MyState Bank's service is atrocious. Besides not applying any full or even near rate reductions, I had to fight to get 1 further small reduction after the 2nd official cut. They've refused to do more after the 3rd. They leave it up to customers to contact them to fight for a better deal. On top of this, they have never called back at my preferred time, always when I'm at work or doing something more enjoyable.
Attracted by the low rate and redraw facilities, it took 3 months of chasing, asking and clarifying where our refinance loan was at. Extremely poor service response - the worse we have experienced. We felt we were servicing MyState, not the other way around. And at the end of it all, they failed to set up the requested repayment arrangements, resulting in a loan arrears situation that threatened our credit rating. Indeed, the customer complaints section asked us to complete the same forms again, despite them already being lodged 6 weeks earlier and an undertaking given that they would be actioned according to our requirements. Online access to monitor your loan, arrange redraws and additional payments is not provided as a matter of course and requires a separate process. The final blow is that we are required to open a Mystate bank account to access their redraw facility, as they don't allow redraw transfers into accounts of other banks. Even then, you cannot do it online, are required to attend a branch or make a phone call and a $30 fee is payable per redraw minimum of $500. This is different to other major providers who offer these facilities as a matter of course. If it is simply a low rate you want, go for it. If you also value customer service, responsiveness, transparency, 24/7 access to self-service and flexibility, use other providers.
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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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