Move over Ubank, there's a new top dog and they even have branches (in QLD only).
Apply now you’ll get 0.60% off our normal Discount Variable rate for the life of the loan#, AND no application fee until Christmas*. With no monthly admin fee, and a bunch of great features, it’s the freedom of a variable rate, at the price less than most banks’ fixed rates.
When an existing Heritage member refers a new member and that new member has a Heritage home or business loan approved and fully funded within 3 months of the membership creation, both the new member and the referrer receive a $250 pre-paid Visa gift card.
"No offset account available" and it looks like the redraw/reborrow facility has fees. Good rate though.
"like unlimited extra payments and re-draws on our fixed rate loans (as well as variable loans of course), " that's a bit dodgy then… But unlimited…but you have to pay for them!!!
I'm currently looking for 3 years fixed. Not competitive vs ME Bank at 4.59% no fees.
Not located in vic… Might be worthwhile mentioning the state?
Good point - branches are only in QLD.
I assume though you can still bank with them no matter where you are in the country though.
which one is best at the moment in victoria? not much worried about the redraw as i am looking for a 2-3 years fixed and hope i can manage without redrawing money from it, but yeah a redraw facility is a bonus in case.
As I mentioned above… not a physical bank but ME Bank is the best on the market for fixed.
i'm with loans.com.au @ 4.5% comparison rate with 100% offset facility. i noticed that this one with heritage does not offer any sort of offset facility.
"Reborrow fees
(Reborrow Payments in Advance on loan accounts where allowed – fee plus the actual cost of any searches (applicable per state), with searches undertaken for amounts over $20,000)"
So would there $20 "reborrow fee" be charged for redrawing when your account is in credit?
shame as id imagine with no redraw this would make this awesome loan a no go for many people… guess that's the trap that your trying to make your money on though.
I am in NSW and have had my home loan through these guys for five years.
I went with them because the loan was very competitive. I went with what they called the professional package that required a certain percentage of the loan value as a deposit, and required you to borrow over $250K, but that was five years ago. They also required that you have a day to day account that had money coming in every month (i.e. like your pay).
The branches thing is true - they only have branches in QLD, but they have partnered with Westpac (and I think St George) to enable you to withdraw money from any Westpac (& St George?) branch. You can also withdraw and deposit at the post office (I believe).
I have had three different employers and the tax office doing direct deposit and also several direct debits coming out with no issues.
Hopefully this will force other lenders to follow suit then too!!!
Would this rate be available if someone was to go guarantor on a loan but with no deposit?
How is this a deal?
Fair call this might be the lowest variable rate in the market. This rate might change any minute.
Newcastle Permanent Society is currently offering 3 years fix for 4.49%p.a. Comparison 5.30%p.a
http://www.newcastlepermanent.com.au/Personal/HomeLoans/Fixe…
The Comparison rate is rubbish. It assumes once the 3 year fix runs out, the loan will continue for the remaining 22 years (out of a 25 years term) at the CURRENT variable rate. This requirement introduced under NCCP is rubbish as we all know it's called variable rate for a reason.
A friendly advice to ShannonIngram, you have not quoted the Aust Credit License, as well appropriated Ts&Cs. We hope ASIC employees are not ozbargain.
Quoted from NCPB site
Rate Comparison Rate ~
1 Year Fixed Rate 3.89%p.a. 5.42%p.a.
2 Year Fixed Rate 4.39%p.a. 5.37%p.a.
3 Year Fixed Rate 4.49%p.a. 5.30%p.a.
4 Year Fixed Rate 4.69%p.a. 5.28%p.a.
5 Year Fixed Rate 4.94%p.a. 5.33%p.a.
The obligation to display ACL does extent to online sites. Not interested to have a debate here on how a piece of legislation is interpreted.
It doesn't bother me whether the ACL has been disclosed or not, it's Smartline's ACL that will be on hook. Which subsequently filters down to the franchisee agreement in the compliance clause.
In addition to the above, a specific product was mentioned within the article, which will be subject to stands Ts&Cs, CG, as well the advice you have provided are general in nature and does not take into consideration of personal circumstances.
Thought I should contribute as an ozbargain community member.
I do share the view of the burden in compliance, but it's better to have than without for the sake of small individuals.
I am a "new" member in the sense of just signed up. but have been browsing this site for long.
There is no clear guidance on ACL's requirement on the website. Nor there is an explicit guidance on ACL not being required.
Borrowing from Gaden's online article http://www.gadens.com/publications/Pages/Displaying-ACLs-new…
"Drawing on the views of ASIC in RG13, it appears that a website advertising products does not comprise a printed advertisement. However, RG13 is considering when something is a ‘public document’. ASIC has issued the following guidance: ‘It appears the issue is not clear cut. It is anticipated that we will shortly issue a consultation paper about credit advertising where we will look for comment from industry. I note ASIC is already aware of some credit providers stating the full wording when referring to their Australian Credit License in radio advertising and on websites so would encourage members to follow this approach as best practice.’ - See more at: http://www.gadens.com/publications/Pages/Displaying-ACLs-new…
Connective appear to share the same view
http://mag.connective.com.au/2012/04/02/compliance-update-di…
A lawyer and a compliance person share slightly different opinions to what's compliant. Compliance will always focus on best practice.
However, it's important to understand the application of legislation in real world context. The ACL requirement was clearly introduced so that retail consumers are aware of such, and this serve little to no purpose to exclude the online space.
In relation to "responding" to a post initiated by another member. Who has initiated the article is less relevant, perhaps this particular post will be treated as a whole.
To the 3rd point, against. For best practice. Credit products on its own is not governed under NCCP. I believe there are scenarios in which people gets carried away and unintentionally providing advice (a separate matter to its own under AFSL). I have not doubted that you have provided top notch customer service and complying with all relevant regulations.
Personal opinion only and I am not a qualified to provide any professional opinion. If in doubt, seek independent professional opinion.
Mod. Please remove if it's out of context.
Sorry. Got carried away.
I understand your point but I think it's a good deal as you will receive a 0.6% discount off the discounted (note not standard) variable rate for the life of the loan.
Standard variable rates are nearly always a joke so when a lender offers 0.6% off their discounted variable rate, I think it's impressive.
Any existing member of this bank wants to be my referral? as I might apply for their Home loan.
and according to link below we both can get $250 gift voucher.
http://www.heritage.com.au/Member-Commitment/~/media/Files/2…
"When an existing Heritage member refers a new member and that new member has a Heritage home loan
approved and fully funded within 3 months of the membership creation, both the new member and the referrer
receive a $250 pre-paid Visa gift card."
PM me if anyone interested.
I've made a wiki page for this now -
See the deal posted at https://www.ozbargain.com.au/node/172830 (it's your deal, this is for others reading the comments)
This looks good
It has $350 other charges if you are refinancing and all of them are government charges though.