Switch to a UHomeLoan and enjoy an incredibly low variable rate of 6.39%p.a. This great rate includes a 0.20%p.a. Loyalty Discount for the life of the loan.
Move fast - this offer is available to the first 1000 applications successfully submitted online.
Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.
scotty what do u mean when u say refinance amount will be much less? did u have the same prooblem i had? that they valued the property much much less than market value?
dy4me, Yes they valued property about 40-50k less. They are bascically looking for quality loans, so no risk for them. But what they dont know is only few rich cares about the interest rates.
Also as disa mentioned, each time you have to call these guys to move the money.
They got no bpay
They got no electronic transfer.
If you got extra in the loan, still monthly repayment will have to come from regular bank account.
What we all forget is we never give value for our time. When we start giving it this small percentage differences are ignorable. I am refering to the time we spend ofn the phone to get things sorted, money transfer request…..
All banks are SOAB , look ate the billions of profit they make but when RBA drops .25, they drop only .20 and they get away with that.
Lastly, we have to put all the efforts to finish the homeloan. Else we will be keep on whinging and always worried about interest rates. We earn more than our father -grand father days but we still owe banks a lot. The past generation never had to worry about the loans coz they will spend only when they had enough money to buy something. So why banks are greedy, coz we are greedy….and not happy with what we got , who got a 53 crt tv these days, people buy 32 ,then next year they buy 42 and after few months go again and buy a 46", 50" 60"…..
ok good. cuz i was really worried when they told me my unit was worth 50-60K less then what i thought it was. I wonder if its legally changeable. Cuz thats fudging with numbers. any valuer will for sure value the property for much more. If they wanted a lower LVR thy should just state it instead of undervaluing property. i wonder if i should report it.
The website not easily to use. I got the homeloan but i cannot view my current mortgage rate online. I cannot even pull transaction history for more than 30 days. Most things you have to ring up to request as mentioned by scotty34.
NAB's own customer service (esp. loans) is the worst .. what can one expect from their low-cost subsidiary uBank ?
I have recently refinanced with Loans.com.au and I must they are the cheapest in the market. I am getting 6.33% Variable with 100% offset. Its available in market as Dream Express product at 6.44% (I took advantage of their promotion in June 0.11% off from the advertized rate.)
Customer Service is helpful and always contactable.
Do you have two different bank account numbers? One for the home loan, another for the offset savings account?
Any feedback on the internet banking experience?
Yep, separate accounts and bank account numbers for loan and offset acc. I was with Myrate (Rip off !!) before and I wanted to have a 100% offset facility and not redraw (same account). MyRate has been doing false advertisement for years.
Internet Banking with Loans.com.au is lot better than what I expected. Myrate's website was so bad. It had no facility to view your interest rate.
With Loans.com.au, I can see my current interest rate, when it changed to what (On 2nd Nov it showed me it changed from 6.58% to 6.33%), Can download Transaction History. Bpay , electronic transfer, Visa Card attached to my offset account (5 free ATM withdrawal from St George/Westpac and few other ATLs and unlimited Eftpos) One thing I am missing is interest charged so far in this month. (It does show total interest charged in this financial year).
I understand these small lenders cannot provide online facilities like CBA/Westpac and others but who cares.
The only thing I want is 100% offset account at no additional cost, low interest rate, low discharge fee, peace of mind with interest rate locked with RBA's rate, ability to deposit and withdraw your own money for no extra cost and no ongoing monthly/annually fees which I am getting from them.
Please let me know if you have any more question. I am not a Rep but one happy customer. Before taking Loan with them I had posted several questions in online forums to understand their product. Not much I can feel suspicious about.
The comments provided by OzBargainers have been useful. I have recently taken out a construction loan to build a house with the Commonwealth for 6.74% (discounted rate expires in 2014). Once the discount expires or a significantly better offer appears I'll be looking to put pressure on the bank or jump ship. The house isn't built yet so refinancing right now is impossible.
I remember eyeing UBank's specials back in June but was disappointed to find out they only do refinancing, and won't lend to build a house. Basically UBank is letting other institutions take all the risk and then cherry picking the highest quality loans.
hi all, i just put in an app for this yesterday and was really hoping it'd be a fair deal.
No idea what the val will come in for my apartment now having read all your comments, i'm a bit touch and go on the 80% but from what i've read i won't come close!
to confirm the issues:
1.) hard to redraw as need to call someone - i don't have an issue with this as anything that makes it harder to redraw on my home loan has to be good!
2.) 30 day statements online - also don't care
3.) can't see home loan rate online - serious?! that makes me uncomfortable but i guess i could maybe live with it
Are there any other issues i'm missing? just don't want to waste all my time on this, really wish i knew the val outcome before i go and get all the docs ready!
I went through the pain last time when they had the same deal.
Approval chance is very low. Lot of paper work and refinance property value will be less than what we really think. I gave up…..
Also note, once we put the money we cannot move electronic if we have extra in there. We have to call them and and request each time..
I think much better to negotiate a better deal with major banks and you will get decent treatment