$500 48 hour service guarantee?

Just thought I would share this with you broker colleagues.

So I sent in a deal to the bank currently running the 4.69% campaign and 48 service level guarantee (now 4 days). Deal was 80% LVR, $700K refinance. Pretty straight forward one applicant PAYG main earner and the other was a SE lawyer which was the only slightly complex thing about it but nothing to too unusual there.

I was always a bit suss on this guarantee as they have so many asterisks and weasel clauses that you have to take with a grain of salt right. So anyway I sent in the deal and made sure it was 100% clean documentation wise as I wanted to test the guarantee.

Timeline:
* Valuation done upfront a few week ago.
* Submitted application and supporting docs on Tuesday morning.
* Back channel message Friday afternoon - conditionally approved. No email from file owner saying what conditions were.
* Monday - unconditional approval.

So seeing as they didn't ask for any further information and it took them at least 3 and bit working days to pick up the file (Tuesday - Friday), I was sure was going to qualify.

* So I email my bdm but he says he is too busy and it was only 1 day over can I just let it go? Umm no is my response don't make the claim if you cant back it up. Pretty typical for him. Lazy and thinks he is a good BDM. Really a failed broker with no clue.

* Next step I email the back office and got a response just now. "It doesn't qualify because it was referred to credit". This is even though they didn't ever ask for anything further and it took over the 48 hours to be picked up.

One word WEASELS! I don't care about the $500 I just hate that they can get away saying that they are inside the 48 hours to us when they are really not. This lender also markets to brokers that you get talk to real credit assessor / decision maker which is also not true. Most all my deals get up lined to the real credit people who we can't talk to. They must really think we are really dumb.
 
If it took 48 hours to be picked up shouldn't that automatically be out of the service guarantee?

I would press harder or just cc the email to their ceo haha
 
quality of problem guys......

If you want some good stories let me tell you about the little sheltered workshop Ive been working with the last couple of years.....
 
Ha, I had a meeting with the BDM of this bank a few weeks ago and he was boasting about how since this was implemented they've only had to pay out the $500 (IIRC) 2 or 3 times because they're so awesome and on top of things.... :rolleyes:
 
Out of the 4 or 5 deals they've done so far? :)

Haha i think its fair to say that they're actually being swammped. Excellent rate, low loan amounts (big pool), bonus broker comms = great combo to getting lots of deals through the third party channel.

Nonetheless, shouldn't be making promises they cant keep.

Good on ya' Marty for holding them to it. :)

I think most brokers are having a similar experience.

Cheers,
Redom
 
They have now agreed to honour the $500 deal btw which I thought only fair I share.. Mixed feelings really. Good result but still pissed I had to jump up and down about it.
 
Heh, just received an email saying that "we have made the decision to withdraw our Service Guarantee until further notice."

Read into it what you like ;)
 
Heh, just received an email saying that "we have made the decision to withdraw our Service Guarantee until further notice."

Read into it what you like ;)

It was a joke - made 4 claims from 4 applications and they only paid one. There were a lot of "conditions" to be met.

Cheers

Jamie
 
It was a joke - made 4 claims from 4 applications and they only paid one. There were a lot of "conditions" to be met.

Cheers

Jamie

One of the exclusion is if they refer to a higher credit authority for further assessment. What's stopping them from telling us that they have done this to save $500 in the even that they can't turn it around within the promised time frame?

Also I don't quite get the other exclusion of "Applications that have been submitted more than 7 working days". Is that to say that if they failed to complete their initial credit assessment within 4 days and got delayed beyond 7 days then it's excluded from the service guarantee?

What was the reasons given for your 4 situations?
 
What was the reasons given for your 4 situations?

Two were the higher credit authority- which I still don't understand and they couldn't provide an adequate explanation as to what that actually means.

The third is because they asked for another payslip. Still took them almost a week to request it.

The fourth was actually for an SS client and they paid this one.

Cheers

Jamie
 
Top