Re-financing my PPoR - Homeside?

[Samwise]

Have just come off a discounted rate with Bankwest after two years and their new deals dont look too crash hot... I'm after a simple variable rate loan with offset account to park savings. LVR less than 80% and no IP's (yet), $450K loan.

My broker is recommending Homeside 'HomePlus' at 6.47%... i've looked into it - seems the best rate from what i can find, low fees and backed by NAB.

Any 'gotchas' that I should be aware of? Never heard of 'em

Cheers, Sam

 

[K_Raheja]

I refinanced recently with Homeside, alls good except they are extremely slow in processing.

The Offset a/c management is thru NAB online banking.

 

[Perp]

Homeside are simply the wholesale arm of NAB, only accessible via brokers. Everything's managed through NAB infrastructure. I've used their product several times with no significant issues.

 

[Rolf Latham]

Hi

Homeside is ok.

The can be blindingly fast, or dumb and very slow due to paperwork inflexibility.

All in all, a good product at a good rate ( though dont be surprised if in the next 6 mths or so NAB breaks lock step with RBA and that rate is a little closer to the others).

Get ur broker to keep onto them, YOU need to be careful with the paperwork they send u and we will be all good

ta
rolf

 

[Samwise]

The can be blindingly fast, or dumb and very slow due to paperwork inflexibility.

Yup, that sounds just like human beings to me!

OK thanks for the advice, probably doesnt sound like too bad a bet

Cheers, Sam

p.s. I suppose any of the lenders discounted variable rates could go up at any time? whats to stop them?

 

[Perp]

I suppose any of the lenders discounted variable rates could go up at any time? whats to stop them?

Market forces, same as any lender.

 

[Rolf Latham]

p.s. I suppose any of the lenders discounted variable rates could go up at any time? whats to stop them?

nothing, except with some its more obvious and likely that they may move outside of RBA rate moves

Understanding sources of funding, and current market positioning gives you a bit of an idea where and who will move out of step.

NAB wont do so until they have acquired their slice of market share, you have to be aware that for a long time, NAB has been under represented in the home lending market, and very aggressive pricing combined with some other less powerful initiatives are a short term play to gain market share.

My 2 cents is the most likley to break with RBA pricing soonish are CBA and maybe again WBC and to a lesser extent stg.

Because NABs funding source is closer to home, and the above reasons, and ANZ has been raising some great cheap capital in Asia, I cant see them busting out .....

ta
rolf

 

[Samwise]

Well, sounds like another reason to go with homeside then

 

[Rolf Latham]

Hi Sam

I should have added

yet : )

ta
rolf

 

[jroth]

Just make sure you double check everything gets set up right.
I got caught out with them not taking money from the right account even though they sent me a letter confirming the right account weeks prior, I only found out a few working days after the payment was due when I rang them to query why I hadn't been debited and then they made me post in a fresh direct debit authorisation to top it off.

3 weeks later the same thing happened to a friend who took out a loan with homeside.
No other complaints though.

 

[Kinnon Bell]

Sam, expect a credit card in the mail that you didn't realise you applied for as well. Brokers seem to have a tendency to package in credit cards with the homeside home loan that the applicant wasn't aware of.

Don't really know how they do it, but my guess would be through the ignorance of the person applying for the loan and just signing (and not reading) every document their broker hands to them.

 

[Spectre]

Sam, expect a credit card in the mail that you didn't realise you applied for as well. Brokers seem to have a tendency to package in credit cards with the homeside home loan that the applicant wasn't aware of.

Don't really know how they do it, but my guess would be through the ignorance of the person applying for the loan and just signing (and not reading) every document their broker hands to them.

Seems you're a bit narky with a broker?

When the docs get sent out the no annual fee card is part of NABs loan offer. Borrowers can elect to take it or not - so you're right in that people may just sign the form called something along the lines of 'preapproved credit card application'.

Noted it is in the application form as well but nab still send out the form in their kit even if we return a blank one or one with a line ruled through it (if we're doing paperbased).

 

[Bradsdad]

Sam, expect a credit card in the mail that you didn't realise you applied for as well. Brokers seem to have a tendency to package in credit cards with the homeside home loan that the applicant wasn't aware of.

Don't really know how they do it, but my guess would be through the ignorance of the person applying for the loan and just signing (and not reading) every document their broker hands to them.

The banks/lenders make the packages. Seems you may have had a broker not explaining a package supplied by a lender correctly.

 

[Perp]

When the docs get sent out the no annual fee card is part of NABs loan offer. Borrowers can elect to take it or not

You're not suggesting that borrowers have to actually READ the documents they're sent, are you? Perish the thought!

 

[Kinnon Bell]

No beef with a particular broker here. I've never been through one but I do work behind the scenes and on a daily basis have to deal with customers who have received a credit card in the mail and have no idea why. Is it that hard for the brokers to explain to the customers they're getting a credit card as well?

And don't get me started on when people don't read their documents....