Commonwealth Bank Retention

[Jake D]

Maybe I'm being a bit flippant, but Commonwealth have really pissed me off with my PPOR loan.
I've found another bank, got a quote I'm happy with, I'm aware of all the cost of transferring and have a loan application to take home and fill out tonight.
The lender at the new bank said something along the lines of "Commonwelath will take at least 21 days to release the property, as they will try to retain you."
I'm looking for some insight into what they'll offer me to retain me.
Currently: Loan just under $300k, value $340k, Wealth package, linked credit card, current Variable rate 5.85%

 

[Peter_Tersteeg]

They might offer an additional 0.05% to 0.10% off, but it's also dependant on your LVR and a few other things.

What are you actually looking for? What has motivated you to look around?

21 days to release the property is fairly common, but it's poor form for the other bank to give you an application form for you to fill out yourself. Most people in sales would do it for you on the spot.

 

[alexlee]

Do you have to pay LMI again to refinance?

 

[sash]

If you can leave ....leave.....the CBA are on a slippery slope downwards.

All they care is about their processes.....customers are just a nuisance. 5.85% sounds high...I am sure you can get better deals out there!

Retention will try to lock you in with a fixed rate...then its all care no responsibility!

 

[Cherry Pro]

I just refinanced from ANZ to CBA and they offered me 5.39% fixed for 3 years, this is standard across the board so no special deal really. LOC at 5.80%.

Sash, what makes you says CBA is on a slippery slope ?

 

[Rolf Latham]

Maybe I'm being a bit flippant, but Commonwealth have really pissed me off with my PPOR loan.
I've found another bank, got a quote I'm happy with, I'm aware of all the cost of transferring and have a loan application to take home and fill out tonight.
The lender at the new bank said something along the lines of "Commonwelath will take at least 21 days to release the property, as they will try to retain you."
I'm looking for some insight into what they'll offer me to retain me.
Currently: Loan just under $300k, value $340k, Wealth package, linked credit card, current Variable rate 5.85%

Hi Jake

Lodge your dischargewith CBA NOW, and make sure they acknowledge receipt.

then by the time u are ready to settle the 3 weeks isnt an issue '
ta
rolf

 

[Jake D]

Do you have to pay LMI again to refinance?

Didn't pay it initially, had a guarantor. (Am in process of removing Guarantee with Comm, which will incur LMI, got a lower LMI quote with the new bank - the removal process is what's so painful)

Hi Jake

Lodge your dischargewith CBA NOW, and make sure they acknowledge receipt.

Thanks, will try do something about this in the morning.

 

[Jake D]

Sash, what makes you says CBA is on a slippery slope ?

I also ask this question.

 

[Jake D]

They might offer an additional 0.05% to 0.10% off, but it's also dependant on your LVR and a few other things.

So not that enticing since the new bank is already offering me as much discount.

What are you actually looking for? What has motivated you to look around?

The process is driving me nuts. It's taken them so long to do that the valuation expired. They got a new val, but won't let me see it/know the vaule. They won't let me see any documentation from Genworth on the LMI amount. I wasted about 6 weeks with a cashier trying to earn brownie points by doing someone elses job before getting over her head and dishing me to a lender who has even less of a clue. There's more but I reckon you guys have heard similar stories before.

21 days to release the property is fairly common, but it's poor form for the other bank to give you an application form for you to fill out yourself. Most people in sales would do it for you on the spot.

I was in a foul mood when I walked straight from CBA to the new bank, and I hadn't told anyone at work where I was going so it was a pretty quick meeting. Maybe I'll take it back blank tomorrow and play dumb.

 

[sash]

I used to have CBA as my primary bank but recently I have started pulling back.

They have become so process bound that they can't see the wood from the trees. They are incredibly inflexible....also their rates are not market leading any more.

On the other hand whilst not without pain....the NAB has a much better service attitude. It took 3 months when thery stuffed up on a HL fixed rate...but they came through in the end.

My advice is to caution you against CBA. I also find the CBA in particular is staffed by very inexperienced staff. A lot do not know what they are talking about...no offence...but a lot of green behind the ears Gen Y who view their jobs as a stepping stone to a future CEO of major bank!

The other thing is that ar every poor with robust discussions....you only find this out when you have to get things done. Absolute bunch of "bankers".

Whilst, I am not moving all my business...I am definitely putting CBA as a lender of last resort.

