I am living in regional NSW and there are no physical banks to visit and withdraw money. The variable interest remained unchanged with the large reserve bank decrease. Was paying 3.52% for variable and they still refused to drop the rate given I was offered 1.89% for the same loan with a different bank. We will now be moving to a new bank. Although I had minimal issues contacting customer service and they were polite to deal with.
Since Mystate bank have pulled all branches out of Queensland their service has deteriorated to the point of being non existent. call them and wait times will exceed 1/2 an hour, and if you call the lenders department you are told to send them an email and they will get back to you within 3 days. Appalling. I have sold 2 houses that I had mortgaged through them and both times settlement has been held up by 5 days while they sort out their paperwork, and both times I had given them plenty of notice that the houses were sold. Never again. They have lost all my business.
We have been with this bank for over 15 years and even though there is no bank where we live service has always been efficient and friendly and communication is great.
They are extremely hard to communicate with long wait times and rude customer service. You can't talk directly to anyone from the bank servicing the loan and if it gets declined for any reason, they are ambiguous and will not give you a clear answer. Their wait times are up to 20 days and they are impossible to contact.
Certainly not a ‘human’ way to bank. A lack of regard for our needs both when we originally took out our loan and now at pay out. After paying out the loan and taking all requested discharge actions, we are still waiting for our cleared property title 8 weeks later, with at least another 6 week wait ahead of us. This bank has clearly moved too quickly to technological service delivery, without regard to sound business redesign and change management principles and practices. They have dropped the ball on those business processes for which they alone remain fully responsible. Their technological solutions are fragile and insecure, meaning face-to-face branch contact is the only reliable, accountable and safe way of doing business. Repetitive visits are required to track progress to maintain accountability, as bank staff appear not to be required to be proactive and personally responsible to ensure a business process reaches its natural conclusion and to keep customers informed of their progress. A continuing, deeply frustrating and disappointing experience.
Always had to fight to get a better rate and/or them to reduce their rate after official cuts. Even then, they never passed on full rate. I understand as a minor player in the market they have different pricing, costs etc. but that doesn't help me.
Communication can be challenging. Electronic systems need updating (ie; app / online calcs etc). Rates are pretty good. Local bank is comforting.
Such a great bank, I have been with them over 5 years. So helpful and friendly. I wouldn't go anywhere else.
Were fantastic in discussing what I wanted and then delivering. Adaptable and friendly.
I like this bank because I never have to go into a bank.
Day to day banking is fine but home loan and flexibility is not great.
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.
Overall MyState is a good alternative to the big 4. Our loan manager is very accommodating.
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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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