I was looking around at interest rates and came across this one. Rate is pretty good (not as good as UBank but UBank is for refinancing only). Similar features to UBank though - free redraws and no offset.
Bankwest Online Home Loan - 6.29% Variable and Comparison Rate
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I wonder if it costs them a lot more to package in an offset account instead of just a redraw? I thought there would be more administrative work to process a redraw request.
This is great. Pity they don't let you refinance if you are already with them.
For me, the turnoff for Ubank and other "cheap" lenders was the fact that redraw was very limited. Their conditions had clauses implying redraw could be refused, a minimum of $2000 for one of them, and I believe for Ubank you have to phone them up. This loan is quite good, it seems.Good point…edited post.
I think someone in the UBank thread said they have or will introduce internet based redraw.
Ubank said it's alive with online redraw as soon as they send out pins. Nothing happens yet. Also redrew less than $2k no problem in my experience so far.
got my pin yesterday and you can indeed initiate a redraw online now (min $1000)… goes direct to your nominated direct debit account..
My loan is almost settled with ubank and the minimum redraw is $1k, I think most lenders will have a clause that gives them the ability to deny you redraw.
In reality if you have the funds available they will gladly give them to you, the don't want you to leave.
They are a terrible bank with no conscience - during the GFC they deliberately drove their commercial property loan clients to wall causing them to default (and are now being sued for it).
Although this may be true, tell me which bank you consider to be conscientious in comparison. Evil is relative.
Wasn't that Raine Square, and it was because the owner missed a $50 million payment? Hardly the bank's fault.
I've been with them since I first opened an account and they've been great. Have gone above and beyond the call with service every time I've had to deal with them.
Signed up for this loan a few weeks ago. Note that all BankWest home loans have a $300 discharge fee, didn't find it on their website, and Mozo lists it as $0 (so a little annoyed).
I am not sure this is true. Mine has no exit fee. Unless you mean the discharge fee charged by the lawyers, which (AFAIK) is something you pay for every mortgage (it's more of a statutory charge). It's a cost which is passed on, rather than a penalty for leaving.
Must admit that it is not easy to find out what it costs to refinance, and most banks will not give a straight answer.I wasn't talking about the exit fee, I understand the difference. Only saying I was expecting $0 discharge fee (as listed on Mozo). Based on competitive home loans on Mozo, lenders charge $0, $50, $100, $200, $300, $450 etc. so it's not an external cost to the lender that they can't change. I'm contacting Mozo now to let them know they have the wrong figures.
You can always ask for a PDS before you sign up, or attempt to dispute the charge and have the contract amended (which they may do just to go your business).
I am not gonna put a neg but just a warning.
Once you are under their arm they consider you a loser. Worst customer service(they listen but no much help) , they basically dont give a dam..
Cheeky bank, they got intro rates …etc… they lure you and then you are stuck with them.
- ve side is their website is easy to navigate, They will listen to your issues ( -ve - also ignores you)
Solution : Just be cheeky as well, run away when you get better rate,
ubank has unlimited online redraw. phone redraw min 2000.
uBank + Bankwest are hopeless, loan min is $100,000. What about $75,000 loans?
Not a reason to neg.
That's about as bad as saying my local store doesn't sell the type of milk I like, neg.
Go to another store that suits your needs :)
bankwest has some great offers compared to other banks, esp in interest svings accounts!