Which financial institution is your home loan with?

redlover on 23/06/2014 - 15:51
Last edited 27/06/2014 - 11:56 by 1 other user

Hi everybody, this is my second post about home loan.

basically I am in the search of refinancing my current home loan. I currently with CBA (wealth package) . they charged 5.05 % variable rate, 100% offset account, $395 annual fee, fee free platinum mastercard and amex card .
after doing research here and there, it seems like Ubank is the one that has the lowest rate (4.87%) with no annual fee no setup fee. it almost too good to be true when I looking through their website?? does anyone have homeloan with Ubank at the moment? if you don't mind to share, is there any hidden fee that I might not aware??

Also im very happy with having CBA platinum card as they offer great reward. with amex card I got 2.5 points for 1 dolar spent which is the best feature that I love so far. thus if I switch my homeloan to another institution, I wont be able to have this credit card for no fee. to be honest this is the thing that I will miss the most should I switch my homeloan to another bank

Now.. is there anyway I can get low interest homeloan and platinum reward cc (like CBA ) or do I ask to much??

any suggestion will be greatly appreciated

Thanks guys

EDIT1: I would like to thank everyone who has contributed in this discussion. I have a better understanding and clue which institution provides better deals etc. I am in the progress of "bargaining" with CBA and threatened them that I will walk away if they cant match the rate LOL!. I will see how it go :) Thanks all again!!

EDIT2: To those of you who is with loans.com.au -> this institution is only 3 years old. should I be worried? As I considering to use the offset account and I have quiet huge amount of money in my offset acc . any comments will be appreciated. apologies if this is kind of stupid question …..

EDIT 3 : CBA give me an offer of 4.99% variable and 4.79& fixed for 2 years. woohoo

Financial

Comments

  • bala bargain on 23/06/2014 - 16:02

    Ubank can only lend you up to 80%, if your current equity is 20% of your total home loan then it might be a good plan to switch. For newbies it is 20% depoist..

    • redlover on 24/06/2014 - 09:39

      Yep I have only 60% to pay so this should not be a problem

    • Cluster on 24/06/2014 - 12:20
      +2

      UBank also only lend for existing property and not new construction.

  • sagrules on 23/06/2014 - 16:15
    +2

    There is a website that reviews home loans - its called Mozo
    I have included the link for Ubank home loan - from what I have read there are alot of people experiencing problems including wait times on getting their applications approved. But you should read it and make up your own mind.

    http://mozo.com.au/rate-and-review/UBank/home-loan-reviews

    • redlover on 24/06/2014 - 09:39

      Thanks , I will have a look onto that website

    • SlickMick on 25/06/2014 - 23:06

      +1 There online application is sooooo painful. You upload a document, they post a question. You can't reply with a message, only upload documents, so you have to type you response in a document, save it, then upload it.

      Good, cheap, simple loan eventually though.

      we went with loans.com.au for a good, cheap offset account for the mortgage, and ubank for investment loans.

  • tooblue on 23/06/2014 - 16:40
    +1

    BOQ Clear Path Home Loan is pretty decent with current rate at 4.87% pa, and most of the useful facilities. It has a branch front.

  • AmpeD on 23/06/2014 - 17:13
    +1

    Mabye get a Citibank rewards credit card points are comparable to commbank

  • v2 on 23/06/2014 - 18:01

    I'm with ubank for the last 3 years, after refinancing my loan from CBA to nab yo ubank. Process and time in setting up the loan is frustrating but once its all set then all good to go. In the end, the benefits (cheaper rate, more savings) far outweighs any hassles.

    • redlover on 23/06/2014 - 20:07

      I heard there is government tax that u need to pay when refinancing? Is it true?

      • v2 on 24/06/2014 - 07:42

        From memory its loan discharge (from your previous financial institution) and lodgement fee (to the new institution). Roughly around $98 each so $196 in total. Rest of fees often associated with refinancing are the ones that your financial institute chargesvlike attending settlement $300, preparing settlement documents etc….good luck!

