Just stumbled on this and seems like a good deal. From what I can see it's an online product from Community First Credit Union.
Has anyone used them ? Any bad or good experience ?
Interest rate for existing customers is nearly 2x new customers…
Have to wonder how long you go before a repricing…
Yeah, that's a shi**y thing to do.
Never heard of them before…and didn't see any lender giving offset account with 2.59 interest rate…Interesting!!!
Citibank is doing 2.59% variable with offset ( 2.49% no offset ) Or 2.19% 2 years fixed.
+ $2,000 cash back
BoM is doing 2.59 variable with $3k cashback up to 60% LVR (2.64 over 60%). Offset included in $395 package fee or $0 for redraw only.
hey, is this on the website? or via brokers only?
Well Home Loans is doing 2.32% with offset, way lower than the 2.59% mentioned here.
The point of difference here is that their fixed loans have an offset facility, and no LMI for some.. I wouldn't encourage a fixed loan at the moment, but you can split.
I'll chip in here since I have a $500k loan with Easystreet and had a chat with them today re a better deal.
The Good: No ongoing fees +100% offset accounts for BOTH variable and fixed loans. Yes, a fixed with 100% offset. I split our loan for no extra charge. Turned out to be a great call 2 years ago as all our offset funds are now in the fixed account (at 3.69), paying basically nothing in interest.
Customer service via phone is pretty good. Better than CBA anyway. I emailed the question about our loan at 4pm yesterday, called me at 11am this morning.
The really good: no LMI for essential workers with 90% lend. Sub 2% variable, 2.19 fixed 1/2/3yrs.
The bad: $500 application fee. No cashback offer. Our variable is now 3.2%. Fell from 3.9% two years ago, but didn't follow the market.
No branches. Doesn't bother me as I have never been in a branch in 20yrs of mortgage. Also no atm card etc, you need to have an account elsewhere for this.
The ok: We can switch our variable to 1 yr fixed for 2.29 (not the 2.19 new money). But will need to pay $250.
If possible, top up loan by an extra $50k and get new money rates. But will be a new application, credit check and $500. Can simply place the $50k straight back into an offset, but the 2.29 for 1yr for $250 is probably the best option. So at least there are options, but solid 'no' on reducing our variable at all.
*Wish Easystreet had a referral process. Brought a few to them over the years.
" Also no atm card etc, you need to have an account elsewhere for this."
So how does the offset account work if no atm card? how do you access your offset account funds?
also do they do Pre-approval for people looking to buy at auction.
The offset account is just an online account. You just need to link it to a bank that has no fees and an ATM card, but it does mean up to 48hrs delay from moving cash across to withdrawing it.
Pre approval, yep. We bought at auction.
Why the comment ls are unpublished
OP was promoting his services, was sending people directly to his brokerage company.
They will only do valuation after you pay the non-refundable $500 application fee. Deal breaker for me.
Can you suggest those who give you the value prior?
Shopping around and would love some options..
I had a good experience with them so far. They sent valuer and so far no going good….no application or valuation fees…1.99% 2yr fixed or you can split between var/fixed. Offset accounts with fixed/var loans.