I haven't used this bank, just saw a not bad interest rate with $150 annual fee on Offset Account.
There is another $150 annual fee, even they advertise "no monthly fee".
The special rate discount seems not covering investment property loan type.
Some other aspects:
- No establishment fee
- No Horizon solicitor fee
- No Valuers fee
- The special offer covers the standard valuer fee for $300K+ loan
- 5.54% p.a. for LVR > 70%
This is how comparison rates should be displayed, not on the ridiculous $150,000k they do now.
Still stuck in the 1995 buying homes in Sydney for around 200k. That said, interest rates then were around 10%.
Was wondering what LVR typical borrowers were having 30yrs ago, bet it's much lower than today's number, maybe just 50% or less.
@kcome: It isn’t the LVR thats important, it’d have been around the same. It’s the income to mortgage ratios.
I am with Tiimely now (backed by Adelaide Bank), 5.39% with $120 for offset (optional) and no annual fee. The bank's interface is downright stone age but the rate is great. I'm not affiliated in any way.
Your rate is great. However, I didn't find this rate on their website.
I guess the rate is the result of some negotiation. May I ask is it done with a broker or yourself to a banker/tiimely? (I believe it's just recently, within 3months?)
No negotiation. Been with them since 2022 and they’ve been dropping the rate each time the RBA drops it. Worth calling and checking if they can match. Also, no broker. Just applied via their own website.
Yeah but also to describe the stone-ageness
If you're using a credit card, then you don't need to interface with the account directly as frequently, which makes it very usable.
Been with them since I got my house in 2023 and the savings are well worth the archaic online banking
@Papa Huggies: They are releasing an app with osko and other features in October.
The offset fee will go up then as well from $120 to $180
@nerdinary: FWIW their old app closed about this time last year, and they said back then they'd have an app up by Jan 2025.
@Papa Huggies: Their letter, which I still have said "sometime late 2025". If there was a Jan announcement, I never saw it.
You can already download the app, but only loans approved after June can log into it for now. (https://play.google.com/store/apps/details?id=com.bendigoban…)
Look at the whirlpool forum threads that have a discussion around it
Same rate for me. I asked them to review yesterday, lets hope it gets better :)
I’m wondering how often they can review rates for you? Once or twice a year?
Upcoming rate cut
Let’s watch if they drop. As well as the Police Credit Union’s 4.99% special rate.
"annual fee" is not a "monthly fee", so
2.89% for the next 14 months, thanks ANZ
How? Did you fix it for 5 years during covid?
USA, EU People were already screaming. Fix, Fix, Fix.
The RBA announced that it would not raise interest rates for the next few years.
So I went to the bank and changed it from a variable rate of 3.1 to a 5-year fixed rate of 2.89.
oct. 2011
IT WAS A VERY NICE SUNNY DAY
I had some come off fixed and jump over 4%! My best one was 1.99%.
6.09% CR isn't great, especially when factoring in the implied rate cuts of ~1.25% for the majority of the fixed period: https://www.asx.com.au/markets/trade-our-derivatives-market/…
Can I downvote this as it's a terrible deal compared to variable deals out there with 99.999% certainty?
This is not a fixed rate Homeloan. Read the title and website carefully.
Thanks that makes it even worse. 6.09% comparison rate is pretty bad.
It's that high because it goes up by 0.6% after two years.
5.39% with 5.39% comparison rate here: https://www.pmgonline.com.au/standard-variable-home-loan/
$150 annual fee =
0.015% add to 1M loan balance, rate goes up to 5.405%
0.03% add to 500K loan balance, rate goes up to 5.42%