  • toristo on 23/06/2014 - 18:23

    Moving bank is a lot of work for a big investment. Have you tried talking to your lender at CBA about how you're feeling? Maybe they can offer something to sweeten the deal.
    If you're overall happy with their service, it's potentially a big risk refinancing to an unknown just for a % rate that may change and skew against you later.

    I'd be asking a few more questions before jumping too quickly.
    (Also if you're looking to borrow more in the next few years, this could impact your borrowing ability as a new lender will want to see some of your repayment history before they shell out more cash)

    • redlover on 24/06/2014 - 09:41

      yes, CBA promised to call me back within this week to discuss. I would love to see how much rate they willing to offer

      • [Deactivated] on 24/06/2014 - 12:02
        +9

        Don't just wait for their offer, do some research and tell them what rate you want - negotiation power!

        "Bank X is currently offering x.xx% interest rate, can you beat this otherwise I am willing to leave your bank"

  • danb on 23/06/2014 - 18:30

    Ubank is pretty good but no 100% offset account so thats why i didnt go with them.

    Went with Intech credit union 4.95% 100% offset, with CC but no rewards points

    • [Deactivated] on 24/06/2014 - 12:03
      +6

      No offset account is a huge consideration, offsets accounts can save you thousands if you use them correctly.

    • matt_will_fix_it on 24/06/2014 - 16:09
      +3

      Why do you need an offset if you can get free redraws? Just put any extra funds into the ubank account and redraw when you are short on cash.

      • Cheshire Cat on 24/06/2014 - 17:31
        +2

        You make your offset your everyday account so it contains every cent you have working for your loan, not just the extra dollars you send there every pay or at the end of the week. Since interest is calculated daily every tiny bit adds up.

      • microsnot on 24/06/2014 - 21:18
        +5

        Tax implications if you decide to make it an investment property later.

        • Snoop on 25/06/2014 - 10:09
          +1

          Funny you should say that…
          I only just found this out after buying a new house and leasing my existing property. Obviously I transferred all extra repayments to my new house so I could claim the extra intrest on my now investment property… But you can only claim against the interest on the lowest amount that you had previously owed on your house. For us, this was only $35k, so obviously I am so positively geared on that property it's not funny! I'm currently trying to refinance the now investment property to it's maximum allowable value and will sink the extra into our new home!!!

        • redlover on 25/06/2014 - 10:18

          Hi Snoop, do you have a separate offset account into your existing property that time? or do you just put extra money into your homeloan account?
          I was also actually questioning the same thing as I plan to buy a second property in the next year or so. I want to maximize the negative gearing as possible
          Thanks

        • djsherly on 25/06/2014 - 10:29
          +4

          Just be careful. The way I read it, it sounds like you're trying to increase your interest deductions by increasing the mortgage against the investment property.

          Deductibility hinges on whether the loan was made to acquire an income producing asset. If I read your post correctly, it seems you're really doing is borrowing against the value of your investment to pay down the mortgage on your principal residence. That won't change the amount of interest you can deduct.

          IANAL but moving numbers around won't help that situation.

        • Snoop on 25/06/2014 - 10:46
          +1

          Sorry djsherly, You're spot on… I should've also mentioned that the property's title will also be transferred into my wife's name (currently just mine), and be refinanced by us as an investment property, hence negating any previous ownership and/or lendings against it by myself! It's a bit of a tricky process but that's why I have our accountant, broker and conveyancer working together!!!

        • Snoop on 25/06/2014 - 10:47

          redlover, not offset, just paying extra repayments!!!

        • redlover on 25/06/2014 - 10:49

          luckily its currently only under your name! ours is under both name (me and hubby). so I cant really afford make mistakes on this

        • Snoop on 25/06/2014 - 11:01
          +1

          The issue is really only if you plan on making this house (your primary residence) an investment property in the future and if you pay it off at an advanced rate!
          It kind of sucks that you can actually be penalised for trying to do what most would consider 'the right thing'!
          If there's a possibility that you may hang onto this property and use it later on down the track as an investment, I'd suggest you have a quick chat to a financial advisor or accountant etc. to get a little bit of an idea how you should set it up!

