Opinions on LoanAustralia

Rolf Latham said:
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
Click to expand...

alexlee said:
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
Click to expand...

From my understanding the products have very good rate and lot's of options (especially free repayments and redraw) and I already received a conditional approval from them.

According to both Rate City and Infochoice their home loans are not bad at all.

http://www.ratecity.com.au/home-loans/star-ratings/
http://www.infochoice.com.au/bankin...es/variable/oo/NSW.asp?Sort=VariableRate_AAPR

Can you please give some constructive criticism or any issues that you mean about Loan Australia or their Flexi Plus Home Loan (not Discount Saver)? What are they missing compared to bank products?
 
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Like most but not all securitised lenders these are some of the things to think about. Tis not criticism at al, ensure product is fit for purpose, which in many but not all cases it isnt.


Take the 6.99 for 18 mths and say you sell............................whats the exit cost ?

WHat are the fixed rates like, can I get fixed rate lock. In a rising rate market you dont want to be stuck with a product that has high fixed rates, and swapping out of the lender to anothers lower fixed rate means a big exit cost and time delay.

All loans are mortgage insured even at 80 % or less, what does this LMI exposure do to what I want to do in the future.

Is the loan for investment purposes ? If yes are you going to salary credit into the loan ? What might this do to your tax effectiveness.

Is the loan for owner occ purposes, if you pay the loan down how might this affect me if I turn the property into an IP later on.

BTW, a good cannex rating means little in most circumstances.

Why ? Many borrowers need the lowly rate features more than they need a low rate.

and many more questions abound with all loan products.

ta
rolf
 
Thanks Rolf!

We are going to live in the property. Can't wait to say bye-bye to my landlord. sick of paying for someone else's mortgage :)

My only concern was the exit costs (first five years) as they are kind of in the middle compared to banks and some other non-bank home loans. Since we are not planning to refinance in few years or use the property as investment one (we are not expecting to have dramatic changes to our income), it looks like we are on the right track with Loan Australia.
 
These are a few things that sway me away from them:
1) They claim to have won the Best of the Best award from Money magazine. I couldn't find any information to verify this.
2)They also said they are going to have an online service system comissioned in the next few months, however I can't find any information about thison their website confirming this.

Having said that, I do think they offer very good rate and their product have very good features. Also if you decided to go through with them, could you please give us some feedback on how you went with them?
 
loanaustralia

yes, im like you i couldnt find anything about "Money Magazine" award either
and the current rate at 6.99seems too good to be true you'd think people would be lining up,but no one seems to know much about them.just not sure!
 
I emailed them. As of last week fixed rates as follows:

2 years - 7.49%
3 years - 7.54%
5 years - 7.89%

Yield curve steepened a bit more last few days so could change. Apparently they source from ANZ facility just like Virgin uses Westpac (I think). Not securitised lender so only LMI if >80% and will use either GE or PMI if req'd. Pretty much the same offer as big four really but without the annual prof fees. Reckon credit will still be pretty stringent. If anyone is successful, pls post experience with the process. Good luck!
 
At this moment they use ANZ facilities after the settlement. I was told that their own system is currently under development and they expect that it will be ready sometime in 2008.
 
I've recently started looking for a home loan as well and came across LoanAustralia and their deal does look very good, which makes me nervous. As has been mentioned before, there does not seem to much information out there.

My searches for information has found the following.

A blog at http://arandomperson.linuxbandwagon.com/2007/05/29/line-of-credit-home-loans/ where someone says they are going with LoanAustralia. Also, a link to AAA Mortgage Finance as possibly being the same company.

Three reviews at www.productreviews.com.au. All reviews were within a couple of days of each other and the reviewers did not make many other reviews. So, how real are they? no idea.

I've applied for pre-approval online at LoanAustralia and have received the application forms, etc by email as well as a phone call asking me if I have any questions.

I've sent them some questions by email, lets see how long they take to respond.

Thanks for the link to ratecity. I'll check that out as well and see what else is out there for the features that I am looking for.

Cheers,
MrHyde

Update: The blogger referenced above seems to have gone with Ratebusters and not LoanAustralia as he initially thought.
 
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Me too - I'm Mrs Hyde!!!!!

Cheers
LynnH

P.S. Do people constantly ask you how to spell it??? When they ask me, I reply: "As in Dr Jekyll!" Usually gets a laugh!
 
kommepc said:
At this moment they use ANZ facilities after the settlement. I was told that their own system is currently under development and they expect that it will be ready sometime in 2008.
Click to expand...

Hi,

One Direct are operated and owned by ANZ using ANZ systems and staff! You won't see them though, (no branches as such) they function from a call centre in an ANZ building in Melbourne!

Regards Jason.
 
jingo said:
Hi,

One Direct are operated and owned by ANZ using ANZ systems and staff! You won't see them though, (no branches as such) they function from a call centre in an ANZ building in Melbourne!

Regards Jason.
Click to expand...

I meant Loan Australia :) By the way what are the chances that ANZ opened another company similar to one direct?
 
getting back to the topic!

So does anyone know much about LoanAustralia's products?

I too have come across this website and am amazed at the rates and fees - it just looks way too good to be true?

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

for example if you look at the LOC loan, and then compare the features, rates and costs with other providers it appears to blow them out of the water...

(Do mortgage brokers dislike publicity being made to providers like this??)

MCM
 
Rolf Latham said:
Hiya

Dont care a hooooooooooot :)

See if it were all about price we would all be driving 3 cylinder cars...........

ta
rolf
Click to expand...


Although I appreciate that the service of brokers will be valuable to many people, for people like me who have a very straight-forward loan requirement, I find the package of features, costs and rates that are advertised with LoanAustralia to be very competitive.

Does anyone have actual experience with LoanAustralia, or better yet, can anyone suggest a more competitive product?
 
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