Hi guys,
I am looking for experiences and am not looking for financial advice etc. My partner's parents are looking to buy her a house in her name. Her salary at the moment is about 50k and she is quite young. Her parents will put the deposit down for her and believe will continue to pay the mortgage. Has anybody had any particular experience with a certain bank whereby you would recommend/avoid for interest rates and flexibility?
Thanks in advanced.
Regards,
Chaibones.
Thanks for replying. My partner and I use them for our every day as well. Is it the interest rates that attract you to ING or do they give you options that other banks do not?
I used Loans.com.au, and they've been great (on my side). Real estate agents and others said they were a pain to deal with, but I don't mind as it doesn't affect me.
Whenever I mention how much interest I pay, and with no annual fee etc., every bank has been surprised at how low they are. This is because they're usually trying to sell me a transfer over to their loans, but they just can't match it….
So in terms of cheapest rates, but also not being absolutely crap/dodgy, I'd definitely recommend Loans.com.au. You will have to ring a few times and wait a while while setting it up I did find, but other than that they've been really good.
hm thanks. i'll definitely have a look into that.
i've just looked some of the reviews and i don't know… if you don't mind me asking were you in a strong or modest or weak financial position at the time of approaching loans.com.au? thanks.
I was in a strong position, i.e., I have a very well-paying job that's extremely stable, and a 20% deposit which was… $60k I think from memory. I am single though, so only my income counted, but the mortgage is easy to pay off even now… I mean, the benefits you get from them are just ridiculous… 100% offset account, no annual fee, lowest interest rate around… can't be beat really.
I think they are a bit hit and miss in terms of customer service, but the end product is great, they don't skip anything on the end.
Mmm, true. She will have the 20% deposit, but i'm afraid her income ins't that great. I will have her look into that regardless. Cheers for the advice, mate.
why not a broker? aren't they essentially free and banks offer them some better rates. Aussie anyway I think. anyone can give me input on this?
we have an offset account that reduces mortgage interest (we run up CC through the month then pay them off every month), plus the free ATM things
we have negotiated reduced interest mortgage rates over the years (now 0.75% below headline rate)
it works for us
by 'negotiate,' do you mean that you tell them that you're going to take your business elsewhere if they don't lower the rates?
yes, but very very politely, because i don't actually want to go elsewhere
ING are quite reticent at reducing their rates
Very nice. Sounds like you've done very well for yourself! Thanks for the advice.
as you already have some history with ING, have a chat to them
there are at least 2 levels of people on the phone
normal call centre ones - actually very nice and helpful, then there's the "customer retention team" (i think they are called)
i deal with the second group - might be worth a chat to them and see if they can sweeten any intro mortgage rates
The problem with this question is that most people just take out a mortgage with one company and then stick with them so the feedback you get will be pretty one sided.
I'm sort of hesitant to suggest bankwest. The application stage and then small extension experience were sooo maddeningly frustrating as I was dealing with idiots here's a post I wrote 4 years ago. But since then they have done virtually nothing and haven't bothered me except a trouble free rate reduction.
So, that seems OK.
Thanks mate for sharing your experience. I'll call Bank west and compare the rates that are offered
I had a good deposit but lower income when I bought my house as a single person, and found I wasn't eligible through most banks. I got a broker who told me who I was eligible through. 2 years later I am refinancing to ME from ANZ. ANZ were fine, just not that cheap. Saving $1200 per year by going to ME.
I notice that me is slightly more expensive than ING but I'll also give them a call.. Cheers.
I was originally eligible through ANZ and Commonwealth. Or try a broker who can negotiate rates with the Big banks. Brokers are also good at boosting your eligibility through ways you may not know of.
Hm, that's true. Is there a broker that you went through? Aussie home loans was recommended in one of the other posts.
@chaibones:
I used outsourcefinancials but they're in Vic. I tried Aussie initially but was rejected.
If you want cheap rates try ubank. Although with a lot of these online banks, the application has to be pretty vanilla (full time payg)
come on. give me feedback on having a broker to approach the bank
We use ING Direct and have done for 10 years or so.
Works great for us