I just spent 1 hour on the phone to them just to get the correct BPAY details so I could pay my credit card. Thats not unusual. My home loan came off a fixed term a month ago, into a time when interest rates are around 1.9% to 2.6% with other banks variable. They smacked me 4.75% and have still not finalised what my variable rate will be and it's been now 5 weeks after my loan came off fixed. They are purposely ensuring they took this time so they could just charge me whatever rate they wanted. I have had to threaten legal action and AFCA to even get them to offer me a better rate which is still more than what is advertised. AFCA took 1 year to credit mistakes with them on my accounts and it's still not finalised. It cost me my health, do not use them.
Interest rates have been lowered by RBA, yet no offers to lower my loan rates have been received. This is unacceptable in today's market. Banks should be more proactive in this area.
We changed over to HSBC last year and it was the best decision. They have been outstanding and the recent upgrade to their online banking app has made banking even easier. Only con is there isn’t many branches in Victoria.
HSBC was a great option as one of us wasn't a citizen nor permanent resident at the time we applied. They were one of very few providers that allowed this. They've also lowered our variable rate three times in about 15 months, usually passing on RBA rate decisions. Compared to our friends, we have one of the lowest home loan interest rates.
This is a bank like I have never dealt with before. They never return calls, they never return emails they never seem to know what you have asked or what you want to achieve. They are supreme at ducking and diving. The only time I have had response is when I got AFCA involved and even then they ignored AFCA. Do not go with HSBC it is less than desirable, it will ruin your life, destroy any spare time you have as you will be dealing with all the myriad of problems that HSBC banking will cause you and if your a person that pays close attention to charges, changes and the bank upholding their contracts you will be spending all available time as I have to correct them with no success. 4 years of hell on earth.
HSBC are not interested in maintaining clients or negotiating rate reductions despite not passing on Reserve Bank reductions in full. They treat you well to sign you up then don’t care. I would not recommend HSBC as they don’t care about average Australians.
HSBC offer an excellent rate and their customer service has been good. Their app is only mediocre and their information could be clearer. I am worried by their support for illegal arms dealers and manufacturers of cluster munitions, however.
Talking to foreign call centres who don't understand your question. Not like HSBC in UK at all where I've been a customer for over 10 years. Short-sighted staff who don't care about business retention. I got no follow up from "Relationship Managers". Infuriating customer service
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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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