        • redlover on 25/06/2014 - 11:51
          +1

          Yes thank you Snoop! that's actually our plan. We plan to buy a house down the track and turn this current property into an investment. I am now contacting my accountant!!

        • Utopian on 25/06/2014 - 22:09

          I tried to go through this, with ubank. Took forever, only for them to pull the pin. I'm a dream for banks, but too complicatd for ubank.

          House & mortgage in my name. Perfect record. No c/c or loans. 8 years. Worth double the mortgage. On/off investment property (live os at times) Maxing the loan, to buy another house or cars… while putting in into both our names (and use my now-wife's borrowing capacity also.

          Ubank pulled the pin. Their conditions don't allow for it.

          It's complicated. Can't add a name to a debt. Title needs changing, which the bank owns. Don't want to change because there's a loan attached. Viscious circle. Needs documents, solicitors. Etc. Gave-up.

        • congo on 25/06/2014 - 23:19

          Snoop, if you transfer the property in to your wife name, isn't that considered like a sale? So you would have to pay stamp duty, capital gains tax, fees etc?

          Is it worth it (financially)?

        • Snoop on 26/06/2014 - 21:29

          Nope, no stamp duty for spousal transfers, just the registration of title transfer and conveyancing fees etc!

          And if I did have to pay, tax wise it'd still probably be worth it. Interest on mortgage would be about $1800 over financial year to claim on what I owed. Refinancing will bring the interest out to about $19000. Last thing I want to be doing is having to pay tax on the income of avoidable!

        • microsnot on 27/06/2014 - 09:23

          I assume you're in Victoria then. I don't think the same rule applies in every state.

        • [Deactivated] on 06/09/2014 - 02:03

          @Snoop: Cant you just borrow using the equity you've paid off on your home and use it to pay down the new home? Eg say you've paid off 60%principle already. Use that equity to borrow more and pay that against your new home so you e maxed out borrowing on your original home and can max out the tax advantage?

        • [Deactivated] on 06/09/2014 - 02:07

          @redlover: If your doing that opt for interest only for the max period and use a offset account to reduce the balance that your interest is calculated on

        • Geewhizz on 06/09/2014 - 06:38

          oops, already mentioned

        • Snoop on 08/09/2014 - 10:18

          @shelle1080:
          Pretty much what we're in the process of doing, but unfortunately it doesn't change my tax situation.

          Here's a brief run down: (all approx's)
          Paid $230k for a house (prinicpal residence)/ borrowed $210k,
          Paid off at an advanced rate and owed $35k when we bought our new property,
          Redrew extra repayments and put onto the new mortgage (now principal residence),
          Now we owe $150k on investment property,
          Looking at refinancing investment property to $380k,

          Looking at claimable interest on tax would have it (based on 5%) at:
          $35,000 = $1,750 pa - $150,000 = $7,500 pa - $380,000 = $19,000. And with extra costs etc. involved in rental should end up negative gearing the property.
          Our problem lies in the tax laws that stop this sort of thing from happening. As I stated somewhere above, you can only claim the interest on the point at the lowest amount that was owed on a property. With me redrawing my extra repayments still doesn't change it. I guess this is to somehow stop investment tycoons from doing dodgy money shifts or something!
          So our only option is to now transfer the property from my name (sole owner & owing $35k at min point) to my wife's name and get the $380k finance against it!

          Ps. Interest only is the best option for finance in this case too, as you never really want it paid off. Unless you can get rent undetected cash in hand!

          Also read djsherly's comment above. It's spot on!

