We have been customers with NAB for over 40 years. This doesn't matter to them neither do they care keeping long term customers or believe in flexibility.
They are the best bank I have ever banked with there interest rates are very good they have great staff and a local branch which is very helpful.
NAB have great customer service and are always willing to help and explain anything that you need clarification on.
Extremely poor service and arrogant staff at Norwest Branch.
Very easy to deal with, explained options for refinancing home loans and finance loans. The product was what we were looking for. Also answered questions and organised bank accounts for the home loan repayments. Thank you, we are very happy.
Do not recommend! NAB or your broker will lock you into a non-competitive rate and charge you the $395/year on top of this so you can wait 1+hour to talk to 3 people in a call centre who will all ask you the same questions despite you having answered them and waste your precious life and then decide they can't help you anytime you have a query. While some try to, for whatever reason, their system is always slow or down, none of their back-end team are ever connected or seem to be in the same place as each other so you're dealing with a completely silo'd and disconnected group of people. When you finally get through to someone, you spend another 1 hour talking to someone in Australia (which is what the $395 plus your excessive interest rate is paying for presumably), guaranteeing you XYZ with no follow-up in writing before not actioning your query. You are then left to join the call centre queue again and if they don't hang up on you after the 1 hour+ you are in line, they'll screw up your query again and again and again. They used to assign a retention officer if they really screwed up (thrice over 2 years for me) with email details so you didn't have to wait in line but they know longer do this anymore, presumably due to high demand and all the screw-ups. Their first offer after a complaint is to refund the yearly fee and if you threaten to go to the Financial Ombudsman they may then write you a polite email - no other financial refund is available despite you being penalised in time and money for their shortcomings. Really do you numbers to see if you need to be using a Big 4 bank - the interest rate is everything. A half a % change can mean 000's saved in a year and more in the long run and breaking a fixed rate can be earnt back within a reasonable time if you get a spreadsheet out and just use an afternoon to see how it all works. If you've only got a year or two left on a fixed loan, the economic break cost is generally under 1k and if another provider is offering 3-4k joining bonus, just do it (there are also exit fees). This was a revelation for a non-numbers person after I just became so frustrated with being ripped off. Don't get drawn into the big banks providing a "safety net" - they are just using their excess fees to try to pay for their clunky, dated systems and all the support they need for this, CBD offices and amenities, Australian-based call centre staff and management teams to design KPIs, scripts, incentives for staff etc.
NAB is more interested in gaining new customers by offering incentives and low interest rates to entice new customers rather than looking after their current customers and offering them the same incentives. However when there was a problem with my credit card and suspicious activity was detected I received a text message immediately asking if I could contact the bank. This issue was dealt with efficiently. I think NAB could improve on being more competitive with their rates
I got this loan through a trusted 3rd party broker and the local NAB branch don't want anything to do with me. When I go into the local branch for a query they just refer me to their loans help line. The 3rd party broker was much more helpful.
No annual fee, easy redraw although probably not the most competitive rate. Have gone the motions of refinancing elsewhere however it’s a really convoluted process to change all auto payments etc.
Terrible customer service. Long waiting & kept getting cut out from their end. Never returned calls or appointment call either
NAB have been excellent for us. First time home buyer, we tried for home loan through our usual bank. Gave us such a hard time even though we had 20% deposit. Tried NAB, had the loan within 7 days. Customer service over the phone was amazing, went above and beyond to help. Shout out to Josh and Kathryn from Melbourne branch, you were both amazing. Interest rates are awesome :)
We had our home loan with NAB. We were looking at refinancing to get a better interest rate and a little more money to do renos on the house. Was told no straight away, even though we have been paying more money onto the loan and have never been behind in payments. They didn't even have a look to see if we could or couldn't do it. Also we didn't change anything throughout COVID-19, still paid the some every fortnight. We have been with NAB for over 10 years and no help, the customer service was so bad I have made a complaint. We have gone with another company and NAB bank made the settlement go on for over month. They kept on saying we need more time with all the paperwork, which they had in time of the settlement. Both myself and the other bank put it down to they want the monthly interest rate that they were going to miss out on.
Mortgage: I had all the paperwork ready and a 10 day cool-off was the case. For 7 of those business days NAB did not contact me, update progress or anything without me doing it first during the last bit. Credit file got pinged on day 2 of application. In the last 3 days + 1 extra days the amount of extra paperwork that has been asked for has been beyond reasonable. Tenant Ledger from the RE but no ABN listed? Not good! Many examples like this. As the branch person says, I have the cleanest file. Everything intact. NAB just doesn't want clients and won't say "no", hoping I reverse the contract to buy and wear the deposit loss. Their IT systems have crashed several times during initial application stage too. Approvals are done offshore, they had trouble understanding the concept of being paid by a foreign company into an Aussie bank account. The person doing approvals according to the branch staff has quickly rejected my file every time. Very stressful and not communicative regardless of outcome. Avoid at all costs for mortgages.
The customer service, flexibility and response to interest rate changes are great. I have been a customer for many years and can recommend them.
Not always sure my bank who I have been a loyal customer of for a long time always has my best "interest" at heart.
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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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