Has a good mortgage rate and cash bonus .
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don’t trust this bank and there branch managers all they did to us was lie and treat us like second rate citizens. steer clear And try to go somewhere else.
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I've been with a credit union and Commonwealth Bank (CBA), had experience with NAB and am now with Westpac (for over 10 years) and they are honestly the best banking experienced I've ever had. Westpac has surpassed my experience with any other bank. I was purchasing a property and CBA couldn't match Westpac's rate. NAB promised to beat them but were stuffing us around and dragging their heels as settlement approached. Westpac "rescued" us from the situation by offering us a cheaper rate than NAB would and processing our loan application quickly. However, shortly after we swapped they upped their variable rate 0.2 % above the RBA move and our seemingly fantastic discount vanished within months. We now understood how they could offer us such a fantastic rate and felt a little conned BUT our experience in the 10 plus years later we have overall been extremely happy with them. During this time we have experienced many of their products from their fixed Investment home loans, to their variable principal place of residence loan, to their Life account, Bump Account and Altitude Mastercard -the service has been fantastic throughout. The reason we stay with Westpac is: the security of a big bank (we feel more protected from hacking -something the government $250k guarantee does not cover, and protected by their size and reputation -ie from bankruptcy as the government guarantee only covers to $250k and not things like hacking ), and the service -I've always walked into my local branch and received prompt service no matter what my question, the telephone and web banking service is pretty amazing too as is the app. I fixed my home loan within minutes via the app. There were no hidden surprises either. The phone service is always prompt and helpful. I've never been one to budget but thanks to the app I'm now fully away of my monthly expenditure and income allowing me to calculate an average per month. It also gives you a net position -as in net worth -which is brilliant. It categorises expenditures and sorts them biggest to smallest allowing you to quickly identify something unusual. It also gives you a rolling figure of income and expenses for the past 12 months. You can get your tax data, home loan rates and other info quickly and easily. I also enjoy their Life account (currently offering 4.75% variable on savings) as I've compared it to other savings accounts on the market and they are either riskier (in my opinion) or have more "hoops" to jump through to qualify for bonus interest -or both. I found it easier to qualify for bonus interest with Wespac than with many other products offered by other institutions on the market. I also love their Altitude Rewards Card (if your signing up with Westpac try and ask for the platinum card). I earn points on nearly everything I buy which has allowed me to get hundreds of dollars of gift cards but you can also use points to buy products and even get cash back. You can also set it up so that you automatically direct debit the spending on this credit card from your savings account which means you never pay interest. Another added money saving/earning bonus that's effortless. If you temporarily lose your card you can easily temporarily lock and unlock your card via the app -no need to call the bank. Finally, I've found around 90% of the time Westpac is true to their word and will honour their word. Overall, I have done my research and I highly recommend them - you do pay a premium over a non-big four bank but in exchange they offer security, excellent service, a fantastic app, easier hurdles for bonus interest, automated functionality such as auto direct debit, a huge range of highly flexible products, a great credit card with a good points system.
More Westpac home loan customer reviewsI have been with Westpac for 37 years and had many products. I always feel I am getting the best deal. The call centre is very receptive and helpful.