  • conan2000 on 24/06/2014 - 08:10
    +2

    I just moved to an HSBC Premier Home Loan a couple of weeks ago. Variable interest rate of 4.8% (1.15% discount from advertised rates for life of the loan) and 4.49% fixed for 2 years. So I've split mine over the two. 100% offset account and no ongoing annual fees. There were some government fees to start with, it comes with a free credit card as well, but the rewards aren't as good as the ANZ/Citibank cards I already have.

    • redlover on 24/06/2014 - 09:44

      that's actually sounds like a great rate. do you pay any fee when switching?

      • conan2000 on 25/06/2014 - 07:34

        There was a $300 fee and $215 valuation plus some government charges. Worked out about $900 all up. I'll still be $600 or so better off over the first year, I was previously with ANZ. I used to work for ANZ and had staff discount (slightly better than offers to the public). Left them as an employee and considering the shocking customer service I had a look around and found much better deals.

    • Islund on 24/06/2014 - 22:07

      I think it was 1.05% off advertised rate for life of loan plus a platinum visa plus no package charges ever.

      $300 setup fees plus $215 valuation fee

      Thinking of going that way myself unless CBA drops,the package charge

      • conan2000 on 25/06/2014 - 07:36

        My current employer had a corporate rate which was slightly better discount, but I'm pretty sure you could easily negotiate an extra 0.1% discount. Otherwise there are some others who could probably beat the variable. I also like that with the Premier packages you get a relationship manager, means I never have to deal with an overseas call centre.

        • ozeebee on 26/06/2014 - 11:07

          Also keep in mind that now you're a HSBC Premier customer, you can request to open an account to any part of the world where HSBC is available, free of charge.

          This helps if you plan on going for a long holiday or for work etc.

          Plus if you are on holiday overseas and the worst happens like you lose your wallet or get mugged. You can visit a HSBC branch and they will give you an emergency encashment of USD2000 (I think) on the spot to help you. This will obvioulsy be deducted from your Australian account.

          Disclaimer this only applied to HSBC Premier customers, not general banking products.

          HSBC will sometimes irrate you with the speed of service, but the Premier proposition offered is one of the best in market.

          http://www.hsbc.com.au/1/2/hsbcpremier/global-benefits

    • congo on 25/06/2014 - 23:20

      conan2000, any offset account with HSBC?

      • ozeebee on 26/06/2014 - 11:09

        Yes you can get a 100% Offset account with any homeloan as far as I know, except fixed loans of course.

        • conan2000 on 27/06/2014 - 08:20

          Yeah. I wouldn't have a home loan without it! Back with ANZ they also allowed it on a 1 year fixed which is a decent option. Pity about the rest of the offering.

  • Cheshire Cat on 24/06/2014 - 08:14
    +2

    I'm with Newcastle permanent. Very happy with them, 100% offset full featured home loan is also 4.87% at the moment with their package http://www.newcastlepermanent.com.au/Personal/HomeLoans/Prem…

    Will lend up to 95%, have similar package fees….just not sure on their credit cards as I use others (don't think they have many, mainly debit).

    And they have a branch in my town so better than an online bank in that regard.

  • paulinspace on 24/06/2014 - 09:59
    +7

    BANKMECU IS CURRENTLY DOING 4.69% ON HOME LOANS. NOT A HONEYMOON RATE. Its still variable and only a base home loan with no offset or line of credit. But you can redraw early repayments.

    Bankmecu rocks. They offer great personal service, great rates and its not a big profit focused bank. They are in fact owned by their customers. And they also have an environmental focus including a landbank offset on all their home loans and low rate green loans.

    If not them then Bendigo. Not only are they great supporters of our communities, they also won't lend to fossil fuel industry and recetly closed down the fund raising account of the bigots trying to stop the Bendigo Mosque being built (breached their tolerance and inclusion values). What of the chances of the big 4 doing something so morally right?

