PLAN Lending home loans experiences?

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planlending.com.au

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  sweefu on 07/12/2015 - 13:26

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  Plan is owned by advantegde, which is owned by NAB.

  They are a no frills lender, and I believe they dont offer offset facilities.

  If you're refinancing owner occupied facilities, I would look elsewhere. All the majors will be cheaper.

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  tomleonhart on 07/12/2015 - 14:59

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  Broker here.

  What sweefu said is correct!

  lenders are willing to offer good discount for OO loan at the moment!

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  naritas on 07/12/2015 - 15:12

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  Sweefu is partly correct, PLAN Lending is funded by Advantedge (which is the company that funds uBank). Our company has been dealing with PLAN since its inception and the customer feedback has always been excellent. In short, it's a no-frills lender but their customer service feedback is vastly superior to what we've seen out of uBank and you have the added advantage of having your broker to assist you with most customer service matters.
  In past their pricing has been really sharp, at present however, lenders like Newcastle Permanent (NPBS) are beating their fixed rate pricing (which PLAN traditionally did brilliantly). You can see how they compare on pricing for fixed rates here (https://www.naritas.com.au/widgets/rates-widget/?t=hl#3yr). There are also a couple of lenders doing better than them in variable pricing as well (https://www.naritas.com.au/widgets/rates-widget/?t=hl#vari.). Where they are doing well is investment pricing with P&I repayments (https://www.naritas.com.au/widgets/rates-widget/?t=hl#invest), That said, what makes them a consistent winner for our enquiries is not even price - it has been policy & speed vis a vis they have accepted a very broad range of borrowers and collateral whilst providing fast turnaround times.
  Hope this helps.

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    sweefu on 07/12/2015 - 15:21

    Partly correct?

    "PLAN Lending Pty Ltd ACN 120 569 968 is a credit representative (No. 392524) of Advantedge Financial Services Pty Ltd ACN 130 012 930 Australian Credit Licence 391202. PLAN Lending distributes loans funded by AFSH Nominees Pty Ltd ACN 143 937 437 Australian Credit Licence 391192 and managed by Advantedge under the Advantedge Residential Loan Programme. Each entity is a member of the National Australia Bank Group."

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      naritas on 07/12/2015 - 15:25

      The part that was likely to not be correct was "If you're refinancing owner occupied facilities, I would look elsewhere. All the majors will be cheaper."
      We're not sure how you are defining a 'major' but PLAN's pricing is definitely better than the likes of CBA, Westpac/St George alliance, ANZ and NAB (which are routinely referred to as the 'major' banks). It's also cheaper than Suncorp and Macquarie (the next biggest lenders) for many lending scenarios.
      You are definitely correct about the link between Advantedge and NAB, however ;)
      Hope this helps.

      Edit: Emphasis on all the majors will be cheaper NB: There is nothing wrong with looking elsewhere - Sweefu was correct about that too - there can be cheaper than PLAN Lending.

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        sweefu on 07/12/2015 - 15:32

        I disagree.

        Plan is at 4.30% for variable O/O, CBA will do 4.19%

        Plan/Fast/uBank (all Advantedge) were cheaper than the others until APRA changes made all lenders hungry for Owner Occupied loans. Now I see all of the majors routinely beating them.

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        naritas on 07/12/2015 - 15:57

        @sweefu: To help clear up any confusion, we've done a quick comparison of the majors on a $500,000, 80%LVR, owner occupied scenario. We chose these numbers to actually be fair to the majors because they offer better pricing at $500K+. https://www.naritas.com.au/system/wp-content/uploads/product…

        You'll see that PLAN's best variable is 4.16%p.a. and their fixed products are vastly superior to the alternatives from the majors (in terms of pricing). To be clear, we're not saying that this is an apples and apples comparison (i.e. the majors offer a full branch network, 100% offset accounts, platinum credit cards, etc, etc). PLAN, when using price as the core determinant of success, is definitely leading the majors at present.

        NB: Please refer to the PDF for the relevant comparison rates and disclaimers.

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  bikuta on 08/12/2015 - 13:50

  Thanks for the feedback. I was looking more for feedback in terms of customer service and general interactions.

  I believe PLAN lending offer a redraw facility which means I can make extra payments to the loan account and those extra funds would be available credit to redraw and this is just as good as an offset account to me.
  I just need to confirm that they will be able to provide a debit card for ATM withdrawals.