Heritage Pro-Pack for FHB

[barry2104]

Hi All
After meeting with about half-a-dozen MB's in my recent search for the best home loan for me, I met with a new MB who suggested the Heritage Pro Pack would suit me best, and based on the numbers he told me, it kills all other competitors. However upon checking online after he left, one detail seems different - he said the variable interest rate was 4.82% whereas online it states 4.97%. Although, even at the online rate, it's still number 1 in my books. I just wanted to know whether any SSers out there have dealt with this bank or have this loan?

details include the following:
- 4.82% variable interest rate (4.97% as per the website however...)
- $250/yr annual fee
- 2 free credit cards
- 100% offset account
- unrestricted free redraw
- $300 discharge fee
- $800 early repayment fee
- $124.20 "mortgage registration fee" (standard/set cost)
- $811.70 "transfer registration" fee (proportional to loan amount)

http://secure.heritageonline.com.au/Personal-Banking/Home-Loans/Professional-Package.aspx


any opinions would be greatly appreciated! Just seems a bit odd that NONE of the first 6 MBs I dealt with mentioned Heritage at all! Do they have good reason not to? The last broker seemed the most professional of the lot though, so I'm considering getting preapproval soon... just need to clear up the interest rate.

Thanks!

 

[Dragon]

Because Heritage have removed their basic loans and professional packages from brokers.

They still sell it direct.

 

[Spectre]

Current propack rate is 4.97 - I'm doing one now... it was 4.82 but it increased a week or so ago along - they increased their rates across the board.

 

[Rolf Latham]

Hiya Barry

Doesnt fit your profile from what I have read.

No IO on owner occ........................

HBS are a major pain to work with too, especially once your loan is with them

The magic pudding is out there somewhere

ta
rolf

 

[josko]

Hi Barry,

It could have something to do with the fact that The Pro Pack was "on hold" indefinately for a few weeks there. HBS was apparently unable to keep up with applications.

Regards JO

 

[Buzz]

Wow that is research you may as well of gone and seen all the banks.

One reason brokers, even when we were able to offer the entire Heritage range to our clients, would warn you away from the Heritage pro pack against a PPOR is that the 100% offset account use to require a min monthly repayment (like the Dragon), this may have changed, but worth finding out.

Hence you may find your brokers were actually automatically discounting the Heritage offering based on your criteria for a loan - ie "I want a 100% offset on an interest only loan with the assumption that the interest chargeable is actually offset by the savings account balance".

I doubt they were doing you out of a good deal just offering you what they saw was products that met your criteria. Comparing apples with apples is the key when assessing options that meet your criteria. Don't get caught out.

Good luck with your search, hope this helps.

Jane

 

[Spectre]

6 external MBs plus SS's MBs? that is a whack of research!

 

[Miss V]

I have a LOC, investment P&I, 2 x IO and the credit card. I have been dealing with them since about 2005 and can't speak highly enough of them.

They are always slower to raise their rates compared to my other banks, don't always raise them the full amount, give you plenty of notice (usually, not this last one though for some reason) and are very easy to deal with.

Also very competitive as you've stated.

100% recommendation.

cheers

V

 

[kinga4610]

Hi Barry

I have dealt with HBS for many years now. Only went with Pro Pack a couple of years ago. HBS are great to work with. I have now dealt with 2 Managers at 2 different branches and both have been great. I can just ring either of these guys and they get the paperwork started. One even goes so far as to dropping off the paperwork for me to get signed.

So I have not had to make an official appointment with them for years. All done by phone. This works for me as I am very time poor.

I also give them the thumbs up.

Kinga

 

[Bradsdad]

The Kudos for Heritage may well be deserved however each loan scenario is different and certain strutures may not be available. If living in QLD then you have access to a branch network which suits some. If living interstate the Pro Pack isn't as transactionally friendly (still pretty decent). Also when varying a loan you have to bend over backwards and have valuations done again. This isn't the case with most other lenders.
Being a building Society it has some cons along with the pros.

Like all scenarios it's horses for courses.

Regards
Steve

 

[Spectre]

As a side for my comments -the deal we have in with them for a week now - just got an email and they're "awaiting internal directions on how best to proceed with the technicalities".

Myself - I never thought a variable loan in one persons name, interest only and secured by a property with no trust, no company, no lmi was 'technical'

 

[josko]

6 external MBs plus SS's MBs? that is a whack of research!

LOL! This must be a record!


Regards JO

 

[Rolf Latham]

I guarantee you its not ..............................

The magic pudding is out there for sure

ta
Rolf

 

[barry2104]

Thanks for the help guys. I figure getting the right (hopefully *perfect*) home loan is equally important as choosing the right house & for the right price. Peace of mind in knowing I’m not getting ripped off in repayments is as valuable to me as knowing I didn’t pay $30k too much for my new (first) home.

A home loan is something I can seek to find the best one, as there are only a limited number of them. I find this easier than finding the best home out there due to the sheer quantity of them. Not that I need the best/perfect place either, just one that ticks the important boxes. I can work on improving / ticking some remaining empty boxes during ownership through things like renovations etc, but it’s a bit harder to improve on a home loan deal!
cheers