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MP, Interesting i thought i knew the details of the First Mac product being Brisbane based and to my knowledge the product never had a 100% offset account linked to it.
I guess like anything you have to read the small print.
I had a problem with a cheap lender. I went through PMG who are a mortgage manager. The loan was through mortgage ezy and I am pretty sure it is an ING wholesale loan.
Anyway when I went with them they were the cheapest in Australia (even cheaper than ratebusters). They have a high break cost even on the variable loan (so do ratebusters if I remember correctly).
Then they put up my rate. It is now above average. However, for new customers the rates are still cheap!!
Dirty dirty in my opinion. Can I get out easily with high break costs - No.
WOuld a larger lender with more customers and more reputation try to have lower rates for new customers after jacking its existing? - Probably not.
So when I go for another loan I will really think twice about going for the cheaper lender. Because I got screwed.
The other thing that PMG did was 2 days before my finance clause was due to expire they called me and upped the rate by .25. That is a tactic also. Their advertised rate never went up but I was stressed and went ahead anyway. Mortgage Ezy when I complained later reduced it by .25 because they agreed that wasnt fair. However my rate is still above average and higher than the advertised rates.
About 4 months ago I refinanced with Ratebusters.
The offer was 2.99% fixed for 1 year, then goes to the standard variable. I also have 100% offset - yes it's an offset, not a redraw. No establishment fees. This product will save me thousands of dollars, especially this year now rates are heading north.
Their funding is backed by First Mac.
I found them to be good service and so far am quite happy.
It pays for YOU to do your homework to find the right product for you. Don't just rely on the big banks or mortgage brokers.
Mortgage Ezy when I complained later reduced it by .25 because they agreed that wasnt fair. However my rate is still above average and higher than the advertised rates.
About 4 months ago I refinanced with Ratebusters.
The offer was 2.99% fixed for 1 year, then goes to the standard variable. I also have 100% offset - yes it's an offset, not a redraw. No establishment fees. This product will save me thousands of dollars, especially this year now rates are heading north.
Their funding is backed by First Mac.
I found them to be good service and so far am quite happy.
It pays for YOU to do your homework to find the right product for you. Don't just rely on the big banks or mortgage brokers.
Such good advice, it bears repeating. (Though we seem to be repeating this a lot, don't we? )The point of the cheapest rate product is ?
Sorry to detract from the discussion but rate is one of the lower rated issues for most people that are looking for an investment proposition.
There is a case for cheapies, but usually not for an investor looking to leapfrog etc
lower than all the banks SVR's. People who took it at 2.99% will be pretty happy now I reckon. .[/QUOTE
What a nice feeling that marketing gives .
Many many lenders use this argument. In most cases it doesnt hold water, since I dont know many people with a moderate mortgage that are paying bank SVRs..................
While FM pays nice commissions, in general its products were not suited to the average growing investor, at least not historically. Like all securitised products LMI exposure at 80 % LVR meant that youd be burning the clients LMI options for later use when they really needed it. And then there is those luvely Defs as well.
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