Just saw this promoted on my instagram feed. 1.99% for the first year or 2.09% for two years and then increases by 0.56% after that. Would be interested to know if there are better options out there.
1.99% Variable Homeloan @ Loans.com.au
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got a link? i searched through their recent posts and didn't find said posts?
Forgive me
It was a Facebook ad from loan.com.au advertising their new rate. I can’t seem it find it on their Facebook page but as I was scrolling earlier today it popped up on my feed and the comments weren’t terrific (to be fair some were positive). I mean get a good price - does that mean you get A++ service as well?? I’ve got no idea
Why do people think it is a variable rate. You are given a standard variable rate discount… what’s to stop them hiking up standard variable once this kind of offer does what they hope and gets a bunch of people in the door?
Reverts to 2.57% after a year which is still competitive.
A discount offer of 1.30% off the Smart Variable Owner Occupied P&I Reference Rate (Reference Rate) for the first 12 months of the loan, reverting to a discount offer of 0.72% off the Reference
Rate for the remaining term of the loan.
The Reference Rate as at 10 March 2020 is 3.29%T&Cs
https://www.loans.com.au/application/vendor/pdfjs/web/viewer…Exactly, they can hike up the “reference rate” at any time…
So can any lender really…
I don't have any comments regarding the rate but I was a user of loans.com.au and the mortgage process and its online services are par for top tier. Really impressed.
Same. Had a good experience with them and no brokers or bs required.
Only drawback of online / mobile banking is there is no OSKO.
That being said commbank’s osko offering is quite weak but at least you can do it (just).
I am with loans.com.au - they've been pretty decent other than being 1 month late compared to big banks in passing rate cuts. apps, online, process, systems, all pretty decent. haven't hiked my rates out of cycle in the 2.5 years i've been with them. They did however, raised my partners' rates out of cycle once. My rate's currently 2.67% =/
Does anyone have experience with Athena Home Loan?
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haha which loans.com you talking about? they have not passed the full cut 2 out of 5 times in my case plus hiked up once or twice (not sure now). So what have started as a great rate was below average after couple of years. I have refinanced to NAB recently to get the cash back and will refinance for cashback again. Hustle but 4-5k for free is not bad even if you loose like 500 in slightly higher interest and another 500 in fees:)
^^^ That is the same as me. 😯
Was with Loans.com.au for about 8 years, then refinanced to NAB with the $4k rebate.
For me, the higher interest rate with NAB will offset the $4k bonus in about 4.5 years.
Note to self: Refinance by 2025.
Experienced rate creep as others have mentioned (RBA cut, Loans pass on 0.15% of 0.25% and kept the rest due to 'high borrowing cost in the market recently').
Apart from that, I'm generally happy with the service and online interface (onTrack and Smart Money). 👌
Used to be with them. They raised rate out of cycle in less than a year while continuing offer lower rate for new customers. I started my refinance process 15 minutes after reading the letter they sent.
exactly my experience - once I called them to complain about that (better rate for new customers) and they flatly told me they will not mach or lower or do anything for me… :(
Was with them for years, finally got tired of them keeping a sizeable portion of rate cuts, passing them on slowly or not at all. Plus they sponsor the Broncos. All good reasons to refinance elsewhere, which I did about three months ago.
Exact same thing happened to me.
I've been with them for 6 months or so and have received rate reductions, currently something like 2.63 variable I think
They allow splits which is good for anyone doing fancy money things like debt recycling
Avoid them go for Athena instead, they raise rates for existing customers
I’ve been with loans.com.au for about 8 years now and they were great for the first three years or so, but little by little the rate creeps up on existing customers. I’ve tried to get it down a few times with some success and some failure. I’m at 3.03% now and no where near what they advertise.
No issues day-to-day but just be aware of the rate creep.
^^^ Agreed. Very similar to me.
Was with them for ~8 years and when I refinance a few months ago, I was on 3.19% P&I 🤔
Same experience, rates increasing for existing customers, much higher comparing to advertised new customers rates.
Been with them for 8 years too. Interest rate is currently 3.66%
But don't expect any better from other lenders. The longer you've been with a lender the worse your rates will be…
https://tictoc.com.au/home-loan-guide/how-banks-and-lenders-…The discharge + exit fee for loans.com.au is $300+$250 = $550
It's a good deal if you refinance after they hike the rates back up after the initial offer, but that really depends on how much you are borrowing/set-up and exit fees (and the hassle). Quick online calculator shows that if I took this into rate for 1 year and then stuck with the rate it reverts to I'd spend about $20k more on interest than the 2.39% mortgage I am currently on.
Add me to the list of those that was with loans.com.au for several years with experiences in line with that outlined above. The rate started off great, but through a series of out of band rate rises and not passing on RBA rate cuts in full ended up about 0.5% higher than their advertised rate over the years.
As per others above they rejected any request to match their advertised rate, so I refinanced instead (ended up with MOVE Bank, which I've been happy with so far, their rates have stayed in line with the advertised rate for new borrowers).
If you opt for the 2 year rate then it increases by 0.7% after that period not 0.56%.
Please don’t get sucked in by this offer. Bad experience with them. Didn’t pass on rate cuts and had out of cycle rate increases. Was a customer with them from 2013 and ditched after few unsuccessful attempts to have the rates revised while they were offering close to 1% less to new customers. Always came back with the answer your finding was obtained at a higher rate and cannot be reduced or some similar crap.
Going to neg as I was with loans - raised my rate twice out of cycle. To the point where big banks were cheaper. Would suggest to avoid. They then had the audacity to charge me a circa $1000 'admin' fee for leaving.
Athena or wellhomeloans are both better options. They are both transparent about their rates for existing customers.
Id recommend people read the comments on their facebook post advertising this rate - doesn't sound too good. Could surely benefit some people I guess