Home Loans

[flea29]

Just interested in you different opinions on which home loans you would recommend to take out for $100,000 at the moment & why? Not interested in any of the honeymoon rate loans though (6 & 12 month discounted).
Cheers
Flea

 

[The Zebra]

I have just changed to 'Resident Home Loans'.

Got a variable rate of 6.40% (which is the lowest I could find with the features I needed), free redraw, no fees, ability to overpay, interest only, etc, etc.

It is all done over the internet, so you don't have a bloke coming out to your house (which may be a drawback for some, but I see it as a benefit - no hard sell!), but the help line was very good and the process went very smoothly to settlement. Overall a good experience.

If you want to compare rates I found this site useful:

www.cannex.com.au

 

[iceman]

I've got my loan through Members Equity, straight forward, easy to understand explanations and the first bank that every time i call them i get to talk to someone immediatley. Someone did come to my house and he was excellent, ive got no idea about finance/loans etc but he explained everything and at the end didnt even try the hard sell which was refreshing.

Go to www.membersequity.com.au

 

[scooter600x]

I've got my loan through Members Equity, straight forward, easy to understand explanations and the first bank that every time i call them i get to talk to someone immediatley. Someone did come to my house and he was excellent, ive got no idea about finance/loans etc but he explained everything and at the end didnt even try the hard sell which was refreshing.

Go to www.membersequity.com.au

They were good but I found it difficult to pay extra, though, just inconvienant. That was a while ago.

I'm with RESI now. They're good, too.

Just as long as you don't use a major bank.

I sold home loans for a while. Top job, easy sell but you have to get your leads from somewhere. The hardest part is finding a company to work for that will actually pay your commissions.

 

[flea29]

Cheers guys.
Anyone had anything to do with ING?

 

[Dan26]

I havn't changed my home loan, but I just created a new account, in which the money that goes into it, is offset agaisnt my home loan meaning I pay less interest, which seems to be working pretty well. I only owe about 30K, but I've put 14K intop the new account meaning I only pay interest on 16K for the home loan instead of 30K. And it won't have any negative effect at tax time either.

 

[flamethrower]

I have an offset home loan too.....great idea if you can keep your balance above $20K to $30K. If you only have about $5,000 though, it isn't worth it.

I recommend going through a mortgage broker....they will find you the best home loan for you. The good ones wont push a bank that is paying them a commission, but rather give you 20+ options.