Not so happy customer

April 29, 2009

After my praise last week of the Commonwealth Bank of Australia I’m sad to say I withdraw my statement. It appears that my home loan application was rejected due to a policy change which altered the banks view on what it considers to be “genuine savings”. That is the money that you have in your savings account for the deposit on the home loan. They no longer recognise the first home owners grant as “genuine savings” and I therefore no longer qualify for the loan as the grant makes up a significant portion of my deposit.

I don’t understand the change, but that’s not what frustrates me. I don’t mind what they do; It’s the fact that my application was to my understanding lodged well before the change in policy, and even if it were right on the cut-off date I would expect them to take my attempt to negotiate a little more seriously than they did.

I think I might switch banks.