Your most frustrating stories

[Rolf Latham]

Why do I stay?. Well the last purchase involved me leaving them but they undercut IR of everyone to hold my business. Set up as permanent discount I pay 5.03 variable across all my loans.
.

very standard 2 faced NAB stuff, and often they ask for the borrower to get an offer from a broker - then we can beat that.....

The challenge for many borrowers, one day the cheaper rate will come home to roost in other ways

If Borrower As primary reason to use lender X is rate and fees, then Borrower A has only a "hope" strategy in place tocontinue to build a portfolio

Hope is an OK strategy for borrowers with just a ma n pa home loan, or a borrower in consolidation phase ( though often the convenience and price thing doesnt become a problem until consolidation, and then it REALLY bites)

ta
rolf

ta
rolf

 

[Postcard]

Sounds like a cross-colletarlised mess (common with NAB). Is the 5.03% worth it?

If I had walked on 5.03% it would have been for sentimental 'customer deciding with his feet' type reasons.

NAB does have a functional internet bank system, and the loans have all the features, at low yearly maintenance.

The decision was based on best deal available. The day I find a better deal is the day I leave them.

I have no relationship or loyalty with them. Debt merchants are not doing us favours.

 

[Postcard]

very standard 2 faced NAB stuff, and often they ask for the borrower to get an offer from a broker - then we can beat that.....

The challenge for many borrowers, one day the cheaper rate will come home to roost in other ways

If Borrower As primary reason to use lender X is rate and fees, then Borrower A has only a "hope" strategy in place tocontinue to build a portfolio

Hope is an OK strategy for borrowers with just a ma n pa home loan, or a borrower in consolidation phase ( though often the convenience and price thing doesnt become a problem until consolidation, and then it REALLY bites)

ta
rolf

ta
rolf

Would be great if you could give an example of what you mean by this.

 

[starter]

So the story just get better, this time not really NAB fault though.

Since I now have a tracking number, I was able to see that my documents arrived in Ho Chi Minh City yesterday (where I currently live). You beauty I thought, will get that on Monday. Alas the latest status today is that it got sent to Penang, Malaysia, by DHL by accident.

 

[Marty McDonald]

Debt merchants are not doing us favours.

They are if no one else will lend you the money.

 

[Deltaberry]

Most bankers and their lawyer are pretty incompetent. But you know when their power is biggest? When you are desperate and need their money. When you are cashed up and are only gearing for fun, they lose their bargaining power.

Let's see. Just bought a new place.
- 3 month settlement
- ANZ private banker did not bother to do anything until 10 days before settlement
- With 10 days to go, he told me the credit team has a problem with the loan
a) Valuation seems too high, credit team is scared;
b) Didn't realise we were buying the business which leases the property as well (well you would've saw that if you looked at the contract at any time during these last 3 months)
c) Because we're buying the business, they're concerned we can't pay the rent (Hello? I just had 3 written offers that are 30-40% higher in rent from third parties and I haven't even marketed the property)
- After a bit of to-ing and fro-ing, I told them, "don't worry, I'll settle with cash"
- After you tell them that, the loan maigically goes through. Talk about dogs. Oh but on the proviso we have to pay 12 months interest up front. Well I'm refi-ing from ANZ back to my old private banker at Westpac who gets things done in 1 day. To think this ANZ team always invites us to functions and lunches and budget dinners and all that rubbish yet can't even get something so simple done. I'll tell them to save their invitations next time.

Another one with ING.
- Had an unencumbered property for a while
- Held through a 100% subsidiary of another company
- ING wanted directors of parent company to guarantee (fair enough, but I still told them to f** off)
- Then told me they wanted the shareholders of the parent company to guarantee too (I wonder if BHP has to ask all its shareholders to guarantee when it takes on project financing to expand Pilbara), on the day before my designated settlement
- Again, told them to f*** off and give me back the title because I didn't need the money anyway
- Loan goes through after I tell them that
- At least the ING team doesn't have annual reviews nor annoys me with invitations to CBA's budget dinners

 

[Aaron_C]

Funny how banks change policy for some people

 

[Deltaberry]

Hah. The ANZ banker's boss called up last night to ask if we'd like to go to a cocktail. I told him to **** off in slightly nicer terms.

 

[starter]

So the story just get better, this time not really NAB fault though.

