Hero Broker has launched their own home loan product called Hero Home Loans as covered by 7 news on Thursday 5th of March, 2020
Currently offering Australia's cheapest home loan @2.43% variable for owner occupier
Max LVR: 80%
The loan has no application fees, annual, monthly fees or settlement fees.
Redraw facility and unlimited extra repayments
This loan does have valuation fee's of $300 for a standard property
Discharge Fee: $350
haha
WOWEE! Are they trying to hide something?
If they were on 7 news, then you've got nothing to worry about.
Vanilla Home Loans? Isn't that discrimination against the BDSM community?
I don't get a good vibe about signing over my house to a business that seems likely to disappear after a year.
We have been around since 2015 and been fully operating since 2018 serving thousands of customers. We don't plan on going anywhere :)
Well you aren't signing anything over? you are borrowing money from them, so why do you care if they go under?
How do home loans work exactly? Don't they hold your house title as colateral.
Is there a guarantee like with Athena that any rate cut is 100% passed on in future and automatic rate match for new and existing customers?
Athena has dropped their rates for the fourth time (credit to them) but I do not believe they have a guarantee that they will for all future rate cuts. We cut rates within 24hrs and everyone is a new customer at the moment so we don't have a difference between new and old. After our launch period, we are looking at coming out with a similar offer. Regards Clint
So do you provide a guarantee for passing on future rate cuts in full (not that the RBA has much scope to cut further)
Yeah , curious to know this ?
Who is the funder?
Hi All,
Business names, yes we had plans of many different brands we could go with. in the end we stayed with Hero Home Loans.
The product is funded by a major bank.
For how quickly we respond to rate drops, we had our product ready to launch in Tuesday and after the RBA made cuts we cut within 24hrs. Even before us cutting rates we still had a product competitive with Athena.
Which major bank funds your loan?
tl:dr:no promises = will def hike rates for existing customers at some stage
Our plan is not to rope people in only to hike interest rates later. This goes against our values and why we created this company in the start.
As per my previous unanswered question is there a rate match for existing customers like Athena with advertised rates to get new customers? This is more important than the advertised rate for new customers
At this stage it is not something we have looked into as currently everyone is a new customers at this stage. We will look at offering something similer to this in the coming months.
Offset available?
I want to know this too
No. Not a bank. Only redraw.
We have offsets available for future products but are currently working out pricing for it and improving our online banking before offering it with our loan products.
Any idea on a timeframe for this? Shopping around atm but only interested in loans with offset accounts, so it'd be good to know when I should be looking up you guys again
covered by 7 news
Ughhh… so a paid advertisement, then?
No we don't pay for any coverage about us.
Do you do investment loans and what are the rates. Could not find any reference on your website.
OP, how good is your cashout policy?
1) "You can have upto 100k of cashout with refinance. If more than 100k, you need to provide documentation to prove the usage"
2) "You can have upto 200k of cashout with refinance. If more than 200k, you need to provide documentation to prove the usage"
3) "You can have unlimited cashout with refinance, as long as your serviceability allows and the limit does not exceed 80% of the property"
OP, you should be able to answer the question about lender's cashout policy.
OP, which group are you in?
Stingy lenders
Big banks have similar lending calculators to each other, with small variances between them.
"Sorry, you can only borrow upto 400k, so we cannot refinance your 1m loan"
OK lenders
Non-bank lenders have a significantly improved borrowing power assessment.
Borrowing capacity improved by 10~40% over stingy lenders
"We can refinance your 1m loan, but you need to reduce the balance to 700k first"
Generous lenders
Aggressive non-bank lenders.
Much greater borrowing capacities.
"Sure, we can refinance your 1m loan without problem"
How is anyone supposed to answer your questions?
Hey Tg,
if you go top the compare loans page and click on review product you can see all the loan details. This loan has a borrowing capacity of $2mil
https://www.herobroker.org/compare-loan/
https://www.herobroker.org/loan/hero-essentials-special-home…
A broker knows the hurdle rate, how aggressive living expenses are calculated, how aggressive rental income is discounted, etc for each lender.
How long does the deposit need to be present in my account to be accepted?
so tried to apply online and made an appointment at 10am SYD time, they were a little late but they finally called and went through the application. will update once I get more updates.
so there is a Lender's Legal Costs $467.50 not stated here that has been tacked on, so OP pls update the post or otherwise.
I messaged Clint (apparently the founder) twice regarding the complete list of fees and charges for this product, but he refused to reply (first time was 3 weeks ago; second time was tonight). Not a good impression to leave propsective customers with. Also, when you click their "About lender" link, it leads to an empty Wistia iframe.
Jees ease up on the business names lol