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
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 MeSame Banks. Better Rates. Served With a Passion.
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.
many green energy projects have stalled in Australia, and government intervention in green energy sometimes does more harm than good
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 MeMortgage Broker assisting clients Australia wide Email: [email protected]
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,
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
yep,sure am. cant get away quIck enough the customer Is treated as an IncovenIence they are shockIng.
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.
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 MeMortgage Broker assisting clients Australia wide Email: [email protected]
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
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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