Currently trying to have a loan approved. Commenced process almost 3 months ago, now two weeks out from settlement they have requested additional information for their assessment. This includes rental statements, tax returns and letters of rental valuation on our current residence that we will be selling. Had they have asked for this earlier on there would be no issue but seeming we are so close to settlement it is looking very unlikely we will get approval on time. Fortunately we have a Plan B and the LVR is less than 40% but for anyone relying on the bank to assist them in the process of purchasing a home I would be looking elsewhere before wasting valuable time and being unnecessarily stressed out.
The Worst Financial Institution I have banked with Very bad customer service, misleading, non reliable and wrong information received for the same queries, no official letters or any form of notification sent for any changes to the home loan terms, incompetent and non helpful staff. Unfortunately stuck with them because of the fixed Home Loan terms
Qudos Bank (ex Qantas Credit Union) is a not-for-profit bank fully owned by members. And so even with their home loan offset accounts, members' funds in those accounts are safe, along with of course the usual Commonwealth Government Guarantee up to $250,000 on all of their savings accounts. Furthermore, in accessing funds from an offset account, there are no ATM fees for cash withdrawn through the big 4 banks' ATM machines. All in all, Qudos is tops for home loans as well as reliability, excellent service, and safety with members' funds.
Very slow and inefficient. It's like dealing with a bank in the 50s. You cannot get them on the phone. Long waits and then they cut you off after 15 minutes on hold. I guess it helps their phone times if they are cutting people rather than talk to them. The only good thing is their competitive pricing, but it comes at the expense of service.
Only branch in QLD is cashless, however online options are ok. Needs Osko immediate transfer between banks.
This is the worst financial institution I have dealt with - Very poor service - Very hard to get an answer to any question - It takes days or weeks for a simple answer - Misleading information - No official letters or emails sent for any changes to the loan terms - No help offered or professional advice - The staff is not helpful
New loan. Settle on 10 days ago - but apparently already in arrears. Thing is they hadn't told me they had settled (my old bank did). I assumed it would be monthly repayments on settlement. Wrong! Apparently it is first of the month only they didn't tell me this. And no information on my account numbers - still don't know what they are. In fact I know nothing about these loans except now I know they are paid 1st day of the month. They set up the wrong funding account. Of course if they communicated I might know this.
I think they’re great.
Would give them negative stars, Quodos is absolutely atrocious. Initially we had a verbal assessment and used equity from an existing loan we had so we could get the new loan for a new purchase or refinance. I asked how long this would take and was told a few weeks Now fast forward 3 months, and our loan application is still processing. I had to upload all our documents (bank statements, lease agreements, property purchase contracts) 3 times. In total I sent about 80 email just to organise this loan. Then on the last week they called me and told me I could not get approved. Furious does not even bring to describe how we wanted to scream at that very moment. Do not waste your time with them and think things will get better. They have employed some very incompetent people. We called them to try get in contact with their complaint department however instead we got passed around between different people until our call got rejected. They called back to inform us that the manager of the complaints department was on leave. They also sounded extremely aggressive and unprofessional and in the end I was unable to even file a complaint. I would like to advise anyone thinking of getting a loan with Quodos bank to reconsider their options, don’t waste you time with them like I did.
Quodos bank is absolutely rubbish. They are uncaring, inflexible and have the worst customer service. We applied for a home loan; its been 3 months and the application is still processing and we barely get any updates. The lending specialist I was working with does not know what he is doing. We followed his instructions and submitted all the necessary documents, but after doing so he never called us back and we had to confirm ourselves if he had received them. In general his behaviour was very poor and he was not friendly at all. We were also told to contact their credit manager however we couldn’t because the credit manager was not taking any calls. Absolutely horrible customer service, I would not recommend them to anyone. Stay away from Quodos bank.
There are no fees on this home loan.
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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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