    • redlover on 24/06/2014 - 10:08

      thanks for that. I just called bankmecu and those special rate don't have 100% offset account. The lady who spoke to me just now does not sounds friendly at all and don't seems interested. but thanks for your info :)

    • 2ndeffort on 26/06/2014 - 15:10
      +1

      So these guys make some kind of moral judgement based upon their own values and potentially close your account out from under you? I don't know much about the Bendigo situation but having your account closed because you had some different political opinions sounds like a bit of a red flag to me!

  • Elitebhy on 24/06/2014 - 12:23
    +2

    Loans.com.au has a 100% offset account and 4.69% with 90% leverage, surprised nobody is with them. When we signed up it was 4.49% although 80% leverage.

    Edit: 4.54% (80% leverage) now

    • redlover on 24/06/2014 - 12:30

      Hi Elitebhy, I actually was looking at their website and I really tempted to switch to them. I noticed there is valuation fee toiugh? Do you remember how much fee do you pay to switch with them?
      Thanks

      • Elitebhy on 24/06/2014 - 12:45
        +1

        On our loan docs it says $440 evaluation fee, but when I spoke to them last time in relation to a refinance, they said $220 for evaluation and $300 for settlement.

        As with every refinance, your old bank will charge you $104.50 (discharge fee in NSW) and $x for settlement attendance.

        • redlover on 24/06/2014 - 12:58

          Good to know. thanks Elitebhy!

  • Cluster on 24/06/2014 - 12:25
    +6

    I'm currently paying 5.13% with the CBA. It's totally fee free, but a 'honeymoon' rate that CBA will reset this year to something 0.7% higher. That's when I'm approaching the bank and demanding a better deal or I'll switch. I was building a new house so the choice of lenders was quite limited, but now I can go with anyone.

    A few years ago Australian banks raised interest rates outside of the RBA cycle and didn't pass on full rate cuts. The reason given was that the cost of funding had increased due to local competition. That's now no longer true as Australian banks are enjoying record cheap funding.

    http://www.smh.com.au/business/markets/cheaper-mortgages-cou…

    "ANZ also raised $US1.25 billion in five-year fixed rate debt, paying 2.25 per cent"

    "ANZ Banking Group raised $US2.25 billion ($2.4 billion) from US investors in New York on ­Monday night. The bank is paying 1.25 per cent for $US750,000 in three-year fixed notes"

    When negotiating with your bank, if they bring up the 'cost of funding' sob story and say they can't offer you a better deal, stick that article in front of them and be prepared to walk.

    • [Deactivated] on 24/06/2014 - 13:50
      +2

      The one thing that gives banks the leverage in rate negotiations, is the fact that consumers consider it too difficult to change transactional accounts to another bank - and are comfortable with what they have.

      Unfortunately most people are not willing to walk, which will hurt them in the long run financially - but if you are you can really save some big coin.

  • PeterC86 on 24/06/2014 - 16:05

    you importantly dont mention the loan amount or your LVR. this would be the difference between being able to get what you're on now, compared with say 4.8% perhaps with CBA if you were <80% LVR 800k+ loan.

  • drprox on 24/06/2014 - 16:41

    Loans.com.au
    Pay something like 4.7% (don't actually recall exactly but doubt there are many cheaper!). Even includes free offset and card access (like a real bank)

    • redlover on 24/06/2014 - 16:51
      +1

      the only thing that worry me now is the fact that they are newbie.. only 3 years old institution.

      • Cluster on 24/06/2014 - 17:01

        The only problem I can see with small non bank lenders is that they don't have a large local deposit base to draw upon to create loans. The businesses instead function by buying funds at low interest rates and reselling it to the consumer. As long as credit markets remain functional and rates don't increase suddenly all is fine. If however credit markets freeze up due to defaults or added risk the rates can jump or the lender can be cut off entirely. This happened back in 2007 to companies like RAMS which bought short term money and lent long.

        http://www.theage.com.au/news/business/rams-share-price-flee…

        • drprox on 24/06/2014 - 17:51

          Thank goodness for all those bank lenders who will gladly refinance me Ey ;)

        • Snoop on 25/06/2014 - 10:33

          Likewise… I was with Homepath from 10 years ago, who I know were backed by CBA, and subsequently all accounts were taken in by the CBA during this period!!!

