Battling with the banks – and I’m not going to win

I’m locked in a bitter dispute that I know I’m not going to win.

And honestly, I’d rather not be here.

But I’ve got no choice in the matter. My dispute is with my bank and even though I’m getting nowhere, I keep banging my head against a brick wall, trying to get close to a resolution.


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My bank is one of the Big 4; we’ll call them Fab.

I have a mortgage with Fab. My property has grown in value so I want to increase my mortgage. So far pretty simple, right?

I thought so. The banker I spoke to on January 23 thought so. But here we are, in the final days of April, and I’m still waiting for them to make progress with my application.

They’ve apologised profusely for the delays and I’m now working with my third staff member – the first went AWOL, the second went on holidays – and we’re still trying to get this sorted.

To be clear, it’s not new loan. It’s not even a refinance. It’s simply an “upgrade” of my existing loan. They have all of our information and paperwork on file, so it should be a simple matter of supplying some recent payslips, punching in a few numbers and processing the application.

How is it possible that three months later, I’m still waiting?

I know the answer to this question; it’s due to a lack of staff resources.

My partner used to work for Fab bank as a personal banker, where the roster of clients allotted to each staff member was a staggering 1,200. That assumed that each staffer would need to spend a maximum of one hour on each client per month.

This translates to supremely ordinary customer service and I, for one, am fed up.

But here’s the kicker: I can’t do anything about it! I can’t go anywhere else. Stupidly, I have all of my loans with Fab and they’re tied up in an annoyingly complicated structure, which makes it very difficult for me to refinance to another bank. I tried; it was going to cost me around $15,000 to move.

What really peeves me off is that if Fab (and the other banks; they’re all guilty here) redeployed just a fraction of their billion-dollar profits towards hiring more staff, these types of delays would become thing of the past.

But for now, I’m stuck. Stuck with a bank that offers terrible service to existing customers.

They hold all the cards, quite literally, and I’ve got nowhere to go – but wait.

The Meddler

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Banks can be very frustrating to deal with, I do it daily in a Mortgage Brokers office and they are all swamped at the moment… But in saying that 15 business is a long time… Not 3 months… Have you seen a broker? They find you the best deal for you, do all the hard work while you sit back and relax… Brokers are free to use because the bank pays them.. Almost 50% of mortgages are written by Brokers… Some banks at the moment pay you to put your mortgage with them….