I just refinanced from ANZ to CBA and they offered me 5.39% fixed for 3 years, this is standard across the board so no special deal really. LOC at 5.80%.

Sash, what makes you says CBA is on a slippery slope ?

 

[sash]

Mate.....spot on....not surprised.....summarises what I said in the post above!

Ring complaints and say that you are dealing with "monkeys" ...I use this phrase all the time. Usually if is put through compliants it get resolved.

A friend who works with CBA and over hears the convos with irritated customers. It is not unusual.....Australian banks just don't get customer service. I had my way I would rather employ foreigners who understand customer service better. CBA claims they have all their call centers in Australia....this is one of the issues.

At least if they are in the Phillipines ...they are polite and don't get shirty and treat people badly.

So not that enticing since the new bank is already offering me as much discount.



The process is driving me nuts. It's taken them so long to do that the valuation expired. They got a new val, but won't let me see it/know the vaule. They won't let me see any documentation from Genworth on the LMI amount. I wasted about 6 weeks with a cashier trying to earn brownie points by doing someone elses job before getting over her head and dishing me to a lender who has even less of a clue. There's more but I reckon you guys have heard similar stories before.



I was in a foul mood when I walked straight from CBA to the new bank, and I hadn't told anyone at work where I was going so it was a pretty quick meeting. Maybe I'll take it back blank tomorrow and play dumb.

 

[Aaron_C]

The process is driving me nuts. It's taken them so long to do that the valuation expired. They got a new val, but won't let me see it/know the vaule. They won't let me see any documentation from Genworth on the LMI amount. I wasted about 6 weeks with a cashier trying to earn brownie points by doing someone elses job before getting over her head and dishing me to a lender who has even less of a clue. There's more but I reckon you guys have heard similar stories before.

Actually with a broker (putting the deal to CBA) you'd know all these things: Valuation, LMI amount straight away. Problem with a bank manager in most cases (at any bank, not just CBA) is that:
a) the good ones leave for better roles;
b) the guy who replaces him is usually new/inexperienced/incompetent; and
c) there is little incentive for them to look after existing customers because it doesn't contribute as much to KPIs.

 

[Terry_w]

And when the retention team does call you ask them why they are being nice just now as you are leaving and didn't offer you all this before?

 

[Brady]

And when the retention team does call you ask them why they are being nice just now as you are leaving and didn't offer you all this before?

Im guessing because they didnt ask.

Anyone who isnt happy with a rate they are receiving can walk into the bank they bank with or the broker they deal with and ask for a better rate.

common sense really.


you run a business Terry so im sure you want to make profit.


As for OP like anytime you deal with anyone in business there are those who are good and those who arent.

I would suggest finding a banker/broker that you are happy with and trust and stick with them. If that person leaves the role ask them to refer you to someone who they recommend and trust.

 

[Rolf Latham]

I would suggest finding a banker/broker that you are happy with and trust and stick with them. If that person leaves the role ask them to refer you to someone who they recommend and trust.

ditto

ta
rolf

 

[Robstar]

Actually with a broker (putting the deal to CBA) you'd know all these things: Valuation, LMI amount straight away.

Agreed. We have 4 loans with CBA through our broker & she tells us everything.

 

[Terry_w]

Im guessing because they didnt ask.

Anyone who isnt happy with a rate they are receiving can walk into the bank they bank with or the broker they deal with and ask for a better rate.

common sense really.


you run a business Terry so im sure you want to make profit.

This is a fair enough answer.

But the op seems to want to leave because of reasons other than the rate. Would a drop in rate be enough 'compensation' for you to stay?

 

[Jake D]

Correct, rate doesn't phase me. Especially if the difference is only .05 or .10.

I have a feeling if I do get a call from the retention team, they may get an earful.

 

[Brady]

Correct, rate doesn't phase me. Especially if the difference is only .05 or .10.

I have a feeling if I do get a call from the retention team, they may get an earful.

Out of curiosity what is the issue that you have with them if its not rate?

Most of the time you would hear that service was great but couldnt compete with x.xx%

 

[Brady]

Agreed. We have 4 loans with CBA through our broker & she tells us everything.

CBA doesn't charge the client for the valuation its paid for by the bank and meant for just the bank.

Usually banker would still verbally tell the client what the valuation was if it was an issue but wouldnt provide it to the customer