NAB Homeside Story

[Modal Harmony]

We just settled yesteday (01MAY08) on our 6th IP. You would think we'd have learned by now, but the actual finance conveyancing was rather an ordeal. We had a loan due to other IP valuations for $60k set up and paid into our current LOC (all fine here). We had the new loan with NAB Homeside set up for $316k (80% LVR) all set and account established (all fine here).

The balance of money $34k was to be a redraw from another I/O account set up for our 5th IP which had an available redraw of $38k. Trouble was, the automatic redraw facility on Homeside was not established, so we had to transfer from my company account to manage the shortfall without overdrawing the LOC. I would have thought once the I/O account was set for IP05, redraw would have been automatic!

Just a word to those who may get to settlement day and not be absolutely assured that the funds will be drawn from their accounts automatically.

Any other forumites had a similar experience??

 

[Bazza]

Don't start me on NAB They totally screwed up our investment accounts so I pulled the pin and we are currently getting re-financed. We thought we had a good deal with NAB as we had been with them for years but without even asking got 0.7% less than NAB from two other banks.

Their Personal Bankers are a pack of incompetent idiots in my opinion.

Cheers,

Bazza

 

[alexlee]

I had a similar experience with Adelaide Bank. The refinance, etc went off without any problems. Then I tried to transfer money out of the offset. It seems that the offset 'transfer limit' defaults to zero at inception. So I had to apply to increase the limit (on line, but it took 2 days).
Alex

 

[buzzlightyear]

I had a similar experience with Adelaide Bank. The refinance, etc went off without any problems. Then I tried to transfer money out of the offset. It seems that the offset 'transfer limit' defaults to zero at inception. So I had to apply to increase the limit (on line, but it took 2 days).
Alex

I had the exact same experience with the ANZ...Couldn't do it online though Had to sign a form and then I kindly informed that their SLA was a 5 working day turnaround. Thank goodness for cash reserves!

 

[Player]

Don't start me on NAB They totally screwed up our investment accounts so I pulled the pin and we are currently getting re-financed. We thought we had a good deal with NAB as we had been with them for years but without even asking got 0.7% less than NAB from two other banks.

Their Personal Bankers are a pack of incompetent idiots in my opinion.

Cheers,

Bazza

Hi Bazza,

I've found that once they've got you tied with one or two loans (even if not cross collateralised), any of the "big four banks" will beat a 0.7 % discount to gain a new customer and then treat you as you were treated with your previous lender.

As soon as my IP fixed interest loans fall due (two moderate ones next Aug and one big one in 2012) I'm using brokers to secure different lenders for each property. '

Big banks.....they're all tarred with the same brush

 

[Spectre]

I find nab good and bad.

one side they'll do some of the trickier stuff and their valuations (in house guys) seem to fetch significantly higher valuations when I've used them as compared to an external bank valuer.

other side you really have to argue with them about why you're not getting a .7 discount (in some cases)

So some go hot and some go cold. I've found that homeside is ok but their after client service leaves a bit to be desired.