      • niknah on 25/06/2014 - 16:18

        loans.com.au is a brand of firstmac whom have been around for decades.

  • randompunter on 24/06/2014 - 17:05
    +3

    Loans.com.au @ 4.49%

  • deviant on 24/06/2014 - 18:32

    try bargaining with them, i am with CBA at 4.8% with diamond card but at 88% lvr

    going to anz as about to finance another house and should get it lower. ill keep you up to date end of this week sometime.

    • redlover on 25/06/2014 - 15:58

      Hi Deviant, if you don't mind me asking, have you be with CBA for long? I would like to ask CBA for a diamond cc and lowering my rates to match yours but was thought perhaps you were with them for long that's why..
      Im on 80% lvr

      • deviant on 26/06/2014 - 13:51
        +1

        2 years now. I went through a broker who got me 1.1% off the variable rate.
        My loan book is 1million plus (2 properties). Dont know if that makes a difference.
        It's always best to say you've received a letter of offer from another bank and before you hit the jump button see what they can do for you.

        Which is what i'm trying to organise again (and getting my house revalued for a lower LVR)

        • ilostnemo on 27/06/2014 - 12:13

          1 million loan book, Wowee

          I went through a broker as well, and scored a decent rate. (with CBA)

          The broker obviously gets a percentage as well, its usually written in the contract.

          Based on that, you should be ablke to get a better rate directly via the bank.

          With a million dollar loan book, the banks are making a shitload of you, so they would be bending over backwards to help you.

          Generally the higher the loan , the more the discount

  • Sira on 24/06/2014 - 21:31
    -2

    Can I just point out that a lot of people overlook this statement "I currently with CBA (wealth package) . they charged 5.05 % variable rate, 100% offset account, $395 annual fee, fee free platinum mastercard and amex card ." The mastercard is not free.
    There are literally hundreds of lenders who will not include a yearly fee. You can then go and buy a 'free' credit card. I would suggest $395 would buy you one hell of a credit card.

    • adam149 on 25/06/2014 - 22:50
      +2

      I think you have overlooked what the wealth package actually gets you. Get your facts right and stop being a know it all.

  • microsnot on 24/06/2014 - 22:36
    +1

    Try using http://mozo.com.au/home-loans/search. It sucks that you can't put filters based on features though. According to the site I can save >$62K and 1 year, 7 months with loans.com.au

    Currently with ING Direct @ 4.83% but with a $199 per year fee (5.02% comparison). However, I'm getting my trailing commission back (worth 0.15% to 0.20%) minus $5 p/m also so it lessens the pain. In reality with better modelling to my circumstances (still needs a little more work) the difference was about $6K rather than $62K.

    Pros:
    * 100% offset
    * Use any ATM fee free (this saves me a fortune)
    * Great internet banking and mobile app experiences (this is very important to me)
    * Bank cheques are free unless you need them in a hurry then it's $11 platinum post
    * Good phone support
    * Good old ING Paywave cash back - although I'm back on 2% only :(
    * They pass rate cuts (remember those?)

    Cons:
    * $199 per year (I reckon I'll have a go at getting this removed next year)
    * Rate could be a bit better
    * No bundled credit card (Citibank Platinum is free so doesn't really matter)
    * Not a package
    * No physical branch

  • Snoop on 25/06/2014 - 10:18

    I was originally with Homepath about 10 years ago. I know they were backed by the CBA and subsequently were taken in by CBA during the GFC. The good thing was that the rates were still cheaper than CBA's standard rates and all existing extras like No max repay, free redraws, No fees, etc. were all ported across!
    Not sure about Ubank, but the only thing I have found with a lot of these cheaper ones is that they are usually online only, tend to change their rates more frequently than the bigger financial institutions, and ultimately get gobbled up by the bigger banks, meaning you're at their mercy once agaain!!!
    Edit: Ps. I've used the Your Mortgage site for years now to compare rates!!!

