Hi all
I'm looking for a good deal on the home loan. I have 10% deposit.
HSBC had a good deal (I think) 5.79% variable on the home value loan but this special finished last month.
I only consider variable rates as don't wanna be stuck with fixed rates.
I would really appreciate it if someone could recommend a good home loan.
Thanks
I'm looking to buy a house for around $430k with 10% deposit.
Ubank is nice but you need to have more than 20% deposit, comm bank is the biggest rip-off ever.
Ubank is just refinancing
http://www.ozbargain.com.au/node/26918
Old thread but possibly useful?
I heard that you can get a mortgage broker to do the work for you. If you are not happy with the rate they offer you, just tell them to find a better deal at no charge from what I've heard, though that was years ago.
I would suggest getting a mortgage broker to give you an idea. We did (Aussie) and as a result ended up with a mortgage product that we didn't know about that has saved us thousands (it is variable and tied to the 90 day bank bill rate, offering a very competitive rate). With Aussie the service is (at least was) obligation free, so you haven't got much to lose, especially if you're not sure what deals are around.
I second Evil-Elmo. Aussie Broker are good and generally able to give you a good idea of the options you have in the market. Plus they are obligation free.
Also, from personal experience, CBA may not have the cheapest rates but it is easer to get a loan from them as they are bit more flexible than the other banks. But again, this is based on my experience. Others might have totally different views.
Edit: Double post
If I wasn't with Ubank, I would probably go for Bankwests Online home loan - 5.77%:
http://www.bankwest.com.au/personal/home-loans/home-loan-pro…
Redraw acts like an offset, with free access to surplus funds.
Has a $700 application fee, but that can easily be waived by speaking nicely to one of their reps ;)
Ubank and bankwest lend only up to 80% of property value.
Went to HSBC and got told they extend their special for another few weeks so for sure will be going with them.
5.79% interest, 5.81% comparison rate and I only need to have 10% deposit, and also no application fee.
thanks for help.
I would happily recommend IMB. depending where you live they have plenty of physical branches (Four in the ACT, and one in Queanbeyan for example).
I am on a bare bones, cheapest variable home loan with a 80% LVR, and my current rate is 5.86
I haven't asked them to reduce the rate any further as I honestly couldn't be any happier with their product and their service, I will try my luck once the three year period is over. I pay a $10 per month account fee, which includes my savings account.
Their low rate wasn't the only thing that attracted me to them, they were also quite generous with the amount that they would lend me. I ended up borrowing 270k, which was great because a branch manager from commbank insisted that they would only lend me 120k haha, and the other big four banks weren't much better!
The service that I received from their Civic branch at the was fantastic. The branch manage spent hours with me, helping me sort out problems that were really above and beyond your usual bank manager and for this I will always recommend them to mates.
EDIT: I should probably mention I switched my daily banking over from commbank, and there is a certain loss of convenience that might bother some people.
1) fewer atm's. I don't use cash so it's a non issue for me
2) internet banking isn't as fast/ the interface isn't as pretty/user friendly.
3) they offer a credit card through citibank, but it isn't a linked credit card. You can't see the card when you login to do your banking, there are no simultaneous transfers between credit and savings etc.
Hey all,
Firstly I noticed a comment about redraw and offset being the same thing…they are not the same thing from a tax / tax planning point of view. If it's only ever to be a home loan then fine redraw may be OK but if there is a possibility the property may be rented out one day then best bet is to stick extra funds in an offset account. I explain this concept in full here…
http://mortgageexpertsonline.com.au/loan_types/mortgage_offs…
I would also caution about just jumping at rate when other factors such as mortgage insurance can vary between lenders but upwards of 30%. If you are borrowing between $500K and $600K this is especially true.
It all depends as to how much do you want to borrow?
Look at uBank and comm bank