Homepath
- Thread starter yuch.
- Start date
Hiya GW
Close - Home....side is the NAB arm.
Home....path is CBA's el cheapo arm.
easy to make that assumption
Homepath is cheap on variable only, web/fax/phone only lender, suits some but beware of slow process times, lost docs and last minute decision flips, all experienced by people that we have rescued a few days from settlement.
There is a couple of good stories with good outcomes too though.
Ta
rolf
Close - Home....side is the NAB arm.
Home....path is CBA's el cheapo arm.
easy to make that assumption
Homepath is cheap on variable only, web/fax/phone only lender, suits some but beware of slow process times, lost docs and last minute decision flips, all experienced by people that we have rescued a few days from settlement.
There is a couple of good stories with good outcomes too though.
Ta
rolf
Note they don't offer fixed rates and be prepared to do all of the work yourself.
Some of the operators on the other end arn't that experienced. Working with someone at the moment who said "If you are prepared to put up with the errors and inefficiencies, when you come out the other side they are Ok".
Note Ok not great.
I don't know if I'd want an Ok relationship with my Bank?
Some of the operators on the other end arn't that experienced. Working with someone at the moment who said "If you are prepared to put up with the errors and inefficiencies, when you come out the other side they are Ok".
Note Ok not great.
I don't know if I'd want an Ok relationship with my Bank?
It's ok to use Homepath if you are after cheap rates, but don't expect any great service and do expect some surprises before settlement.
Hi Yuch
Like ALL lenders, IF they would listen to the feedback they would learn heaps.
If the product and the service and the follow up was great, with such a low rate it would seriously jeopardise Homepath's parents position.
I dont think CBA would like to be hobbled, I can only see a conflict of interest in CBA providing Homepath with more resources to do what needs to be done.
There are other el cheapos out there too with rates below 5.85 variabale ongoing but very very rarely is the borrower sold into that product.
You have a real challenge there but Im sure you can make it work. It has a niche, and that niche needs to be worked.
FWIW, If I was promoting Homepath, I would NOT let on that its a subsidiary of CBA, the reason many go to lenders other than the CBA is because they are anti bank
ta
rolf
Like ALL lenders, IF they would listen to the feedback they would learn heaps.
If the product and the service and the follow up was great, with such a low rate it would seriously jeopardise Homepath's parents position.
I dont think CBA would like to be hobbled, I can only see a conflict of interest in CBA providing Homepath with more resources to do what needs to be done.
There are other el cheapos out there too with rates below 5.85 variabale ongoing but very very rarely is the borrower sold into that product.
You have a real challenge there but Im sure you can make it work. It has a niche, and that niche needs to be worked.
FWIW, If I was promoting Homepath, I would NOT let on that its a subsidiary of CBA, the reason many go to lenders other than the CBA is because they are anti bank
ta
rolf
If only I'd completed a search for homepath weeks before. Purchased a property last week, had 'preapproval' with homepath and thought everything would be sweet.(esp. considering we had 20% deposit, FHOG and good income)
In the last week we've been receiving emails asking us to phone them, then you phone them and they ask you to email. I honestly didn't think such poor service was possible.
After laying in bed thinking about it last night I've decided to cut my losses with homepath and try someone else.
I would not recommend this lender to anyone unless they had time to burn.
In the last week we've been receiving emails asking us to phone them, then you phone them and they ask you to email. I honestly didn't think such poor service was possible.
After laying in bed thinking about it last night I've decided to cut my losses with homepath and try someone else.
I would not recommend this lender to anyone unless they had time to burn.
Hi Bear
Similar experience to many people I suspect.
I have been told there are 3 desirables for any item or service.
They are
1. Quality
2. Service
3. Price
You can usually have 2 out of the 3, once we start looking for 3 out of 3 something has to give.
You can apply this to almost any product or service.
I suspect that CBA dont want to fund Homepath too well, because it possibly cannibalises their full rate and peripheral business.
ta
rolf
Similar experience to many people I suspect.
I have been told there are 3 desirables for any item or service.
They are
1. Quality
2. Service
3. Price
You can usually have 2 out of the 3, once we start looking for 3 out of 3 something has to give.
You can apply this to almost any product or service.
I suspect that CBA dont want to fund Homepath too well, because it possibly cannibalises their full rate and peripheral business.
ta
rolf
Rolf,
I'm afraid it's only 1 out of 3 for this mob. They are the cheapest loan on the market bar none in my experience. Service and quality are entirely absent, with the notble exception of one person who I trust has since found a better career.
I will never use them again. I had to go to the banking ombudsman just to get a response out of them. If you have time to burn, original documents to lose, infinite patience, immense tolerance for fools and an uncritical acceptance of anything a bank tells you, then you can save 0.5% by going with them.
If, OTOH, you are a professional investor, steer clear.
I'm afraid it's only 1 out of 3 for this mob. They are the cheapest loan on the market bar none in my experience. Service and quality are entirely absent, with the notble exception of one person who I trust has since found a better career.
I will never use them again. I had to go to the banking ombudsman just to get a response out of them. If you have time to burn, original documents to lose, infinite patience, immense tolerance for fools and an uncritical acceptance of anything a bank tells you, then you can save 0.5% by going with them.
If, OTOH, you are a professional investor, steer clear.
I really don't know how Homepath can get anyone to use their service. I can usually handle service that is a little ordinary however these guys are in another league. What I find interesting is that they usually get a really good review in 'Mortgages compared' type articles in mags etc. I read one that rated them a little lower due to customer service however I would certainly wouldn't give them a positive rating after my experiences with them.
Just goes to show that the Somersoft forum is the best source of information on most things real estate.
Just goes to show that the Somersoft forum is the best source of information on most things real estate.
Imagine a lender who lends below the going market rate of its competitors, does not charge application or ongoing fees, has no redraw fees and no transaction based charges.
Where were Chicken Little, Henny Penny and the rest of the gang that gave Derivex a drumming when the CBA launched this subsiduary a few years ago. Quick someone call ASIC - this has got to stop.
Seriously though I have to agree Homepath are a disgrace.. I was with them for two years.. In that time I never thought to ring them for a chat, was never put on hold, never had documents lost, never paid them any application, redraw or any other fees, never paid any penalties to refinance and while all this was going on I paid the lowest variable rate in the country.. Damn it! Those thieves saved me thousands.. Quick everyone forget Derivex - jump on the bandwagon - we've found a new whipping boy
Where were Chicken Little, Henny Penny and the rest of the gang that gave Derivex a drumming when the CBA launched this subsiduary a few years ago. Quick someone call ASIC - this has got to stop.
Seriously though I have to agree Homepath are a disgrace.. I was with them for two years.. In that time I never thought to ring them for a chat, was never put on hold, never had documents lost, never paid them any application, redraw or any other fees, never paid any penalties to refinance and while all this was going on I paid the lowest variable rate in the country.. Damn it! Those thieves saved me thousands.. Quick everyone forget Derivex - jump on the bandwagon - we've found a new whipping boy
