One direct v CBA MAV v State Custodians - jump ship?

Discussion in 'Property Finance' started by Frankly, 18th May, 2009.

  1. Frankly

    Frankly Member

    Joined:
    17th May, 2009
    Messages:
    1
    Location:
    west melbourne, victoria
    So the MB process spat out a recommendation to apply for a CBA MAV package mortgage, which we dutifuly did.

    Borrowing 508K against a 635K property purchase (just scraping under the 80%)

    But now I'm hearing all sorts of bad things about the CBA offset account management and customer service..... and ANZs One Direct is offering a similar low rate with a good reputation, very popular amongst other 1st home buyers we know....... State Custodians have a kickass rate but who knows what their variable will sit at in the long term.....

    considering cancelling the MAV application and paying whatever the fees for that are and going with either One direct or State Custodians instead. FHB so feeling nervous.... is this a common thing to do?

    Any experience out there with the CBA offset account mgmt and how good/bad it is? Any experience with State Custodians? are they likely to stay low in the long term?

    Basically any advice welcome.
     
  2. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast
    Hiya

    Not knowing any of your soft data Id stick clear of anything thats not 100 % IO Offset, and you'd want to know wehre your money is coming from :)

    Many many F&C lenders simply arent in a position to take another kick in the guts if the credit markets go funny again, Not so much of an issue if your loan is mainly fixed.

    Also, what are your LONGER term intentions with the place ? and future borrowings, because that would have some bearing ?

    ta
    rolf