CBA Mortgage Advantage

[Spectre]

agree 100%.

I met one of the execs at cba about 18 months ago in a conference and asked them why they didnt do it.

The response was customers dont want it

It was kind of funny when I said, who have you been talking to cuz all of mine do... maybe he thought noone would disagree with him

 

[gooram]

agree 100%.

I met one of the execs at cba about 18 months ago in a conference and asked them why they didnt do it.

The response was customers dont want it

It was kind of funny when I said, who have you been talking to cuz all of mine do... maybe he thought noone would disagree with him

I asked my CBA bank manager about this and he told me that there were no plans to change the MISA. You would think that if there were plans afoot, managers would be aware of it... maybe not.

The reason according to him was that the MISA is predominantly a longer term investment facility and not usually a regular transaction product, and the bank usually offers the LOC in cases where people want regular access.

Sounds like he too has the impression that customers don't want it. Wonder if they do any voice of the customer requirements analysis?

 

[Spectre]

gooram
the branch staff are treated like mushrooms in the dark in a lot of cases. They have all of these sales targets and referral targets they are more focused on

and his impressions are costing him business, and the way they make up with it is to discount a fixed rate and tell you you'll break even with the interest savings.

 

[Mrman]

Hello all.

The streamline (everyday a/c) is fully transational

The MISA(offset) is a bit more restrictive. You need $1000 minimum in the a/c for it to offset anything and minimum redraw is $500. It does offset fixed rates but it is a partial offset account. So, as opposed to the other offsets, it has its pros and cons. You can have your MISA attached to your atm card but the min you'll be able to pull out is $500.

You can direct credit to the MISA a/c, it has its own BSB. But you cannot direct debit from the account and you have to do transfers yourself

From memory, we used to be able to set up a manual transaction from the misa to other accounts, think you can still do this on netbank, bearing in mind the $500 restriction

As opposed to their home loans, you can direct credit to them as well. BSB is 062-370 then the loan account number regardless of state or which branch you took it out at.

So its an offset but strings are attached.

I remember when I spoke to one of the execs with saying they should combine the offset and the streamline (which cba knows has flaws) the exec's response was customers dont want that.

I had a bit of trouble getting my eyes to roll back to be able to see again.

Think about how banks make money with peoples cash.

Hope that gives you a bit of insight into the product a bit more.

Going by the post above I thought it was possible to have pay/rent go directly into MISA.

My loan is an invesment loan with variable rate. I don't have a ppor

Thanks
George

 

[gooram]

gooram
the branch staff are treated like mushrooms in the dark in a lot of cases. They have all of these sales targets and referral targets they are more focused on

and his impressions are costing him business, and the way they make up with it is to discount a fixed rate and tell you you'll break even with the interest savings.

Now that you mention it, he was talking about needing to average 7 loans a week, in order for head office to approve an assistant.

 

[Spectre]

Going by the post above I thought it was possible to have pay/rent go directly into MISA.

My loan is an invesment loan with variable rate. I don't have a ppor

Thanks
George

George

You should be able to do this as a MISA has its own BSB. You can have a MISA on cba loan products with the exception of a Viridian or a rate saver. Doesnt matter if it is PPOR or an Inv Loan.

Its just you cant have your loan payments come out of the misa unless you control it yourself. In doing this you tell them you're going to direct pay it thru your paymaster etc. If you're on interest only with CBA, they have to have a bank account to debit the interest only payment out of, and a MISA doesnt count.

So it is not as flexible as other lenders products in that regard and the seperate account structures they have can be a bit of a juggling act

Note as well for you to activate a MISA you have to put 1000 in at a branch.

 

[sashatheman]

Hello all.

The streamline (everyday a/c) is fully transational

The MISA(offset) is a bit more restrictive. You need $1000 minimum in the a/c for it to offset anything and minimum redraw is $500. It does offset fixed rates but it is a partial offset account. So, as opposed to the other offsets, it has its pros and cons. You can have your MISA attached to your atm card but the min you'll be able to pull out is $500.

You can direct credit to the MISA a/c, it has its own BSB. But you cannot direct debit from the account and you have to do transfers yourself

From memory, we used to be able to set up a manual transaction from the misa to other accounts, think you can still do this on netbank, bearing in mind the $500 restriction

As opposed to their home loans, you can direct credit to them as well. BSB is 062-370 then the loan account number regardless of state or which branch you took it out at.

So its an offset but strings are attached.

I remember when I spoke to one of the execs with saying they should combine the offset and the streamline (which cba knows has flaws) the exec's response was customers dont want that.

I had a bit of trouble getting my eyes to roll back to be able to see again.

Think about how banks make money with peoples cash.

Hope that gives you a bit of insight into the product a bit more.

I found this post today after our tenant couldn't deposit rent money into the Commonwealth MISA account number I supplied them...
What the hell, I thought the whole point of this account was that all income can go directly into it. Instead now I have to transfer a bunch of payments from the streamline account to save money on interest.
Interestingly my salary was deposited into the MISA account, so I wonder why that was possible.
Any one have similar problems with this offset MISA account. Seems like a dud.

 

[Peter_Tersteeg]

Re-reading this post is interesting, but the offset account problem still remains 5 years down the track.

I will say that their service proposition has improved vastly since the original post. In many respects they've still got their painful points but overall I'd say they're working with brokers fairly well now. They'd get a lot more business if they did have an offset account.

