CBA loan self service online - comparing to other banks

Discussion in 'Loans & Mortgage Brokers' started by kanad, 18th Aug, 2021.

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  1. kanad

    kanad Well-Known Member

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    As you may know I am researching lenders for a new home loan. Of course traditional criteria like interest rates, servicing etc. are important, but have anybody look beyond that. I am specially interested to know from people who have a loan from CBA.

    I am reading that CBA allows customers to change their home loan from variable to fixed, IO to P&I or split their home loan via online self-service. This is incredibly empowering without having to call someone (bank or broker). I mean I am willing to pay a bit more for this kind of digital technology.
    Changing your loan type - CommBank

    Has someone changed home loan parameters with CBA and willing to share their experience?
    Are there other banks offer this kind of flexibility?
     
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Quite a few banks offer this functionality through their app or online banking. Worst case you can do it with a phone call. Switching is hardly what I think of as a powerful function. The real differentiator is the advice and experience you can access by dealing with the right people.
     
  3. standtall

    standtall Well-Known Member

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    CBA has had this for over 5 years now .. just make sure you know what you are doing because breaking fixed loans can trigger break costs plus locking them in will have cost implications in future.
     
  4. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    This is kinda standard for most major banks.
     
  5. Lindsay_W

    Lindsay_W Well-Known Member

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    If maximum borrowing capacity is your priority I wouldn't be basing my lender choice on how easy their online platform is to use. Need to get your priorities sorted and advise your broker accordingly
     
  6. Shawn

    Shawn Well-Known Member

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    LOL this functionality does not work half the time.

    The other day I wanted to go from Variable to Fixed - and they advised me to do it online.
    5 minutes later - popup appears. "You can't proceed further. Please call up"

    So... back to square 1.

    Just today, now that my fixed rate loan has started - I wanted to move from Monthly to Weekly repayments.

    Once again, went online and was pleasantly surprised. Few screens laters.

    "Sorry, you can't procced further. Please call us"

    So... look beyond the fancy online platform.
     
    Lindsay_W likes this.
  7. philm

    philm Member

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    With CBA if you want to split your loan and fix part of it then you can apparently do it yourself online. I simply wanted to split our loan but was advised that all account holders would have to present themselves at a branch and have their ID verified to do so, despite having only one needing to sign anything to make changes. Makes no sense to me.