pro - customer service, flexibility, understands the customers needs, proactive in approach Con - have to be related somehow to defence.
In their transition from Credit Union to Bank they introduced a number of fees of which I was not aware, resulting in us taking our day-to-day banking elsewhere. However, I am very happy with their homeloan service.
Defence Bank have the absolute best defence home loans (DHOAS loans). No ongoing fees, free offset account and options to fixed or variable loans. I have had the best experience with the home loan consultant in WA with everything handled professionally with no issues. Loved the service and the interest rate was competitive and they even negotiated a special rate for me. What big four would do all this. Take my advice, go to Defence Bank for your home loan!
I joined Defence Bank virtually the day I joined defence. I invested a considerable sum through them into Santander and used their credit card facilities as well as insurance services. I became unwell as a result defence injuries and am currently under the care of the DVA after my medical discharge. I applied for a mortgage and used my DVA pension as my income. The amount of income including my wife's income was more than adequate to service the mortgage but Defence Bank refused my loan because of the source of income. This income is probably more secure than the persons' income that rejected the loan and despite several conversations with them, they would not budge. It seems that they use their priviledged position on bases to draw you in but for god's sake. Do not get ill - they will flick you off like a bug on your uniform. Defence Bank asked me to please not slag the bank off but I feel outraged at the bank and was surprised that the manager would ask this considering the treatment I have received. Thank God for Commonwealth Bank who chose to research the nature of my income and the conditions attached to it before they decided to grant me my mortgage. It took about a week longer but they asked all the questions and asked for all the proof (which I provided) before they made an informed decision. It's not the first that I have heard about Defence Bank turn their backs on ex-members who are having a bit of a hard time so SHAME ON YOU DEFENCE BANK! I WOULD NOT USE YOU AGAIN IF MY LIFE DEPENDED ON IT!
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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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