Any comments or have used this lender?
- Thread starter triton07
- Start date
Hiya
we have used HBS quite alot
pros
Fixed rates are generally Competitive
Pay off as much as you want without penalty during fixed rate
One of the largest building society lenders in oz
Negs
App paperwork is a major pain
They want to know what bloodgrou you have and your left shoe size
PAINfully slow in doing top ups or internal refinances
IO Offset account is a dog
ta
rolf
we have used HBS quite alot
pros
Fixed rates are generally Competitive
Pay off as much as you want without penalty during fixed rate
One of the largest building society lenders in oz
Negs
App paperwork is a major pain
They want to know what bloodgrou you have and your left shoe size
PAINfully slow in doing top ups or internal refinances
IO Offset account is a dog
ta
rolf
Great reply Rolf.
Terrific example of the benefits of using a MB. They KNOW all this stuff and can tell you BEFORE you waste time going through the application and approval process.
That type of information is, at worst, very useful. At best, it's GOLD if your'e in a situation where you need particular features or fast turnaround for example.
Terrific example of the benefits of using a MB. They KNOW all this stuff and can tell you BEFORE you waste time going through the application and approval process.
That type of information is, at worst, very useful. At best, it's GOLD if your'e in a situation where you need particular features or fast turnaround for example.
I have used them for about 3 years now, and have just expanded my loans with them to 2 loc's, and a refinanced variable i/o from ING, adding to a variable p&i, offset account and visa. These all come under their professional package which cost $250/year.
I find their interest rate quite competitive and have never had trouble refinancing. They are quite quick with getting valuers out etc etc.
I would highly recommend them, but of course do your own dd first.
Cheers
V
I find their interest rate quite competitive and have never had trouble refinancing. They are quite quick with getting valuers out etc etc.
I would highly recommend them, but of course do your own dd first.
Cheers
V
This is one of the few times I disagree (to a certain extent) with Rolf.
Except for 1 time where documents went missing, I have found them to be the most effecient with service levels. Actually nobody really compares with them. It's not often approvals (pre val) are granted within 24 hours.
the ability for unlimited extra repayments of the fixed rate loan is a real plus for SOME. You need to work out however if paying the extra off is in your best interests later on down the track. Each individual clients needs can vary so although they're not right for everyone, they certainly have a place in the market.
My main concern with them is their pro-pack which benifits QLD clients more than other states. There has been numerous talk of it being revamped but it's still a little restrictive. In your circumastances however this isn't an issue as they only offer a partial off-set on fixed rates which is a waste of space.
Traditionally Heritage are competitive on the fixed rate front but don't expect any favourable replies to pricing discounts.
Regards
Steve
Except for 1 time where documents went missing, I have found them to be the most effecient with service levels. Actually nobody really compares with them. It's not often approvals (pre val) are granted within 24 hours.
the ability for unlimited extra repayments of the fixed rate loan is a real plus for SOME. You need to work out however if paying the extra off is in your best interests later on down the track. Each individual clients needs can vary so although they're not right for everyone, they certainly have a place in the market.
My main concern with them is their pro-pack which benifits QLD clients more than other states. There has been numerous talk of it being revamped but it's still a little restrictive. In your circumastances however this isn't an issue as they only offer a partial off-set on fixed rates which is a waste of space.
Traditionally Heritage are competitive on the fixed rate front but don't expect any favourable replies to pricing discounts.
Regards
Steve
Painfully slow... we went elsewhere.
Richard
Did they keep a balance though ???
one limb from oposing sides.
Seriously Steve the purchase side is fine, beyond that its really a major struggle.
ta
rolf
Did they keep a balance though ???
one limb from oposing sides.
Seriously Steve the purchase side is fine, beyond that its really a major struggle.
ta
rolf
G'Day
I first used Heritage for a customer who had an unpaid Telco bill and Heritage were able to accommodate her.
When we went back for a supplementary loan, the application seemed to drag on, but to be fair that was because of a combination of circumstances.
What startled me, though, was that Heritage later told her that if she didn't 'use' the money by a certain date that they would freeze it! She then drew the loan down and parked it in her offset account. Not desirable for an investment audit trail, but at least she didn't feel pressured into buying something just to drawdown the funds.
She did tell me that whenever she rang the Customer Service line they would tell her to 'pop into a Branch' to sort things out - in vain, she would remind them that she was in Victoria and at that time, there was only one Branch!
However, at time of writing Heritage Standard Variable Rate is about 0.8% - 1.00% higher than CBA but perhaps they just haven't implemented the most recent rate change as yet.
Apart from that the lending teams are friendly and professional to deal with
Hope this helps
Kristine
I first used Heritage for a customer who had an unpaid Telco bill and Heritage were able to accommodate her.
When we went back for a supplementary loan, the application seemed to drag on, but to be fair that was because of a combination of circumstances.
What startled me, though, was that Heritage later told her that if she didn't 'use' the money by a certain date that they would freeze it! She then drew the loan down and parked it in her offset account. Not desirable for an investment audit trail, but at least she didn't feel pressured into buying something just to drawdown the funds.
She did tell me that whenever she rang the Customer Service line they would tell her to 'pop into a Branch' to sort things out - in vain, she would remind them that she was in Victoria and at that time, there was only one Branch!
However, at time of writing Heritage Standard Variable Rate is about 0.8% - 1.00% higher than CBA but perhaps they just haven't implemented the most recent rate change as yet.
Apart from that the lending teams are friendly and professional to deal with
Hope this helps
Kristine
Thanks to all for your comments.
Just want to be sure that changing to Heritage is worth the change, currently with CBA.
I have to loans with CBA & considering of fixing them in the upcoming months, so my MB has recommended refinancing my CBA loans to Heritage because of a better fixed rate, by doing so, I would save of approximately $900 per year. Also I would stop paying the Mortgage advantage package fee, which will save me $350 per year.
I’m not real keen moving away from the four major banks (CBA) to a society bank, just worried if it turns out to be like Macquarie Bank.
Cheers
George
Just want to be sure that changing to Heritage is worth the change, currently with CBA.
I have to loans with CBA & considering of fixing them in the upcoming months, so my MB has recommended refinancing my CBA loans to Heritage because of a better fixed rate, by doing so, I would save of approximately $900 per year. Also I would stop paying the Mortgage advantage package fee, which will save me $350 per year.
I’m not real keen moving away from the four major banks (CBA) to a society bank, just worried if it turns out to be like Macquarie Bank.
Cheers
George
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