Since I now have a tracking number, I was able to see that my documents arrived in Ho Chi Minh City yesterday (where I currently live). You beauty I thought, will get that on Monday. Alas the latest status today is that it got sent to Penang, Malaysia, by DHL by accident.

So after all of that I thought I was home, alas not to be.

Docs turned up finally. Howver, the wrong interest rate was listed (higher of course) and they forgot to set up an offset account over one of the loans. Took a few more emails and phone calls but I finally got it sorted. Sent the docs off and thought finally that's over...

However, after not seeing draw down occuring, I continuously followed up with NAB but got no substantive reply. Finally, today I got an email that there had been a "pause" on drawdown due to some "missing information".

After many more phone calls, it turns out that what the case manager and verification team had told me previously in relation to not needing the transfer document to be stamped by the SRO before settlment was actually not in accordance with NAB policy. So looks like draw down will need to wait for this to be done, and another month down the drain. I even have an email confirmation from the case manager about this, but not getting anywhere with NAB. Anything I can do brokers, or do I have to just grin and bear it?

Reading back through this post I have to say that I've been pretty nice describing it all. I have to say that I've found the NAB staff to be as whole incompetent and customer service not really a priority. Definitely, won't be rushing out to deal with them again any time soon.

 

[Aaron_C]

Haha....sometimes they just tell you what you want to hear..

 

[starter]

Haha....sometimes they just tell you what you want to hear..

Shut up Aaron!
You should be the one dealing with this stuff.

 

[Deltaberry]

You should've used Aaron instead.

 

[see_change]

To combat the negative stories I've actually had two nice results from bank stuff ups .

In the dim distant past , when I was a poor student , banks had things called pass books . I lost mine . When I reported this to the bank I also made a $50 withdraw . My new pass book noted this as a deposit.

Our loan for our first house was through the local branch of the commonwealth .

We'd had our chat to the bank manager who then put us on to the loans officer who completed everything and submitted the loans . We came back to sign every thing and the loans officer took us back into see the manager who greeted us with the words .

" after working for this .... bank for the last 20 years they're making me redundant " .

" now lets look at this loan .....mmm"

to loans officer " I think we can do better than that on the rate " makes adjustment of documents .

Loans officer raises eyebrows " are you sure ... "

Soon to be made redundant manager " yes , now get this finalised.... ASAP "

I kidd you not .....Maybe that why banks now escort redundancies out of the building and don't let them go back to their computers..

Cliff

 

[MsAli]

I had St George recently refund me three times my yearly fees as one of their phone staff thought they had over charged me once. I don't recall being over charged. But I didn't say much when they refunded three times

 

[wylie]

These stories remind me that about a year ago we realised that our bank had never actually linked our offset account to our loan account.

I'd never realised, as the offset account has thousands of transactions, sometimes holding $100 and at times holding $150K settlement proceeds.

Once I realised, they admitted they got it wrong and recalculated eight years' worth of transactions and paid us over $4K in lost interest. Lucky I questioned it, or the shareholders would have made a little more that year. How often must this happen?

 

[starter]

You should've used Aaron instead.

Wanted too. He couldn't get the right valuation on the place, came back 10% down.

 

[Tim86]

I like this one from westpac:

"We wont lend to you because more than 50% of your income is from rents".

or "We won't lend to you because students are renting your property"

or "We won't lend to you beause the house needs a renovation"

Or Amp's latest: "We wont lend to you because we are not satisfied that your property is in a 1 in a 100 year flood zone even though the valuer told us it was, and the flood report says it is."

 

[VaSSagO]

Purchasing our first home using a broker. 4 weeks to get finance, finance comes through on last day and for wrong amount. Could not believe it. Broker blamed bank but I dont believe that. Then there was some some stuff ups after that but did settle on time. Complained to broker who then paid me $1,000 as an apology, still wasnt worth the stress but better than nothing. May of changed banks within three months and then managed to get 50% of my LMI back as well.

Puchasing second home through a broker and that was a disaster. Got upfront valuation and told that the LVR I wanted would be no problems. Sign up and then he wants me to refinance my other property (which I never wanted to do) and when I say no he says "why should i bother" in an email. Some frienndly words later and he submitted the application. Had an 8 week settlement (4 weeks for finance) and I still remember him asking for a copy my wife's passport the day before settlement. That broker no longer works there.