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Reduce Home Loans 3.94% (3.95% CR) Rate Buster Offset Fee Free Variable 85%

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Saw this and thought its pretty good…..they have other deals too…..personally i'm with CUA and staying put with them…..good for those who buying first home (limit of 750k)

other deal

Rate Buster Offset Home Loan LVR< 80% 3.88% CR 3.89% limited to 500k

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  • +3

    Never heard of them, and their website doesn't look great…

    They might be fine, but I'll stick with someone I know.

    • It's ok to borrow from someone you don't trust. You're the one with their money after all.

      Lending to them is a risk. If borrowing, they're the ones taking the risk.

      • +1

        They'd have the deed to my house, which is worth more than the amount they would lend me.

  • I agree @ pichka…… luv CUA…lender at Airport west is great guy and offer great rate.

  • Like all things there is risk but as stated the lender does have some risk, but if there is home mortage loan insurance - default insurance - that the borrowers pays for - then the risk is still with the borrower. Loan defaults, institute takes procession, property sold, some debt remains, insurer pays out residule, but it does not end there, insurer takes action to recover money paid out. At least 2 adverse marks on your credit score.

    Also look at real comparison rate of interest and then factor in any external extra cost - switching loan costs - mortgage insurance - recalculate rate and then see if rate is OK.

    Also do homework if LVR / loan value ratio falls below the level
    Required by the institute. Some market soothsayer/naysayers forecast property values will fall. Have done, is doing in some places and will do else where. What also happens when rates rise, hello Westpac.

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