  • [Deactivated] on 25/06/2014 - 12:52

    Hi guys,

    I am a mortgage broker and have a bank that will go as low as 4.74% if the Loan to value ratio remains below 80%.

    PM me for details.

    Cheers!

    • Snoop on 25/06/2014 - 13:04

      Some more details (even rough details) please, like loan amount it's based on? establishment fees? valuation fees? offset? redraw? max extra repayments? etc!!!

      • [Deactivated] on 25/06/2014 - 13:26
        +1

        Based on a $300k mortgage at 80% LVR or below.

        Available for Purchase, refinance and equity release. Established dwellings only – purchase or refinance. Owner Occupied or Investment, No Vacant Land, No Construction and No NRAS.

        Loan term of up to 30 years.

        100% redraw offset with linked VISA debit card.

        Repayment options of Weekly, fortnightly or monthly.

        Unlimited Additional repayments and free redraw.

        Fully transactional with Unlimited free phone (IVR), internet, EFTPOS and BPAY payments. 5 free ATM transactions per month.

        No ongoing monthly or annual fees.

        Outlays: Costs vary from state to state and include for example title insurance, agent and title search fees, etc.

        Up to 10 free splits allowed, Minimum split amount $10K.

        • [Deactivated] on 25/06/2014 - 13:29

          Also have a 4.49% fixed for 1 year.

        • leiiv on 25/06/2014 - 14:03

          What is redraw offset? is it redraw or offset or both?
          Melbourne only?

        • congo on 25/06/2014 - 23:30

          Does the bank support 100 years Lease hold property?

  • ilostnemo on 25/06/2014 - 15:25

    Thanks OP for bringing this up, I'm with CBA and my rate is 5.30%, I rang up broker and said WTF is all this about, and she gave me the usual scenario, that the banks are being competitive so they offer new borrowers a bargain rate. I said, I know as the other banks will offer me that rate as well. In 5 days my rate will be 5.0% apparently WA brokers have another 0.05% discount to play with.

    • redlover on 25/06/2014 - 15:38

      Nice one ilostnemo. CBA homeloan specialist promised to give me a call sometimes this week as I said to them other bank offer me 4.8% with no fee. I will let you know if they able to match this rate and perhaps you can call and complain again LOL

      • ilostnemo on 03/07/2014 - 20:24

        I just received a phonecall, they have changed mine down to 4.9% or as they put it 1% off the variable rate.

        I'm happy with that, our borrowings are about $300,000, They said if we had larger borrowings they could probably squeeze out a better rate. They also mentioned that a lot of these other loans comes with certain conditions ie > $500K , fix a certain percentage of loan etc.

        I'm happy with 4.9% and Thanks again OP.

  • puffinfresh on 25/06/2014 - 15:26
    +1

    I went with the Bankwest Online Home Loan (80%). I considered them my main bank, and have always had good service and value from them. The rate was competative at 4.88%. No offset, but I have fee free redraw.

  • coolhead on 25/06/2014 - 15:34
    +1

    just got an offer from bankwest.. 90% finance, 4.84 variable,,, free offset & redraw, no fees whatsoever…

    • angelkulit025 on 25/06/2014 - 15:45

      Just what snoop had said:

      Some more details (even rough details) please, like loan amount it's based on? establishment fees? valuation fees? offset? redraw? max extra repayments? etc!!!

      • ashikk on 27/06/2014 - 23:34

        just settled with bank west. interest 4.84 is for the loan
        = or > 500k. All fees (everything) about $700. you have a choice of making offset or not. no monthly fees.

      • kipps on 30/06/2014 - 20:25

        I'm with Bankwest. Currently on approx 4.99%, $3.99/month for a 100% offset account, no other ongoing fees. Was no application fee. I've always found Bankwest customer support to be much better than other banks. No complaints here.

  • AMLagonda on 25/06/2014 - 16:59
    +1

    Homeside 5.47% oh well havent got long to go….

