Looking for Home Loan Feedback on Homestar, TMB, Ubank, Virgin Money, SCU

Hi all, looking if anyone has any recent dealings / feedback with one of the below loan products (we need an offset / redraw facility).

With a 3 yr loan scenario (probs refinance then) factoring in a 1.2% rate rise over 3 years, factoring in all app/val/discharge fees, then selecting loans which are eligible for a trailing commission rebate..these came out on top.

Virgin Money. 0.2 rebate effectively makes Virgins variable product 3.49 + pick up around 150k Velocity points. Even with a cost of $360 ($10 per month over 3 yrs) it is on par with others. After dealing with their credit card arm I feel may need to sell my soul?

TMB with 0.2 rebate means a 3.49 - fixed for 2 yrs with 100% offset loan. Have dealt with these guys, and they were ok. $350 more in set up costs and their variable is rough at the end. Definitely need to refix or move.

UBank has 3.69% with $1000 back at the moment, which makes it comparably 3.58. But seems like a simple / difficult product?

Homestar with their 3.59 and $1200 back (but $1100+ fees) and unclear legals makes me think they are out.

Outsider option - Something like StGeorge effectively 3.49 with 0.2 rebate. But a very basic no frills loan. Always had offset loans, but since its an Owner Occupier I guess Redraw would be no different.

Any feedback would be much appreciated. Cheers all.



    My experience with uBank was terrible. They were very slow to process documents, and then changed the maximum they would lend 1 week before settlement because it took more than three weeks to move to unconditional approval. They changed how they wanted to calculate income forcing us to add another $40k to settle, even though they were already the most conservative of the lenders who would preapprove us. we were stuck and had to proceed to make settlement deadline. Very stressful. We switched to loans.com.au as soon as we could. And then uBank delayed settlement with loans.com.au TWICE, delaying by 2 weeks, because they didnt have the right documentation at settlement each time. Of course, others might have had a different experience…

  • +1 vote

    I did a simple test when I was tossing up between home loans and didn’t know what to pick. I called customer service to see how long it would take to speak with a human. Virgin money weren’t that good. None of the others you post were in my options.

  • -1 vote

    From the rates you mentioned, I am assuming OO home loan <80% LVR. There are lenders with better packages than what you quoted above. Don't get caught on cash rebate offers, especially short term discount rates. After your factor Discharge & Establishment other fees, and time sensitive delay costs of the next loan if you constantly change lenders, what is your true savings? do you not value your time?
    Find a lender and a rate that suits all your circumstances now and into the future (by this I mean don't go into the loan knowing or expecting to change lenders in 2 or 3 years time). Then the only reason where you need to change your loan is a compelling rate difference of another lender or change in structure or objective of loan.


      This is true, I need to value my time more.. That being said, I have made a spreadsheet crunching all variables as you mentioned above + the ability to get either a trailing commission rebate or start up rebate.

      There are no better rates with an offset or redraw facility.

      Bank Of Sydney doesn't have access to trailing rebates (unless anyone can prove otherwise), so lenders like TMB and Virgin are better than them over a 2yr minimum term. Ie, Naritas will give $1000 back for BOS. But on my 400k loan, I can get $1450 from a trailing from TMB / Virgin.

      The 120k points that come with Virgin have a value of around $1200 + $1400 trailing rebate…BUT it's Virgin.

      This brings in the last point. Will there be a rate rise in the next 2 years? If so, TMB fixed for 2 is a no brainer.

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