Ratebusters - good or scam ?

[monster24]

Hi there,


I came across a loan company called Ratebusters (ratebusters.com.au). They
have some very attractive rates and they claim to be voted as Mortgage of the year - three years in a row. To be honest, I haven't heard of them before at I am not sure if they are really that good or just another problem lender (like eg. Loanaustralia). Application fee is an initial $150 and then when finally the loan settles another $1700 (that's how I understood this guy - maybe I got it wrong).

Has anyone tried Ratebusters before ....are they really good... We are looking for a 5 years fixed rate with 100% offset account +redraw facility. The 7.96% sound quite attractive but don't want to risk anything.

Any comments are highly appreciated !
Thanks a lot ...
Cheers
Thomas

 

[Qlds007]

Hi Thomas

There has been a few previous posts on this company so suggest you might like to check out the old answers.

The rate is not bad and if they offer a 100% offset account and redraw and it is for a PPOR then i guess it is not too bad.

Just remember just because they say they are a mortgage of the year and it looks like mortgage of the year doesn not necessarily mean it is mortgage of the year. Each client has differing requirements both now and in the future and you need to find a loan that will grow with you and offer you more than a square peg in a square hold.

 

[monster24]

Thanks Richard... I'll be looking through the posts. And yes, it's for our PPoR that we need to change over, so it should be fine. Maybe not too recommend then for IP's when they don't offer IO loans.

Thanks again
Thomas

 

[monster24]

sorry Richard, one more thing. Do you mean that loans from Ratebusters are "not growing with us" , so in other words we can't pull out equity to invest into a new IP's ? Do they have any "restrictions" when I want to grow my portfolio?
Thanks again
Thomas