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I refinanced my SMSF loan to Failmac in 2021. I was sucked in by their enticingly low interest rates. However, by November 2023, amidst a series of interest rate hikes, my rate had surged to 7.99%. Despite my repeated attempts to negotiate a rate review through multiple calls to Failmac, they consistently declined, in stark contrast to experiences I've had with major banks over the past 17 years. The big four banks, often criticised, have shown willingness to conduct rate reviews, typically resulting in marginal reductions between 0.03% to 0.06%. Given the rising cost of living & the significantly higher interest rate of 7.99% compared to standard home loans, I made another plea to Firstmac for a rate review. Unfortunately, they remained resolute in their refusal, displaying little understanding or empathy for the financial strain caused by their elevated rates. Disappointingly, after this conversation, three police officers arrived at my home (important to note I did not behave rudely or abusively towards Firstmac). This incident highlights the deplorable & unprofessional manner in which Firstmac handles customer requests for assistance. Their proclaimed commitment on their website, "Helping people is at the heart of everything we do," is a far cry from reality, this statement is actually misleading & deceptive. Their service is horrible, every time I call, your approximately number 38 in the queue, usual wait time is approximately 1hr. They offer the option for a return call, but it could take up to three days, an insufficient response time. Blaming COVID for these extended waits seems baseless & excuses their inadequate service. Even when they eventually return your call, the constant need to put you on hold for clarifications portrays a lack of professionalism & expertise within their staff. Firstmac ought to be ashamed of their treatment of customers. Having since refinanced, I now have peace of mind knowing my hard-earned money is no longer in the hands of such a money sucking organisation. Firstmac management should reconsider there morals as human beings, when dealing with customers. As navigating their bureaucracy is an ordeal. Engaging with Firstmac seems to invite unnecessary pain & frustration. For any insane reason you do proceed to engage Firstmac, you deserve the pain & suffering that you will eventually endure. Firstmac is useless, hopeless, incompetent, unprofessional, unreliable, unhelpful, just plain useless grubs. In conclusion, Firstmac's track record reflects incompetence, unprofessionalism, & unreliability. They allure customers with low initial rates but eventually burn you & any hard earned money you have. It’s incompetent amateur banks like Firstmac, why there needs to be a royal commission into the banking lending sector again. Regrettably, the details I've highlighted are only part of the ordeal Firstmac has subjected us to. Avoid Firstmac like the plague. They are an incompetent, time wasting, nerve shredding disaster of a company that deserves to be shut down. They don’t deliver on their promises, they treat customers with utter disdain, and they’ll leave you regretting every second you trusted them. This isn’t just a warning, this is a demand: Stay. Away.

Hard to believe how bad their systems. In the 21sr century they have digital document sign - then you get to PRINT them and do it again. Why digitally sign ? Because they want to pretend they know what they are doing.  Told some banking friends who laughed at this - couldn’t believe the stupidity of this fourth tier lender. Can’t find anyone to help because they are online only - unless printing docs then you have to mail them in. Good luck trusting Aussie Post to not lose them.  Stupid company

I’m a mortgage broker with 15 years of experience in the industry, and I recently had the pleasure of working with Firstmac BDM Kelly Wright. I have to say, Kelly’s support, responsiveness, knowledge, and genuine care were exceptional. She went above and beyond to assist, ensuring a smooth process from start to finish. I truly appreciate her dedication and professionalism. I’ll definitely be recommending Kelly to my clients and peers in the industry. Thank you for making a difference, Kelly!

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