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BeyondBank HomeLoan Variable 4.34% (Comparison Rate 4.34%)

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BeyondBank HomeLoan Variable 4.34% (Comparison Rate 4.34%)
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Olokun on 28/02/2015 - 11:49 beyondbank.com.au (290 clicks)
Last edited 28/02/2015 - 11:50

With Credit to the previous deal https://www.ozbargain.com.au/node/179004

Offer seems to good to be without a catch.

Some of the pros I found to chose Beyond Bank over other non big 4 lenders

  • Rate is the same as the comparison rate (ie no monthly/yearly fees etc)
  • Is an ADI and on the Gov guarantee scheme
  • Full offset account
  • early repayments without penalty

The best rate so for with the big 4 we have managed to get is 4.55% with annual package fee waived.

Also looking for anything else that I may have missed that would be a huge +ve or -ve

Financial Home Loan Loan

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Beyond Bank
Beyond Bank

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  • NachoMafia on 28/02/2015 - 12:14

    Looks good. Only thing that would bother me is extra cost for redraws. Found this on the standard variable loan page "Fees and charges may be payable for the redraw facility".

    Might be worth finding out what that fee is…

    http://www.beyondbank.com.au/personal-banking/home-loans/sta…

  • Matt P on 28/02/2015 - 12:33
    +1

    so don't use the redraw, make any extra repayments into the offset account.

  • Hypnotoad on 28/02/2015 - 12:48
    +1

    Best one I've seen is this from loans.com.au

    https://www.loans.com.au/home-loans/dream-loan-offset-variab…

    4.29% comparison rate with redraw

  • AlisonP on 28/02/2015 - 12:48

    Is there anything to stop a lender from signing new loans up at a low "enticement" rate, and then jacking them up when it suits them?

    • WaywardOne on 28/02/2015 - 12:53

      -

    • No on 28/02/2015 - 16:27

      I don't think so. Read the thread about Myrate.com.au on whirlpool

  • AlisonP on 28/02/2015 - 12:58

    I just checked and I'm getting 4.29% with uBank after I asked for the new rate to be applied to my existing loan.

    Their 3 and 5 year fixed rates are 4.18% and 4.37% respectively.

    Are they expecting a bubble, or just flat/low growth in the next 5 years?

    Does anyone think it's a good time to fix, or do you see rates staying low or dropping over the next 5 years?

    • jazoom on 28/02/2015 - 13:44
      +2

      You really think anyone here will know better than the banks?

      • mmd on 28/02/2015 - 14:51

        Plus this.
        There's talk of another rate cut later this year. There are a lot of factors which could change this of course.
        I've noticed an increased number of fixed rates bank ads in the newspaper. Why are they advertising their fixed rate?

        • thirtysixd on 02/03/2015 - 21:40
          +1

          To entice more customers:P
          Marketing 101

          Australias interest rates are still high when compared with the rest of the world. The RBA seems content in joining the currency wars and taking our dollar to 60c. Consensus last year was for a 25 point rise so economists and analysts at banks are not reliable sources.

          Im expecting another cut.

  • fleetoiler on 28/02/2015 - 14:43

    How does this compare to the peoplecare offer at 3.75%… I am seriously considering joining just for that rate (for a year, then switch again before the rate goes up obviously), seems too good to be true.

  • BargainBenno on 01/03/2015 - 05:17

    I am paying around 5% with commbank and also a 395 annual fee. It has full redraw and offset facilities with no other fees. Are the refinacing costs high to leave them and move the loan? I have a 480k loan.

  • AlisonP on 01/03/2015 - 09:36

    5% - 4.34% = 0.66%

    0.66% x $480,000 = $3168 interest saved per year.

    $3168 + $395 annual fee = $3563 total savings per year, less loan establishment costs in the first year,

    or for weekly savings it's $3563 / 52 weeks = $68.52 weekly savings.

    Of course it's worth changing.

  • andyman1908 on 04/03/2015 - 12:25

    Hey guys, just shopping around to see if I can get a better deal on my home loan.

    My current situation is:
    Variable (current rate 4.69%) portion $96k
    3 year fixed (current rate 4.88%) portion $195k (rate ends in Jan 2017)

    LVR is no problem (property worth about $550k)
    Exit fees are $350 for each plus $3835 to break my fixed rate loan.

    I've heard back from Community First, their application fee is $500 per loan, valuation fee of approx $300 plus legals of $800. So about $1,600 set up fees.

    Will this 3.75% rate still be a worthy option considering the below extra fees I'd have to pay?

    • AlisonP on 04/03/2015 - 16:29

      $1600 setup + $3835 break fee + (($350 exit fee) x 2) = $6135 loan change cost.

      It would take far too long to recoup that cost, leave the fixed portion alone.

      I'd recommend looking at UBank for the variable portion of your loan. If you get a zero establishment fee, then you'll be on 4.29% variable, vs your current 4.69%, a difference of 0.4%, which on $96K is $384, which covers your exit fee in the first year, then saves you each year after.

      • andyman1908 on 04/03/2015 - 17:15

        Thanks heaps. Is there valuation fees or any other fees to pay?

        • AlisonP on 06/03/2015 - 16:03

          Not sure, I'm pretty sure it was free for me. Give them a yell on their Facebook.

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