  • chiefbodge on 25/06/2014 - 17:19

    I'm with ubank - the rate is great but the lack of an offset and minimum $1000 redraw is a bit annoying. I should've gone with loans.com.au, I can't be bothered switching again so soon.

  • Risser on 25/06/2014 - 18:48

    I'm with NAB on their tailored home loan. Currently discussing dropping my rate from 5.18 to 4.54. I am also asking to change the attached CC's from flybuys to QFF or similar. We'll see how that goes.

    • YOTR on 25/06/2014 - 19:37

      How are you getting them to drop their rate by so much?

      • Risser on 25/06/2014 - 19:50

        Didn't say it would work. My local manager said she'd have to talk with head office.

        • Ahan on 25/06/2014 - 19:53

          Let me know how you go. May I ask how much is your home loan?

        • Snoop on 25/06/2014 - 20:44

          I don't want to sound negative, but not a hope to get it down that low from a big 4 bank, especially with the inclusions.
          I think anything under a 5.oo% comparison rate and you'd be doing well with the NAB.
          But Goodluck, I hope you wring every last cent or of them!!!

        • [Deactivated] on 27/06/2014 - 10:54

          I am with same bank (NAB), on the same package and had the same rate 5.18%.

          I got them to to 4.83% pretty easily. They would not budge on the yearly fee however.

  • Ahan on 25/06/2014 - 19:52

    I have used Suncorp -> Ubank -> Loans.com.au

    Loans.com.au is generally ok. To manage their risk profile, they are very strict with lending servicability and tend to undervalue the property. Loans.com.au does have offset account.

    Ubank is pretty good but no offset is a deal breaker. Being a CA, I would not recommend loans without offset account.

    My next house will be financed by Homeside at 4.84% via a broker.

    • halo9 on 25/06/2014 - 23:33
      +1

      Yes, that is true for loans.com.au, they valued my property at $460k, 3 months prior Ubank valued it at 480k and I had an independent market valuer do one a month before that and was told $500k

      I just recently signed up with Loans.com.au for a 4.49% variable rate. Process was quick and easy, didn't need nearly as many docs as with Ubank. I had a loans officer and assistant assigned to me who I could call up and ask for which was great as they know what is going on and didn't have to explain myself every time. They are all based out of 1 office in Brisbane which is good to know. Had no issues and have my loan and offset sorted.

      The online portal is though Firstmac Money and it is great. First online account I have had with built in budgeting. You can tag every deposit and expense and then sort by type and also plan future budgets. Very handy tool.

      Like I mentioned 5 months before that I tried applying with Ubank (during a $2000 cashback promotion that had to settle in 8 weeks)and the first week was great. Loaded up all my docs and was told I qualified for a fast track loan that would see everything sorted in 3-4 weeks. Then I heard nothing for a month. First they forgot to book the valuer, then they forgot to enter in his value. Each time I had to call and speak to a different person and explain the whole situation. Once they had the valuers docs they said it would be approved with 10 business days. 30 business days passed during which I complained about their stalling tactics to not have to pay out the cashback. They extended the promotion for 2 weeks, then took 2.5 weeks to approve my loan. I called them up and said goodbye. If this is how they treat you when they want your money, whats it going to be like once they have it.

      Anyway with loans.com.au now and very happy. Cannot compare the two.

  • Gomo on 25/06/2014 - 21:01

    I'm with Members Equity, I have an off-set account that works great with my home loan :D

    • congo on 25/06/2014 - 23:25

      What's yr rate if you don't mind..

      • Gomo on 26/06/2014 - 09:22

        Interest Rate: 4.94% p.a. < Land
        Interest Rate: 5.18% p.a. < House

        I have 2 separate loans at the moment, as that's how it worked when me & my wife purchased our block of land, then approached a builder

        • sagrules on 26/06/2014 - 10:29

          Is this rate a fixed rate? It's way below their website advertised and comparison rates

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