Is CBA home loan team slow or I have an isolated case?

Ash-Say on 17/08/2016 - 07:06
Last edited 17/08/2016 - 12:28 by 1 other user

I applied for a home loan with CBA and its been 3 weeks now. They pick up file after 1 week and ask additional documents. I provide them documents and then I dont hear back for another week followed my additional documents request and so on….

I have previously applied with ANZ and they were quite quick to provide pre-approval after providing all supporting documents.

Is CBA generally very slow or I have an isolated case?

I am starting to think that their slow response might affect settlment as well.

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Comments

  • lupiter on 17/08/2016 - 08:07

    CBA was certainly slow when I was dealing with them through a broker!

    • Ash-Say on 17/08/2016 - 08:13

      I also applied via broker. How long did it take you to get pre-approval?

      Were there any issues during settlement?

      • lupiter on 17/08/2016 - 08:20

        The pre-settlement process was fine, but we bought off-plan so we had 12 months for them to mess about in. Also the broker does it all the time so they made sure all the paperwork was right.

        Unfortunately our settlement date was very near new year, and although we'd "technically" been given the correct number of working days notice, CBA only agreed to turn up to settlement that morning, and our broker was harassing them every few hours (and passing on email updates).

        But the reason we went with CBA was because we like the online and in-branch (coin machines) services, not because they were cheap or fast.

  • tomleonhart on 17/08/2016 - 08:14
    +1

    Broker here.

    That is slow. I applied for one of my client on Monday and get approved late Tuesday.

    • Ash-Say on 17/08/2016 - 08:19

      My broker advised that their turnaround time is 5 business days when I initially applied.

      I missed couple of good properties last weekend so quite annyoing process.

      • tomleonhart on 17/08/2016 - 08:21

        I c. Having said that, we were advised that they do take up to 3 weeks to pick up a file. As there was a rush to get application in prior to 31/7.

        • Ash-Say on 17/08/2016 - 08:29

          I think mine was also submitted just before end of July. Was there any specific reason for rush?

        • tomleonhart on 17/08/2016 - 08:36

          @Tipu: Their $1250 rebate offer ended on 31/07. People tried to get their application in before hand.

        • Ash-Say on 17/08/2016 - 08:42

          @tomleonhart: Makes sense but my application is not for refinancing :)

        • tomleonhart on 17/08/2016 - 08:45

          @Tipu: I know. But workload is up so is waiting time. Be patient :D

        • User78426 on 17/08/2016 - 11:23

          @tomleonhart: I applied through a broker, its been 5-6 weeks since starting. They asked for additional documents 2 weeks after the application. Received pre offer letter yesterday (after 5 weeks).
          @tomleonhart- The pre offer letter says rate of interest as 4.75% which is quite high compared to market. loan is for $500k+ with 20% deposit. Are they going to discount the interest rate when they send me final approval? (I know its a question for my broker but he isn't contactable because he is travelling and his office couldn't confirm anything).

        • tomleonhart on 17/08/2016 - 11:38

          @getadeal: By pre offer do you mean conditional approval?

          Did your broker provide you with a credit quote which outlines all the fee related to the loan. That document will have the interest rate that you should get.

          4.75% for 80% LVR is a bit steep. I have seen CBA doing rate in the 3.9% - 4.0% mark for similar loan.

        • User78426 on 17/08/2016 - 12:12

          Discussed over PM. Thanks Tomleonhart

  • peterfhernandez on 17/08/2016 - 08:20

    I am a broker also. CBA have been slow of late.

  • peterfhernandez on 17/08/2016 - 08:23

    When is your settlement due?

    • Ash-Say on 17/08/2016 - 08:29

      It is a pre-approval application so yet to make any offers any property. Dont want to wastes other people time if the finances are not sorted.

  • tomsco on 17/08/2016 - 10:37

    Sorry… nothing to do with your topic… but why does your font keep changing?

    • abb on 17/08/2016 - 10:46
      +1

      I think it's due to using the wrong character for apostrophe.

      Testing: these words are enclosed in backticks did that work?

      • pjetson on 17/08/2016 - 10:51

        Well spotted.

