Does Anyonve Have Any Experience or Reviews of Homeloans.com.au ?

[Deactivated] on 29/08/2020 - 19:10
Last edited 29/08/2020 - 23:36

Hi,

We are sitting on a 3.24% principal + interest investor home loan and, after discussing with our financial advisor, we agreed that to achieve our short term goals, we need to switch to an interest-only loan.

Now, we do have a mortgage broker, she suggested going with BankWest which will push our interest-only rate to (comparison) 3.79% which is huge and I don't feel at ease with it.

Looking online, I saw homeloans.com.au which sounds very good, 2.84% but I never heard of them before. I know they are cheaper because they have low number of overheads and don't have to pay brokers.

So my question, does anyone have any experience with homeloands.com.au and would it be worth to going without a broker and just paying the broker a flat fee for the advice/time until now?

There are reviews on productreview but a lot of them are trivial and not providing any real information.

Financial Home Loan Loan

Related Stores

homeloans.com.au
homeloans.com.au

Comments

  • onetwothreefour on 29/08/2020 - 23:16

    I don't but what about this deal?

    https://www.ozbargain.com.au/node/562105

    • [Deactivated] on 29/08/2020 - 23:45

      Interesting proposal, thank you.

  • miwahni on 30/08/2020 - 00:06

    You may have heard of Resimac? They merged with homeloans.com.au a little while ago. Maybe look online for reviews of Resimac and see how you go.

  • Sunshines bright on 30/08/2020 - 07:22

    We used loans.com for our mortgage. The rates were the best and we had no issues with them even when we paid off it early. Interest is around 2.5. https://www.loans.com.au/

    • [Deactivated] on 30/08/2020 - 10:44

      Thank you.

      Looking at them now as well.

  • Ughhh on 30/08/2020 - 10:49

    I had my mortgage with them initially, but within a year, they increased the interest rate 3 times, while still offering the low rate on their website to new customers.

    Their online platform is also outdated imo (unless things have changed in the last ~2yrs).

    • [Deactivated] on 30/08/2020 - 16:16

      Thank you.

      I think we will go with them and have a fixed rate for the first 3 years then we will refinance.

      As per the online platform being outdated, I feel your pain. We are currently with Virgin Money and it's like being in the mid 90's. In saying that, I'm a full stack developer and I do know why some decisions are being made in relation to this sort of stuff. This is a good read about it: https://thehftguy.com/2020/08/26/technical-debt-doesnt-exist…

      A Perception Problem in the Industry

      One analogy to how software is seen is a mine pit. Every line of code is digging a little deeper.

      Eventually the software developer will look back at the project only to be horrified at the gigantic hole he dug [for himself].

      Then he will resign to escape from this hell hole… only to start digging up a new one nearby that will become the same soon enough.

      Repeat.

  • Store Rephomeloanscomau @ homeloans.com.au on 31/08/2020 - 12:10

    Thanks for your interest in homeloans.com.au, BrokenTissue.

    I’m a lending specialist from homeloans.com.au. Hopefully I can clear some things up.

    As noted by miwahni, our parent company is Resimac, which is a leading non-bank lender established in 1985.

    We merged with Homeloans in 2016 and consolidated the two brands into “Resimac” in 2018.

    homeloans.com.au is actually a new direct-to-consumer brand we launched a couple of weeks ago that bears no similarity to the old Homeloans business (apart from the name).

    Here are some of the things we're proud of:
    - We have a comprehensive product range for those with a strong credit position, for those with a more complex financial situation, and for those with blemishes in their credit history due to an unplanned life event.
    - We have a fast online process, with pre-approval in as little as 20 minutes, and full approval in as little as two working days.
    - We don't believe in "honeymoon rates" to reel customers in. Our priority is offering rates that are competitive from the outset and stay competitive over the life of the loan.
    - We offer a strong set of features, including a 100% offset facility, a Visa Loan Access Card, no ongoing fees, and unlimited extra repayments.
    - Our parent company was established in 1985, and thanks to the strength of our robust funding platform, there has been no impact to our customers throughout periods of economic turbulence, such as the GFC and now with COVID-19.

    I would be happy to answer any further questions you have, either here or offline ([email protected]; 1800 111 001).

    Thanks,

    Tony

Login or Join to leave a comment
Login Join