 

[matto_]

my pay/rents go directly into the MISA portion (I assume it is the offset portion) of the loan.

I acknowledge the 500 minimum withdraw - but dont use it as a transaction account so not overly limiting.

 

[Jake D]

I've only recently set up a MISA account, my thoughts on it are somewhere else on the forum.
As yet I've had no problem receiving payments from other banks via "Pay anyone" system, I even do it myself from a uBank account on occasion.

 

[jrc77]

I transfer into my MISA from other accounts without issue - however all deposits lose their description and from account - so appear as "MISA deposit" on statement. Likewise all transfers out appear as "MISA withdrawal". Not ideal if you are trying to trace funds.

Hopefully one day they'll get around to fixing it.

Regards,

Jason

 

[sashatheman]

I transfer into my MISA from other accounts without issue - however all deposits lose their description and from account - so appear as "MISA deposit" on statement. Likewise all transfers out appear as "MISA withdrawal". Not ideal if you are trying to trace funds.

Hopefully one day they'll get around to fixing it.

Regards,

Jason

Totally agree. Today I was completely confused when two deposits landed into my MISA account. The description didn't help at all, "MISA deposit". Only when I got home,opened my mail and found two notice of assessments from the ATO, did I realise what those deposits were.

So now I am confused. My work can deposit my salary into the MISA account, the ATO was able to give me my refund into the MISA account, but why did the bank tell my tenant that they can't deposit the money (at the branch) into this account?
I can only think of two reasons.
1) The staff at this particular branch don't know what they are doing (I have been at this branch my self and they had no idea why i am trying to even open the offset account.)
2) You can't deposit money into the MISA from the branch

Maybe both of these options are wrong.
Does any ones tenant pay rent into a MISA account?

 

[sash]

CBA are a bliss when you deal with people like Suncorp!

Light are on....but noooone is there....absolute imbeciles.

 

[MC1]

Re-reading this post is interesting, but the offset account problem still remains 5 years down the track.

I will say that their service proposition has improved vastly since the original post. In many respects they've still got their painful points but overall I'd say they're working with brokers fairly well now. They'd get a lot more business if they did have an offset account.

agreed....

 

[Jake D]

So now I am confused. My work can deposit my salary into the MISA account, the ATO was able to give me my refund into the MISA account, but why did the bank tell my tenant that they can't deposit the money (at the branch) into this account?
I can only think of two reasons.
1) The staff at this particular branch don't know what they are doing (I have been at this branch my self and they had no idea why i am trying to even open the offset account.)
2) You can't deposit money into the MISA from the branch

Maybe both of these options are wrong.
Does any ones tenant pay rent into a MISA account?

My guess would be number 2, but I wouldn't rule out number 1, or
3) Tenant telling porkies.

Does your tenant use internet banking? Problem solved.

 

[Rolf Latham]

Totally agree. Today I was completely confused when two deposits landed into my MISA account. The description didn't help at all, "MISA deposit". Only when I got home,opened my mail and found two notice of assessments from the ATO, did I realise what those deposits were.

So now I am confused. My work can deposit my salary into the MISA account, the ATO was able to give me my refund into the MISA account, but why did the bank tell my tenant that they can't deposit the money (at the branch) into this account?
I can only think of two reasons.
1) The staff at this particular branch don't know what they are doing (I have been at this branch my self and they had no idea why i am trying to even open the offset account.)
2) You can't deposit money into the MISA from the branch

Maybe both of these options are wrong.
Does any ones tenant pay rent into a MISA account?

I have a couple of MISAs

Not as simple or transactional as say my Nab one, but.......... the thing works, I can direct credit from our business trust acct to the MISA, folks can send me BIG chunks of dough. So I cant pay the milk money directly from it, and thats a pain.

Inconvenience rather than deal breaker most times

for a client that doesnt like Net banking, best to chase a diff lender

ta

rolf

 

[Shaneelastic]

I have a couple of MISAs


for a client that doesnt like Net banking, best to chase a diff lender

ta

rolf

theres another way to bank??

 

[sashatheman]

My guess would be number 2, but I wouldn't rule out number 1, or
3) Tenant telling porkies.

Does your tenant use internet banking? Problem solved.

No, the lady doesn't have a computer at the moment . She did pay me straight after she called me and I gave her the streamline account number.

 

[catcha]

Hi all hijacking a thread instead of starting a new thread.

I am currently with Homside with one IP about to buy my PPOR.

I have bank guarantee with CBA 47k for OTP purchase that did not go through. its now turned into a term deposit and is to mature on 2014 which was the date the OTP would be completed.

I have now earned 3k in interest making it total 50k. I asked the CBA advisor how much the exit fees will cost, thinking I should put the money in my offset homeside account.

Her responese was that I would lose the interest and be square, I was thinking fair enough, but she did suggest If I got a loan with them they can waive the fee, and I then can use the 50k towards my deposit.

So what should I do ? i'm thinking go with CBA and don';t lose out on the 3k, and if I don't like it switch to another provider like westpac or ANZ.

been reading about the MISA and sounds like a bit of a circus from CBA

My current homeside offset is great and I use it as a transaction account currently

 

[Aaron_C]

Homeside has one of the best packages around, no doubt, if you have only one property.

Have you considered going for a higher LVR on the PPOR loan - and then once the term deposit matures, you can then dump the whole lot into the PPOR loan / offset account?