About to knockdown and rebuild with Simonds Homes in Melbourne. Anyone willing to share their experiences ; also, what are the benefits of dealing with a CBA mobile banker ; is it just a case of quick approval?
CBA Mobile Bankers / Simonds Homes
- Thread starter Border Collie
- Start date
Hi BC,
Just wanted to start by saying welcome to the forum! Scrolling down the new posts page and I spotted your post and nic. Being a proud owner of two BCs, one a new 3 month old puppy, I couldn't help but post a welcome...
On the CBA mobile banker front, I'd think you'd be far better off sourcing finance through any of the good mortgage brokers that frequent this site. They're not affiliated with any of the banks so should be able to look at your specific situation and source the best loan product at the best rate for you across all the lenders. Post a "Mortgage Broker please help" thread with your situation and you should get a few replys. In fact, you'll probably get a couple of PMs from this post alone.
Sorry, can't help with Simonds homes though...
Cheers,
Michael
Just wanted to start by saying welcome to the forum! Scrolling down the new posts page and I spotted your post and nic. Being a proud owner of two BCs, one a new 3 month old puppy, I couldn't help but post a welcome...
On the CBA mobile banker front, I'd think you'd be far better off sourcing finance through any of the good mortgage brokers that frequent this site. They're not affiliated with any of the banks so should be able to look at your specific situation and source the best loan product at the best rate for you across all the lenders. Post a "Mortgage Broker please help" thread with your situation and you should get a few replys. In fact, you'll probably get a couple of PMs from this post alone.
Sorry, can't help with Simonds homes though...
Cheers,
Michael
G'day BC, nice to see someone on here that's half local.
I can't comment on Simonds as I can't recall any client having ever used them. I'm guessing they're like most whereby a lot will depend on the person managing the project.
I'm not to sure about any benifits of a CBA mobile manager over that of a CBA branch manager except that 1 comes to see you and the other doesn't. I do know that the CBA mobile positions are being advertised on a fairly regular basis. the tartgets set for them are pretty high and not to many last in the position (I have spoken to the guy who does the hiring and firing). I'm not sure how this impacts on the quality of applicants as they churn through them.
The benifit over a broker is non existant as a MB visits you also but has other lenders/products at their disposal. This isn't to say you may not end up with a CBA product anyway but it's nice to know you had something to compare it against.
Regards
Steve
Im a broker who works with another builder, Burbank. Simonds is quite a good company, I know quite a few of the sales staff, who are honest and reasonably priced. I also suggest a broker (as I am one) rather than a mobile lender. Id also suggest dealing with a broker who specialises in construction. That way you have one person to deal with through out the construction procees and drawdowns, rather than a mobile lender to start with, and then a home loan call centre and a progress payment call centre.
Hi BC,
In regards to Simonds, basically I think it is luck of the draw.
A close friend built a house with them not two blocks away (Mernda) and he moved in without any problems pretty much on schedule. On the other hand my partner has built a Simonds home which is currently in its 6th month of being overdue (Simonds are paying us $200.00 for every week that it is delayed) which is the result of multiple stuff-ups including a flooded living room due to a tradesman not replacing a roofing tile, 90% of the skirting boards are crooked and have had to have been replaced, a front pillar was built crooked and was torn down and replaced, the bricks have been ripped out 3 times in some areas due to being 20mm off around the windows or not level, quite a few things have been stolen i.e. kitchen cupboards, bathroom basins, lights and not to forget the painter that accidentally used undercoat to conduct his patch ups and ultimately left massive visible squares on nearly every wall.
Whilst I have heard good things said about Simonds, the clear majority would never build with them again and personally we plan to sell as soon as we can before the house falls down around us.
If you do choose to build with them hopefully you will be one of the few lucky ones
In regards to Simonds, basically I think it is luck of the draw.
A close friend built a house with them not two blocks away (Mernda) and he moved in without any problems pretty much on schedule. On the other hand my partner has built a Simonds home which is currently in its 6th month of being overdue (Simonds are paying us $200.00 for every week that it is delayed) which is the result of multiple stuff-ups including a flooded living room due to a tradesman not replacing a roofing tile, 90% of the skirting boards are crooked and have had to have been replaced, a front pillar was built crooked and was torn down and replaced, the bricks have been ripped out 3 times in some areas due to being 20mm off around the windows or not level, quite a few things have been stolen i.e. kitchen cupboards, bathroom basins, lights and not to forget the painter that accidentally used undercoat to conduct his patch ups and ultimately left massive visible squares on nearly every wall.
