Banking, Credit Card and Loans

Lbad hombre on 06/07/2018 - 16:16

Hello,

Interested to know who people bank with and why. We are in the process of reviewing our financials and are finding it difficult to get a good deal with one lender. This makes no sense at all as I would have thought it would be in the lenders best interests to package everything up together - yes, it is one of the big 4. Therefore, have decided to go credit card with 1 company, savings and transactions accounts with another and looking at transferring our tiny home loan + a much larger investment loan to another.

We will have to be careful to ensure everything is paid on time and automate a lot of our billing but the savings in doing so are worth it.

Borrowing rates on investment loans can vary upto 1.5%+ which is significant!

Cheers.

Financial Bank Account Credit Card Loan Transaction Account

Comments

  • boomramada on 06/07/2018 - 16:31

    Your everyday bank not always give you best rates on your housing loan. That's why I end up with multiple accounts in ANZ, CBA, 28D and Westpac. And CBA been best for internet banking.

    • John Kimble on 06/07/2018 - 16:56
      +2

      No way, their netbank is poo! (apparently)

      • boomramada on 06/07/2018 - 16:59
        +1

        poo compare to what? Out of ANZ, CBA, 28D and Westpac, CBA is the best.

        • John Kimble on 06/07/2018 - 17:01
          +4

          Sorry, I was being sarcastic in reference to the recent cba netbank post.

    • bad hombre on 06/07/2018 - 19:58

      We are with CBA and internet bank is very good! I had a westpac cc and westpac was pretty basic and dumb as in lacking functionality.

  • John Kimble on 06/07/2018 - 17:00

    It's whoever you can get the best bargain for that particular product from at the time. Rinse and repeat regularly. It would be nice if it would be all one institution, but that would be too easy, wouldn't it…and that's how they essentially punish the existing "loyal" customers and reward the new ones.

  • chumlee on 06/07/2018 - 17:08

    I was a loan customer of Mario Condello. Poor customer service though

  • Doggiie on 06/07/2018 - 17:16

    Banking: UBank (2.87% p.a.)
    Credit Card: HSBC (Rewards @ 0.5% return rate) and 28 Degrees (Travel and international purchases) and both have no fees
    Loans: CBA (4.52% p.a. with regrets, however the loan is now sitting on $50 and used as a redraw facility)

    I don't believe packaging is worth the the costs. The amount you can save by looking at specialised products can greatly outweigh the peace of mind - though it is a personal opinion.

  • mysterytal on 06/07/2018 - 17:25

    Banking: ING (savings earn 3%), ANZ (they have a branch or two nearby), CBA (nice phone app), Citibank (free international withdrawals of cash), HSBC (free transfers from a UK account I have) and Bank of Melbourne (some offer of cash to be closed).
    Credit card: Coles MC (used where AMEX not accepted) and American Express (lots of cashback offers).
    Loans: None.

  • Quantumcat on 06/07/2018 - 18:14
    +1

    Banking: Commbank. Why? Had the account since I was a 5 year old Dollarmite. The account number is burned into my brain. The home branch on the account is where I grew up. Purely sentimental.

    Home loan: NAB, because that's what my broker hooked me up with.

    • bad hombre on 06/07/2018 - 20:00

      I had a dollarmite as well and that is where my loyalty comes from but they are terrible now. Staff turnover is bad follow up is non existent and then some random guy calls up and wants to let me know how easy it is for me to borrow money.

  • bad hombre on 06/07/2018 - 20:04

    Applied for 28D CC and it's been approved so will start transition all auto payments across to them.

    Have opened a UBank account for transaction. I assume Visa debit cards a fee free transactions at any bank ATM?

    Next will be the loan, our home loan is basically they so that we can borrow for investment in and use the house as security, apparently that is the only way to get more money :(. Why can't the investment be used as security!?

    I don't want to be managing multiple logins but don't think there is any other way.

    • Doggiie on 07/07/2018 - 12:38

      Damn you shouldn't have gotten 28D, the better one is Bankwest Zero Platinum: https://www.bankwest.com.au/personal/credit-cards/no-annual-…

      UBank is part of the NAB network. Fee free ATMs is based off the ATM only. It just happens that all the big 4 banks have made it free. Beware of the dodgey private ATMs such as one at pubs and casinos, they will likely not be free still.

      • Gandalf the Thrifty on 07/07/2018 - 13:42

        Unless you have ing orange everyday then can use those dodgy pub atms and ignore the $2.50+ withdraw charge

      • bad hombre on 07/07/2018 - 14:14

        Why is the BankWest card better? We always pay off our card every month.

        • Doggiie on 07/07/2018 - 17:25

          Bankwest have complimentary travel insurance (although very basic) when you purchase your plane tickets

        • bad hombre on 07/07/2018 - 17:48

          @Doggiie:

          I saw that before I applied but it looked quite basic so probably would have to get my own anyway. Thanks!!

  • niknah on 06/07/2018 - 21:04

    Using ubank for most things. I like the auto sweep feature which sweeps money to/from the high interest account whenever the balance is too small or big.

    Travel cash card: citibank plus (no fees for cash withdrawals overseas)

    Purchases from overseas: 28 degrees (no fees & good exchange rate for purchases)

    Plane tickets/accommodation: bankwest zero. (free travel insurance if you spend over $500 on your trip)

    Home loan: loans.com.au, but they keep on putting up the interest rate. Their front page rate is actually their intro rate and it just goes higher the longer you're with them.

    • Colombian on 13/07/2018 - 13:48

      How does sweep work if I set up payment of bills every month? Day before due date I transfer from savings to transaction account. And on due date transaction account pays the bills. If I have sweep the money in my transaction account will revert to savings? Will I have trouble here?

      I do this currently with ING but I'm planning on moving everything to Ubank next week.

  • gelatiman77 on 12/07/2018 - 10:59

    Im with CBA and i think their online banking is excelent. I intend to bank with a smaller bank but the only thing im worried about is leaving behind the Commbank App

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