Firstly I prefer a credit society like P&N as I believe they are not totally sold on gaining profit off the mortgagees and I believe their rates are better than the big banks. I like their low rate credit card that comes with the home loans, that effectively gives us another AUD20000 of lending on top of our loan amount. That helped us to renovate our kitchen for the home we bought. The part I am put off by P&N is their ease of use. I can just walk in to the big banks and there is always someone I can engage personally instead of waiting on the phone hour hours for a simple yes/no question. P&N has very limited outlets. In the past I have made a few phone calls to P&N. Although they solved my queries, the wait time was horrendous, and I feel there is lack of personal touch like seeing a person face to face.
Wait times for processing applications are beyond a joke. We were told applications would be delivered by certain dates. These were delivered weeks later. They completed our first home owners grant application incorrectly, after waiting a week longer than they advised us we would wait. They had to resubmit and made us wait even longer! Not a good start to using their services. They forced us to push settlement date twice because they did not deliver to our very reasonable deadlines.
I do not have a complaint about P&N. What is the point of complaining when they fail to resolve the issue. I conceded defeat a long time ago. I had two ‘interest only’ home loans with them until May 2017 when they came to the end of the three year terms. I went to see them and informed them that I wished to continue with this arrangement. I also explained that my wife was dying and this was causing me a great deal of distress. They seemed very concerned, offered their sympathy and assured me that they would not add to my problems. They did the exact opposite. They turned both loans into principal and interest and increased the rates to about 5.7%. One of the reasons given was that as my wife was dying (she died 8/8/17), I would no longer benefit from her income. My wife’s income had fallen from a very moderate level to nothing over the previous four years. Therefore, due to her failing health, she was not, and had not been making a significant contribution to our joint incomes or some years. Despite my situation P&N increased my payments by $3,000 a month. Very sympathetic. Just when I needed some help, I received in its place, a kick in the guts from the P&N bank. They really did talk nicely, sounded very concerned, but then screwed me when I was at my most vulnerable. I would point out that I have never missed a payment, even those at the current extortionate rate.
Not as easy to set up loan as I thought and didn't explain things in layman's terms. After loan was set up I had to call and find out all about the accounts and they didn't set up my offset account without me calling either.
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