I’m currently using Up and it’s been ok. I would like to go with a bank where I can make deposits and large withdrawals every now and then as well as create a regular savings history as I plan to purchase my first home within a few months.
I’ve been considering either Commonwealth Bank or NAB. Commonwealth primarily because I’ve heard it offers the best app. Which bank is the best and provide the best home loans for FHBs?
Thanks
They don't exactly have retail branches though, which seems to be what OP Is looking for.
Use a broker for home loans, more often than not, they can get you a much much better deal than going to banks direct. Broker was able to get me better deal at HSBC and Citibank than when I went to them direct for the same product. So do both and cross-compare.
Rest doesn't really matter, you can do all that with any bank. I'm partial to ANZ.
none
everyday banking HSBC as you get 2% back on tap and go
for high interest whoever has the highest rate can almost assure you it wont be any of the big 4
for loans once again who ever is cheapest and i can assure you it wont be one of the big 4
I use this bank for just in case the need to deposit, then transfer out to Ubank and yes for the 2%.
NAB is better than CBA. CBA likes to charge a lot of fees.
Maybe wait a bit longer to see what happens with interest rates. Looks like buyers are already becoming wary. Price probably won't rise much in the next few months, and possibly will begin to fall. The longer you wait, the more savings you'll have. The more people that wait, the further prices will fall.
Yeah, I think I will wait and see what happens with the market, it’s a win win either way I guess.
Anywhere but CBA
regular savings history
Savings and legacy 🏦 should never be used in the same sentence in the 21st century.
I would like to go with a bank where I can make deposits and large withdrawals every now and then as well as create a regular savings history as I plan to purchase my first home within a few months.
They don't really look at savings history.
They will look at your pay vs expenses per your bank statements (any bank) to make sure you can afford the repayments.
Go to shopping centre / strip you go to and see which one has the best opening hours and go with that. Nothing worse than having the best app and having to drive 10km out of the way to do a big withdrawal.
This. They also look into how many credit card(s) balances you have - the least the better.
Based purely on no monthly account fees, NAB.
Just left NAB for a crappy deal on mortgage rates after being a customer for over 10yrs, each to their own!
Where did you go?
and now going up lol
ANZ is useless, terrible tech and support staff are a nightmare with many teams offshored
OP if you must go into branch for your 'large withdrawals', then consider which bank has a good location for you.
Deposits can be made at a lot of ATMs these days, have a look at ATMs near you (bank websites will tell you what services/facilities are available at each location).
Apart from that, go with a bank for the specific banking product that works for you (fees / overdraw / intl surcharges etc). Same logic for home loans - go with the best loan for you, not just where your savings go - you don't need to get your home loan from the bank you are currently with.
Re. the 'best app'….they're all fine, don't worry about the aesthetics.
Aside from home loans, you can change bank whenever you want; don't lock yourself into a bank for 'loyalty' or anything like that.
EDIT: add Bankwest to your consideration list
as well as create a regular savings history as I plan to purchase my first home within a few months
What's wrong with the savings account and structure you have with UP? I only use UP for everyday banking and NAB for home loan account
If you really want, go with CBA or NAB. Avoid ANZ like the plague and Westpac is still living in the 80s where they think charging a customer monthly fee for a transaction account is okay (without a transaction account you won't be able to withdraw money when in need).
Nano is about to launch their direct to market for new loans. So is Volt.
Do you have a link to Volt's? Haven't seen anything about it anywhere.
Volt is a bank that hasn't achieved much at all and it's entire existence. Even though it's technically the first digital Neobank in Australia under the new banking license framework.
And they couldn't make consumer work with their second grade designed app by committee have had to buy it from a third-party off-the-shelf and have essentially now pivoted to banking as a service.
I think you have this thought out all wrong.
You want to let the home loan decide which bank you go with.
If you didn't really need the large cash withdrawals you could consider 86400, it was mentioned here in the forums a couple of days ago in a question about subaccounts. They also have some pretty good home loan rates. Their savings account rate isn't too shabby either, at 1.2% after a $200+ deposit each month (rate lower than ING but fewer hoops to jump through).
You could always then open an everyday account with a bank that has a physical presence in a convenient location, and when you need to withdraw large amount of cash, transfer via internet from 86400 to transaction account, then go into branch to make your withdrawal. Just make sure you choose an account with no fees.
Simply based on app experience, I have recently joined Westpac and i have to say the app is by far the best i've used in terms of speed, the things you can do and aesthetics (if that is important to you).
Something that they dont advertise but is really useful is that you have your card numbers available in the app for online shopping, and it will create a new cvc code every day so if your card details are stolen from an unsecure merchant, they wont be able to take your money.
bankWest, they were bought by CBA a few years ago, and they don't act like a big bank, but are owned by one; they are award winners. Plus, I have been with them for a few years
Stick with UP and just use any post office to deposit and withdraw cash/cheques for free
Macquarie is good