        • Ash-Say on 17/08/2016 - 12:17

          I was initially drafting the post in gmail and copied from there. Not sure why font type has changed.

    • pjetson on 17/08/2016 - 10:50

      The font change seems to coincide with where the OP should have put a single quote. I'm guessing that there is a character that changes the font (like with bold and italics) and this is what the OP is typing instead of a quote.

  • JavaJoe on 18/08/2016 - 08:43

    Customer service from CBA home loan department has been unbelievably bad for me lately. We have had good service and two home loans with them over the years. One for an investment property which we sold and one for our home.

    Contacted them to refinance or get a better deal. Didn't get back to me with phone call as promised. Just sent email to my CBA online account. Local CBA branch contacted them on another matter for us and got the run around. Guy in the branch is embarrassed about lack of service and apologized for them. Service in branch has been excellent.

    So I am now looking around to refinance elsewhere. And that's sad. I really like CBA online banking and I've got my Commsec account with them.

    • [Deactivated] on 18/08/2016 - 10:46

      Speaking from having nearly 15 years worth of experience with respect to assisting clients when it comes to major banks, we don't feel what you describe as being an isolated incident. All of the major banks have well developed strategies when it comes to customer service allocation and typically a customer either falls into the Private or Premium Banking division where they should receive the best service the bank has to offer, or they will be allocated to one of the other bank divisions with resources that are stretched extremely thin.

      If you've flagged the issue with them and they have not adequately resolved it, you probably need to vote with your feet. It is the main way to get lenders to restrategise their priorities. A recent study in Ireland illustrated that bank customers were more likely get divorced than they were to switch bank. Some might argue that Australians aren't too dissimilar and major banks rely upon that fact. Fact is, if you can find the time to switch, there are a large number of smaller banks that can provide nearly congruent functionality at lesser cost.

      If you need any assistance, please feel free to send us a PM.

  • Ash-Say on 18/08/2016 - 17:25

    After lot of chasing, CBA has finally come back and said they cant service the loan because we are seeking 95%.Thats plain BS!!

    I have calculated figures again and LVR is only 88%. Even if I include LMI, we would have 89.5% LVR.

    I can`t speak with assessor directly because the broker is involved so this application has become joke. I have asked broker to seek clarification from CBA but what are my options here?

    • cassidy02 on 19/08/2016 - 07:50

      Are you sticking with CBA for a certain reason? We met with a broker at Yellow Brick Road, he was great on our first consultation, had all the time in the world for us, so we were going to go through him. But then, 3 weeks went by and he wasn't getting back to us, and same as you, we wanted pre-approval before going shopping. Then a friend told me not to use a broker, they will be a problem at settlement. So we went through U-Bank. Within 24 hours they called us to interview over the phone, pre-approval I think was the next day.

      We ended up buying a house before the YBR guy eventually got back to us (we got the first house we put an offer on).

      My advice? Go somewhere else, they had their chance. Plus I'm sure you'll get a better interest rate. All the best.

      • Ash-Say on 19/08/2016 - 07:55

        There is no reason to stick with CBA.

        The partner is sole trader and the tax returns are only available for 1 year which limits our lenders. CBA/broker was made aware of this limiation before we even lodged application.

        • cassidy02 on 19/08/2016 - 17:53

          Can't hurt to try somewhere else then. My partner doesn't have a job so it was just the one income but we could show we could afford it, so it was fine.

        • Ash-Say on 20/08/2016 - 12:20

          @cassidy02: We could easily afford it but CBA has been nightmare.

  • JDogman on 20/08/2016 - 11:30

    CBA sucks.
    Had to take it all the way to FOS.
    They were querying $5 transactions on my accounts.
    And wouldn't accept proof of stocks that I have held for over 10 years as assets.

    This is on two doctor incomes and no debt…

    Oh and they were extremely slow and sent incorrect loan documents out three times…

  • Looking4Bargians on 20/09/2016 - 17:20

    I applied for new loan on 8th of Sept. Got approved/ Docs to sign/ Account details/ Debit Cards. Got call from local branch manager. All done in 1 week. Will be Settle with moving old mortgage to commbank with in 12 -15 business days due to NAB taking time to release the title. So far pretty good with communication and processing time.

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