BeyondBank HomeLoan 4.59% (Comparison Rate 4.59%)

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Beyond Bank

• 

  gibspmuh on 14/01/2015 - 08:39

  +2

  Loans.com.au has a better rate for purchase/refinance - 4.48% (4.50% comparison rate) - but you're right, for a construction loan you're unlikely to find a better rate.

  • 

    excite on 14/01/2015 - 09:01

    sorry for my ignorance, but what is a construction loan?

    • 

      aaronaldo on 14/01/2015 - 09:43

      Loan for building your place.

  • 

    Olokun on 14/01/2015 - 10:05

    No (real)Offset account with loans.com.au

    • 

      delfredo on 14/01/2015 - 10:17

      So this has real offset account? How to tell?

    • 

      amsaini15 on 14/01/2015 - 10:32

      How is loans.com.au offset different from a real offset? What is it missing?

      Loans.com.au website says: "A fully transactional 100% offset facility"

      • 

        Olokun on 14/01/2015 - 10:38

        +4

        Loans.com.au is not an 'Authorised Deposit-taking Institutions' nor is it covered by the Deposit Guarantee Scheme.

        This means that if Loans.com.au goes bust your offset gets absorbed by the mortgage and you will no longer be able to withdraw the funds.

        http://www.apra.gov.au/adi/pages/adilist.aspx

        http://www.guaranteescheme.gov.au/rules/

        Edit: Beyond bank is both of the above so any deposit into an offset account would be safe in the event of receivership/bankruptcy.

      • 

        amsaini15 on 14/01/2015 - 11:27

        Still does not answer question with offset offered by loans.com.au. As for Deposit Guarantee, I would not be worries much. Imagine how many customers are with loans.com.au/Ubank and others. and if something worse happens, there will be more more dire consequences than just loosing your offset money.
        —Saying that, I do think it is a proper offset account from loans.com.au.

      • 

        tomleonhart on 14/01/2015 - 11:33

        @amsaini15: I guess what Olokun saying is that Loans.com.au offset account is real in term of functionality but not real in term of definition.

      • 

        Olokun on 14/01/2015 - 11:34

        @amsaini15:

        The offset description on there website seems to gave recently changed. However if it is the pseudo offset account I understood it to be then it also had tax implications for investors.

• 

  MITM on 14/01/2015 - 08:52

  Beyond belief.

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  v8james on 14/01/2015 - 09:49

  Looks like a good deal. Full offset and no extra fees for early repayments.

• 

  cash8 on 14/01/2015 - 09:58

  so is beyondbank a bank or beyond bank?

• 

  Lukian on 14/01/2015 - 10:36

  Heritage is still a better bargain (on rate, haven't compared other details) - https://www.ozbargain.com.au/deals/heritage.com.au

  • 

    chonkie on 14/01/2015 - 13:53

    Right about the rate, but pity it doesn't have the 100% offset account.

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  tomleonhart on 14/01/2015 - 10:43

  They seem to have really good review. Much better than loans.com.au.

• 

  notout50 on 14/01/2015 - 11:18

  20% min deposit though, better stop buying headphones…

• 

  Almost Banned on 14/01/2015 - 13:44

  I have a loan with ME Bank.
  When I first took it out the rate was pretty good and the 100% offset was great.
  However, it has slowly gotten less and less competitive to the point that it is now a full 1% above this rate.
  I have been holding off switching because it is now only around $60k and not really attractive for most lenders but seeing this rate has really p*ssed me off.
  Is there any reason why I couldn't take out this loan for $150,000 - and then immediately deposit the extra $90,000 back into the facility?
  I might give them a call.