Opinions on LoanAustralia

[Vicked]

Hello All,

I used to post here a couple of years ago, but I've forgotten my username (or it was deleted) - so I'm not just a 1 post wonder!

Anyway, I'm looking for a good low rate mortgage with offset account access and the best I've found seems to be one from LoanAustralia: http://www.loanaustralia.com.au/flexi_plus_loan.asp

I just can't seem to find any feedback on them and was wondering if any members had any experience with them?

Thanks in advance.

 

[grossreal]

hi vicki
you have said that you were amemberbefore and this is not to be seen as your first post well
this is not a loan this is a broker for a lender
there is a very big difference.
and if as you are a veteren board member you would know that 6.99% is not the lowest in the market and you would know how to find out what is.
I think that you have done nothing for your credabilty and I hope that loanaustralia is not damaged by your post, I for one would not use them on principle.
I have no problem sending people to web sites, but I do have a problem with people saying one thing and do another and the link nothing but this is a broker company who sells loans whoopie do
go to google and you will find more.
my .002

 

[Vicked]

ummmm, I'm not sure exactly how I managed to offend you with my post as I'm sensing a little hostility coming from your reply.

I was a member with a few posts, I would hardly call myself a veteran, I can't recall my username or it was possibly deleted in a clean up.

I wasn't aware that LoanAustralia was only a broker, I have done some searching and that was the best rate I found with the fee's and features I want. I'm not quite sure how I might have damaged LoanAustralia by asking for people's opinions on them.

 

[Vicked]

I've looked all over the net and I can't find a better rate than the 6.99% offered.

Is there anyone that can give me confirmation that these guys are OK? I'm a little worried about going with them as I can't find any feedback anywhere....

If there is a similar or better rate out there - point me in that direction, PLEASE.

 

[alexlee]

If low rates is the only thing you're after:

http://www.ratecity.com.au/home-loans/lowest-rates/

AIMS has a 6.44% product.

I have no idea how it works: I'm just reading from the ratecity website.

The reason few people have replied to this thread is that we don't just look at the rate. It's also about loan establishment fees, ongoing monthly fees, how responsive they are when you want to refinance and buy more property, etc. For example most of the big banks would offer around 7.2 to 7.3% variable at the moment. With a professional package you get free accounts, no establishment fee, etc. While that is maybe an extra $1,000 per year on a $300k loan, you may find they are more responsive when you want to refinance or buy more property.
Alex

 

[Vicked]

Thanks Alex,

I realise it isn't rate only, fees are also a consideration. LoanAustralia had low fees on that front too, it just seems a little too good to be true, I've always done my borrowing through established banks so going with an unknown is a little scary.

I'm checking that ratecity site now, thanks for the tip.

For me, keeping repayments down at first is the key, my partner is having a baby and while I'm on a high income - we will only have 1 income for a year or two and don't want to be too stretched on the repayments.

 

[grossreal]

hi vicked
sorry to say that you did not offend me
very few people do that as I call myself a duck very little sticks.
what you need to do is research the product and then ask the question.
if you are a new investor then I take this as learning
on the link it is a broker site and you would have many brokers here that will be able to get you a deal as good if not better.
you need to ask not generic question but direct question is not have you an opinion of these but can you beat this loan or is there a broker that can get me this.
and then you would get the answer you want( just not from me)
I don't like links to site that are not end users and a broker is not an end user or lender.
even broker in your area if you posted that would be better then whoa re these people for me they could be anyone or for that matter anywere the could be a broker house out of india with a web hosting here, I don't know and for that matter don't care.
but as alexlee says its not just about rate its comparitive rates and features I run some accounts on nab because they have free internet transfer and its good for me look at the whole picture on just the cheapest rate.
hope you well.
I can be sharp some time but thats me

 

[Vicked]

OK, thanks grossreal.

In that case: Can anyone beat 6.99% variable rate with an offset account and no/low establishment fees? I want to keep repayments down (and a honeymoon rate often reverts to a large rate at the end of the loan).

 

[grossreal]

hi vicked
you may get people to answer here but posting as a new thread as it comes on the board and people that have read tis post ay not read it again.
my ,002

 

[kommepc]

They are not brokers.

BTW, here is the page regarding low rates:

http://www.loanaustralia.com.au/why_our_rates_are_so_low.asp

 

[grossreal]

hi Vicked
my mistake I have spoken to the company and yes they are there own funder and not a broker.
I have not done much more then talk to one of the guys there but he did tell me that they are direct funders.
and I did follow the link above.

 

[trugoy]

Has anyone done any business with these people?

I too found these guys through research and they seem to have a lot of the bells/whistles i want on my loan as well as having a fantastic rate. I am looking at their lowdoc product.

However my conversation with them on the phone was less than inspiring, the lady on the other end seemed clueless, said that they did not have any brochures on their products, and basically wouldn't answer any questions other than direct me to visit their website.

I would really like to see the nitty gritty terms and conditions of their products.

 

[Qlds007]

Just a quick observation on looking at the opening page of their website

Do you know that most loans offered by major Australian Lenders and all banks include broker commission that can range from 2% to 25% of the loan amount Not sure how many of us get paid 25% of a loan amount for a deal not even top producers !!!!!

it's the customer who pays for this "Free Advise" offered by mortgage broker. Maybe someone should be them a dictionary. I thought we offered Advice with a 'C"

If you go through the website i think it was written by an 8 year old with spelling and punctuation errors all over the place.

Would think at least they would poof (!!!) read the information prior to going live.

 

[Rolf Latham]

Richard

Poof their work

tsk tsk

ta
rolf

 

[Simon]

Richard

Poof their work

tsk tsk

ta
rolf

Rolf,

Now you are getting all technical on us ....

 

[colings1]

loanaustralia

hi all.has anyone heard anymore about "loanaustralia"i was also impressed by theyre rates,but im a bit dubious about it all,seems too good to be true.im not very experienced in this field.thanks for any feedback..

 

[crazylikeafox]

I don't understand why people have the problem with the OP's question. He/She was asking for opinions, what's wrong with that? He never said "this is a low rate, that means its awesome, true?"

And grossreal, you are bonkers and need to learn to express yourself better.

 

[yo yo ma]

Do you know that most loans offered by major Australian Lenders and all banks include broker commission that can range from 2% to 25% of the loan amount Not sure how many of us get paid 25% of a loan amount for a deal not even top producers !!!!!

it's the customer who pays for this "Free Advise" offered by mortgage broker. Maybe someone should be them a dictionary. I thought we offered Advice with a 'C'.

Either you haven't read the site properly or they have changed it... I suspect the latter as the word "advice" has been corrected

Do you know that most loans offered by major Australian Lenders and all banks include broker commission that can range from 0.25% to 2% of the loan amount? This commission is paid by the lenders who have to offer home loans with higher rate. Mortgage brokers choose only those lenders that pay commissions. In the end of the day, it's the customer who pays for this "Free Advice" offered by a mortgage broker.

The advise/ advice usage is common mistake- "Advice" is the noun that means an opinion or recommendation: I'd like to ask for your advice on this matter.
"Advise" is the verb meaning to recommend or suggest: I advise you to be cautious.
Steve

 

[Rolf Latham]

Hiya

I suppose im on the wrong side of the fence here, but any lender that compares their Daewoo discount product to the full sticker price of a Honda (and in doing so to knowingly mislead the borrower) also has some questions to answer.

ta
rolf

 

[alexlee]

I looked at their comparison table. They compare their rate to the FULL variable rate from the various banks, when anything with a heartbeat can get 0.7% off. Misleading at the least.
Alex