All Topics / Finance / ANZ Loans disconnect with their customers.

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  • Profile photo of g0biing0biin
    Member
    @g0biin
    Join Date: 2010
    Post Count: 57

    Just thought I would share an email that I wrote to ANZ. Is anyone else having the same problems with them that I am ?

    Dear ANZ

    I have been a customer of ANZ for 15 years. But I have recently made the decision to no longer bank with ANZ and these are the reasons why.

    1.       ANZ have just put my interest rates up for the second time in a row and in very quick succession.

    2.       ANZ have been sacking staff while their managers take lavish boat cruises.

    3.       ANZ have been receiving allot of publicity about supporting coal power plants rather than green energy.

    4.       Most importantly ANZ will not give me a 90% LVR on a Duplex which has duel income and great cash flow because of a policy.

    5.       ANZ disconnect with me as a customer.

    Needless to say I am quite frustrated with ANZ. After banking and making money with ANZ over that past 15 years, I would have thought that after calling your call centre and talking to 6 people and going in to an actual branch and talking with your customer service reps that we would have been able to nut out a deal. That my great 15 year history with ANZ and my perfect credit rating would actually count for something. It seems I as an ANZ customer I don’t count for anything. As I have been repeatedly told by your paper pushers, who have never been able to make a decision in their whole career with ANZ, that it’s not possible. It’s not even possible to get an 80% LVR with ANZ to move forward.

     There is two points that make this even more embarrassing for ANZ.

    1.       Is you lent me 90% LVR in 2007 on a Duplex.

    2.       Comm bank and a Credit Union confirmed they will lend me 90% LVR.

    Maybe instead of taking lavish boat cruises and sacking staff, your managers should meet your customers and fix the disconnect relationship that is currently taking place with long term customers like myself.

    Unfortunately, ANZ itself with is policies and inability to see common sense, has caused its own loss of profit in this case not the downturn in the European economy.

    If I have to get this loan with Comm bank or a credit union then I will move all my current loans and savings from ANZ as well.

    Regards

    G0biin

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099

    Mate great email!

    Common problem; Max 70% LVR on their dual properties – including duplex and granny flat ….which i find quite stupidly low, but they aren’t the only way that have that sort of policy..

    Matter of matching up your needs with the bank at that “time”- unfortunately bank loyalty hardly works.

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

    Profile photo of BMWBMW
    Participant
    @bmw
    Join Date: 2012
    Post Count: 25

    3.       ANZ have been receiving allot of publicity about supporting coal power plants rather than green energy.

     

    So ANZ don't like to throw money down the toilet?  if thats the case maybe i will give then some more thought next time.

    Profile photo of mattstamattsta
    Participant
    @mattsta
    Join Date: 2011
    Post Count: 604

    many green energy projects have stalled in Australia, and government intervention in green energy sometimes does more harm than good

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Gobiin

    I wouldn't take it personally with ANZ – to be honest, you'll probably end up disliking CBA at some point as well when one of their silly policies gets in the way of your goals.

    As Michael said above – throughout your investing journey it's about matching the right bank to your circumstances at that point in time. Don't show the banks any loyalty – because they won't show it to you.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of BMW330CiBMW330Ci
    Participant
    @bmw330ci
    Join Date: 2006
    Post Count: 37

    Very true what Michael and Jamie have said.
    Perhaps engaging a Finance Broke to look after you. A good broker would be able to find the appropriate Lender and finance package which is suitable to that specific investment you want.

    In saying that, many Lenders have changed policies over the past 24 months. There are good points with each Lender, and even though you may feel as though ANZ has closed doors on you – they still have some competitive advantage over other Lenders.

    ANZ are one of very few whom will allow 4 dwellings on 1 title (@ 70% LVR). Their policy for most recent Financials for self employed is favourable in many circumstances also.

    Cheers,

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    BMW hate to say that is not quite correct.

    Quiet a few lenders will go to 4 units on a single Title to 90% lvr.

    Yes Anz certainly have some good points and in fact i really like the Breakfree package but for an investor the behind the scenes credit policy is probably more important than the upfront rate etc.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of SueJalmhofSueJalmhof
    Member
    @suejalmhof
    Join Date: 2013
    Post Count: 1

    yep,sure am. cant get away quIck enough the customer Is treated as an IncovenIence they are shockIng.

    Profile photo of tlm1987tlm1987
    Member
    @tlm1987
    Join Date: 2013
    Post Count: 31

    I dislike my bank at the moment too. I needed $360,000. The bastards only wanted to give me $310,000 (purchase price+costs). Apparently serviceability is why they wouldn't give me more. It's OK, I have two pay rises kicking in this year, one in 3 months and 1 end of December. They said I'll be right then.

    – That's not ANZ though.

    I'm thinking of buying ANZ shares; yes, they might be neglicting Australian customers, but a lot of talk about their penetration into Asian markets, so I like that. 

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Tim

    Why restrict yourself to just the one bank? All lenders have different way of assessing borrowing capacity – chances are there was a lender out there who would have provided the additional $50k.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of WhatIfWeFinanceWhatIfWeFinance
    Participant
    @whatifwefinance
    Join Date: 2009
    Post Count: 58

    Personally I find the best strategy is to use a number of lenders. They have different credit policies and different rules and depending on the cirtcumstances you deal with the appropriate lenders. They all have their good and bad points and they all do things which can be frustrating 

    Profile photo of hleunghleung
    Participant
    @hleung
    Join Date: 2007
    Post Count: 141

    I agree with some of the sentiments here.  I've got loans with all the Big 4 and find that they are not all that much different.  Sometimes ANZ seem to be the best and then CBA may be the best.  If you leave ANZ for another bank you may find that the next one may be even worse.

    The key is to get a decent broker.  They can do things which I've never dreamt of.  There are some very good brokers on this forum. 

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