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IT WAS NOT CLEAR WITH THE EQUITY HOME LOAN THAT REPAYMENTS WERE CALCULATED ON THE TOTAL EQUITY AMOUNT AS OPPOSED TO WHAT HAD BEEN DRAWN DOWN. ABSOLUTE NIGHTMARE TO FIND OUT OUR MONTHLY PAYMENT INCREASED BY $600 ON 40K!! THE BANK GAVE US $800 IN COMPENSATION WHEN WE POINTED OUT THIS WAS NOT MADE CLEAR. NOW WE'RE PAYING FULL PAYMENT ON $150K BUT HAVE USED ONLY $70K. THE LEFTOVER MONEY IS HELD BY THEM SO THEY MAKE THE INTEREST ON THE BALANCE. NO ADDITIONAL PAYMENTS ALLOWED AND ANY ADDITIONAL PAID WITH THE REGULAR REPAYMENT IS DIVERTED TO THE "REDRAW" AMOUNT SO ITS NOT POSSIBLE TO PAY DOWN THE AMOUNT USED. SO IF YOU GOT AN EQUITY LOAN FOR $500K AND USED ONLY $50K YOUD BE MAKING PAYMENTS ON $500K, WITH NO WAY TO BRING THE 50K DOWN ASIDE FROM PAYING OUT THE LOAN. THE BALANCE OF $450K IS KEPT IN THE BANK EARNING NO INTEREST. ITS NOT POSSIBLE TO USE THE ACCOUNT IF YOU ARE IN A SITUATION OF NOT HAVING ACCESS TO EMAIL. IF WE HAD KNOWN WE WOULD BE PAYING REPAYMENTS BASED ON THE TOTAL AMOUNT AS OPPOSED TO AMOUNT USED, WE NEVER, EVER WOULD HAVE SIGNED ON. NOW WE ARE STUCK WITH MEGA HIGH REPAYMENTS INTIL THE HOUSE IS SOLD. THE BANK SAID THEY WOUKD MAKE IT CLEAR FOR FUTURE CUSTOMERS THAT THE FULL PAYMENT WAS TO BE MADE. WE DEFINITELY GOT CONNED IN OUR OPINION AND ITS NOT REMOTELY FAIR FOR US IR ANYONE TO BE PAYING MONEY ON AN AMOUNT NOT USED. 70K SITTING THERE NOT TOUCHED. AND WE HAVENTO PAY. NO INTEREST PAID BECAUSE THAT UNUSED EQUITY IS NOW SITTING IN THE BANK WHILE WE BASICALLY PAY $900 ON $70K LOAN BECAUSE THE EQUITY IS $150K. DONT TOUCH THIS LOAN UNLESS YOU NEED THE TOTAL AMOUNT APPLIED FOR.
More Commonwealth Bank home loan customer reviewsI purchased a house years ago when I was in my early 20’s, and the loan was through Commonwealth Bank. The bank did not advise me of the best options for me - including not advising me about having my other accounts as Offset accounts. I was quite young, so did not know that this was an option. And over the years when I visited the branch to discuss my home loan at my request, at no point did they offer me to adjust my savings accounts to Offset, or offer any other suggestions which would have helped me pay it off faster or pay less interest. Instead one of the home loan managers actually encouraged me to do redraws on my loan, since I was ahead in payments. I have since made adjustments so that the loan was paid off faster and my savings accounts are now all offset. But over the years I have lost a lot of money in interest because the staff were not helpful.
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Have tried to call keep getting someone over seas that can hardly speak English .have asked if some one from Australia to call me back but have had NO CALLBACK . Bad customer service in fact NO CUSTOMER SERVICE .
More firstmac home loan customer reviews
Do not communicate unless to raise rates. Online is difficult to use.
More Pepper Money home loan customer reviews
We received friendly, personal service from our mobile home lender with clear and consistent communication. A year in and we’re emost of the other banks and credit unions which we are very happy with and we’ve experienced new product features and technology being introduced, to our advantage, which has been great. Overall great products so far and an easy-to-use banking app.
More BCU Bank home loan customer reviewsMy experience with BCU Bank has been excellent from start to finish! As a first home owner it was excellent that they could explain the process and support us. The rates have been great and the communication has been helpful. Additionally to this the app is easy to use - love the new look and accessibility.
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I have enjoyed being with NAB, for over 10 years now for our home loans. They have continued to provide adequate service, fees, rates and charges. I think they are doing the best they can and I feel happy to be one of their customers.
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Macquarie take the stress out of applying for a home loan. Competitive rates and great offset benefits. No question they are leading lender and I would never consider any other lender.
More Macquarie home loan customer reviews
They are not very competitive..don't have the customers best interests.
More Bank Australia home loan customer reviews
Rams would have to have the worst customer service i have ever experienced. Spending hours on hold waiting to talk to someone only to get transferred to someone else and then disconnected... back to the queue. Its like they just hang up and don't care.
More RAMS home loan customer reviewsThe pros for Westpac that stands out for me is that they will efficiently direct you to the right person in their branch regarding inquiries I had about my home loan etc. interest rates, payment plans etc. The cons which I believe are out of the banks control is the rising interest rates.
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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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