$0 loan application fee
$0 ongoing fees
cash rate linked for first 5 years
for loans up to 80% LVR
100% redraw offset account
better features than the ubank loan here
has unlimited redraw with no $1000 limit, b-pay, visa debit access
slightly better rate (6.58%) but i think fees push the comparison rate to the same as ubank (6.59%)
it's not a bank though so maybe not as safe?
Referrer and referee get $1000 cash after referee settles loan.
Debts can be called in at any time, and this is less likely from a major bank than a smaller lender and can cause quite a hassle because if this happens you would have to refinance at short notice. The risk is low, but nonetheless there.
The features are definitely better than Ubank, in terms of getting money in and out. Not sure if I understand the risks well enough, though. Would be interested to hear others' opinions.
Hi Make it so
loans.com.au (https://www.loans.com.au/) has just launched into the Australian market and is funded by FirstMac. FirstMac 's founder Kim Cannon has been in the industry for approx 30 years and FirstMac is one of Australia's largest non-bank lenders providing wholesale funding to a large number of brokers and other non-bank lenders. In simple terms, FirstMac is a wholesaler of home loans and being a wholesaler, their name is less well known. Kim owns both FirstMac and loans.com.au.
Information is available about FirstMac their web site (https://www.firstmac.com.au).
Hope this is of assistance in understanding who loans.com.au are. If you need any further info, feel free to contact me on 13 10 90.
Rgs
Angus
Anyone know who the wholesale funder for loans.com.au is?
"firstmac " from mozo user reviews
New guys in the market so a few yearning problems but get what the are trying to do. Applied over the phone and they are very helpful and friendly. Product is excellent as has everything, 100% offset, redraw and matches reserve bank rate for first 5 years so no nasty surprises unlike my nasty 'former' bank whi lifted rates more than the reserve bank the last few rate rises. Although a new brand, owned by a mob called firstmac who have apparently been a wholesale lender for something like 30 years. Haven't heard of them before but did a little research and they are australian owned and sound very credible. Rates are awesome so have given them a go and applied for a loan. Someone mentioned in a review that they are no frills, I read their product info and far from the case. ATM and a visa debit as well, all included with the home loan! No kitchen sink though, but almost.
Hi everyone, Long time vouyer, first time writing. Are there any exit fees?
I've emailed to ask them what fees there are.
I think all "exit fees" are being abolished from july 1 , but all banks will still have exit processing fees e.g. settlement fees, title transfer etc..
Wish it applied retrospectively!
Hi PhilThis,
We announced new products and rates on 1 June including the removal of all exit fees (ie, there are no penalty esit fees or a DEF).
There is a mortgage discharge fee of $300 which applies if your loan is refinanced or paid out and you would like the mortgage discharged. On a discharge, you would also pay the appropriate state Govt fee to register the discharge with the state land titles office.
Hope this is of assistance. If you need any further info, feel free to contact me on 13 10 90.
Rgs
Angus
I wonder if loans.com.au are similar to myrate.com.au where the advertised rate is not the same rate for existing loan holders.
Discussed in this thread: http://forums.whirlpool.net.au/archive/1404740
probably they will be, but you're covered for at least 5 years with movements tied to rba increases/decreases
You're borrowing the money