Whilst I have heard good things said about Simonds, the clear majority would never build with them again and personally we plan to sell as soon as we can before the house falls down around us.
If you do choose to build with them hopefully you will be one of the few lucky ones
BC,
I would see the mobile lender and a broker. CBA has a huge number of mobile lenders and the positions vary. Some work alone and write about 20M per year, some have 2 support staff and write $150M + per year. Some "Mortgage Innovation Managers" are self employed like a broker but have CBA branding, CBA computers and can approve loans.
Some here in VIC have been 10 - 15 years in their roles and know the bank inside out.
That said there are more crap mobile lenders than good ones so be very carefull. Some pros and cons below.
Positives:
#CBA mobiles general can approve your loan on the spot (unless self employed). Their credit approvals are prioritised and are usually not more than 24 hour answers if not their approval.
#They print their own loan contracts so can be ready to settle in a couple of days of application
#They manage your progress claims themselves (construction), can open bank accounts, order credit cards and waive fees (mortgage innovative can waive anything without approval via commission cut)
#Closest thing to an old school bank manager relationship you can get (if you get a good one). Ring them on a Saturday morning and get loan contracts on Saturday night - not uncommon.
Downsides
# You get a lazy one. Deal sits on their desk for 3 weeks, they don't answer phone calls and don't return calls. A crap manager will make your life hell and no-one else will be able to help you ( unless you want to take a complaint process)
# You get an inexperienced one that does not understand policy and loan structuring. If the credit team don't like them and they present your deal badly it will go back and forwards with credit and potentially get declined.
# You only get CBA products so you might not get the best deal. They won't tell you NAB is cheaper.
# CBA has a crap offset account
# They have some policy restrictions. If it doesn't fit no more relationship.
I use a mortgage innovator for my CBA deals (use to work at CBA). Would never give a deal the branch. The innovator doesn't cross collateralize anything and rebates every fee under the sun back to the client. It's just easy but not always the best rate. Also good for Unit trust cause othe banks don't like them.
See what a good broker has to offer. Compare with the CBA manager and go from there.
I would see the mobile lender and a broker. CBA has a huge number of mobile lenders and the positions vary. Some work alone and write about 20M per year, some have 2 support staff and write $150M + per year. Some "Mortgage Innovation Managers" are self employed like a broker but have CBA branding, CBA computers and can approve loans.
Some here in VIC have been 10 - 15 years in their roles and know the bank inside out.
That said there are more crap mobile lenders than good ones so be very carefull. Some pros and cons below.
Positives:
#CBA mobiles general can approve your loan on the spot (unless self employed). Their credit approvals are prioritised and are usually not more than 24 hour answers if not their approval.
#They print their own loan contracts so can be ready to settle in a couple of days of application
#They manage your progress claims themselves (construction), can open bank accounts, order credit cards and waive fees (mortgage innovative can waive anything without approval via commission cut)
#Closest thing to an old school bank manager relationship you can get (if you get a good one). Ring them on a Saturday morning and get loan contracts on Saturday night - not uncommon.
Downsides
# You get a lazy one. Deal sits on their desk for 3 weeks, they don't answer phone calls and don't return calls. A crap manager will make your life hell and no-one else will be able to help you ( unless you want to take a complaint process)
# You get an inexperienced one that does not understand policy and loan structuring. If the credit team don't like them and they present your deal badly it will go back and forwards with credit and potentially get declined.
# You only get CBA products so you might not get the best deal. They won't tell you NAB is cheaper.
# CBA has a crap offset account
# They have some policy restrictions. If it doesn't fit no more relationship.
I use a mortgage innovator for my CBA deals (use to work at CBA). Would never give a deal the branch. The innovator doesn't cross collateralize anything and rebates every fee under the sun back to the client. It's just easy but not always the best rate. Also good for Unit trust cause othe banks don't like them.
See what a good broker has to offer. Compare with the CBA manager and go from there.
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