Advantedge.
Westpac 4.99% Fixed Rate is Back
- Thread starter Shahin_Afarin
- Start date
Advantedge.
I checked on those, seems the 4.89% if for the fixed < 50% of the total loan, and for LVR more than 75%.
For the 100% fixed rate, and LVR more than 75%, it is 5.04% for 1 and 2 years.
Unless you can get better deal from ChoiceLend, but that's what I can see from their brochure.
I'm with ChoiceLend's sibling, Homeside at this moment, and seriously want to capitalise the 2 years fixed rate at 4.99%, however I want to bulge little bit with my broker and Homeside if they can give me even better rate. Don't know whether it's possible.
They bought out Challenger a few years ago and are now owned by NAB. Quite good access to funds, rates are quite compeditive all round. They fund a number of lenders, most of them only available via brokers.
Just don't ask for a credit card of offset account.
Hi, how difficult it is to move loan across NAB's various mortgage subsidiaries e.g. Homeside to Advantedge?
It's a completely different lender so it's just as hard as any other refinance.
I do find the Advantadge based lenders a little more difficult to deal with. They're effectively securetised lenders, hence subject to any number of restrictions that self funded lenders don't have to put up with.
For example a 90% loan will almost certainly be vetted by the mortgage insurer, which increases the chances of rejection by an order of magnitute. HomeSide would be able to sign of the same deal internally without a second thought.
The securetised lenders are also the ones more likely to get into financial troubles during the GFC. These lenders can be great when times are good, but a disaster when times are bad. People who had loans in 2008 with Macquarie, RAMS and GE Money will know what I'm talking about.
Right now there's nothing wrong with Advantage, but it would be good risk management to ensure that you've got an exit strategy if you need it.
indeed... m/ezy, pepper etc. i still have loans with some of these guys in excess of 8% (namely macquarie), frustrating when i have others at 5%! in fact most of the problems of the last few years have the name macquarie written at the top... be it their disastrous structured investments, over priced mortgages or simply pulling out of the market and leaving my finance approval high and dry
Homeside and Advantedge are chalk and cheese. One of the big difference between the 2 is servicing. They are on opposite sides of the scale.
Regards
Shahin
Regards
Shahin
Bear in mind if you're chasing rate and switching lenders- start with a phone call to the current lender (or broker) to see what they'll do. But to save say 10-20BPS - will it be worth it after fees & costs and will the rate still be around after the refi goes through in say what - 3 weeks plus timeframe wise? Unlikely. Are the rates indicative or guaranteed with no rate locks... many things to consider here to see if a refi is even justified.
Even in the last week, Westpac was only great for a few days in the fixeds then majors matched them across the board.
Even in the last week, Westpac was only great for a few days in the fixeds then majors matched them across the board.
HomeSide have a deferred underwriting authority, Advantedge doesn't. Securetisation is also a major difference. It may look like both their monies comes from NAB, but get into the real details of their inner workings and the difference is substantial.
I'm not trying to bag Advantedge. In many respects they're pretty good. They're just not suited to everyone.
Did a product review on Advantagedge.
http://www.productreview.com.au/p/advantedge.html
4 out of the 5 reviews were scathing. Not sure whether 5 reviews is enough from which to form an opinion. Is 4.7% worth it if you get lousy service?
ummmmmmmmmmmmmmm
I guess that most banks rate about the same actually : )
BUT be aware for eg, I know my clients through Choice brand of the same have received average service...............there is no perfection out there
t
arolf
Service is hot and cold regardless of which lender you go with besides you should be dealing with your broker or banker post settlement anyway.
What I would be focusing on are this like 'do I need an offset with this loan'? as Advantedge does redraw but does not offer offset, etc.
Also remember that rate is if you fix less than 50% of your loan.
Essentially they are no different to any other lender - they are great for some people, scenarios and security and not for others. Fixing your loan is a massive decision so do a full assessment.
Regards
Shahin
What I would be focusing on are this like 'do I need an offset with this loan'? as Advantedge does redraw but does not offer offset, etc.
Also remember that rate is if you fix less than 50% of your loan.
Essentially they are no different to any other lender - they are great for some people, scenarios and security and not for others. Fixing your loan is a massive decision so do a full assessment.
Regards
Shahin
I thought so to! Just sent message to Nab to fix one loan for two years @ 4.99, one for a three year fix 5.29. I'm leaving two other small loans variable.
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Still interested in opinions on what rate will be after the fixed interest period,
i.e. standard variable less any package discount(if that discount still exists)
or
standard variable less the existing negotiated discount which should be greater than the package discount and exists for the term of the loan?
May be giving up long term advantage for a short term gain.
i.e. standard variable less any package discount(if that discount still exists)
or
standard variable less the existing negotiated discount which should be greater than the package discount and exists for the term of the loan?
May be giving up long term advantage for a short term gain.
commercial reality is that the lender will give you the best available pricing to hold the business at the time
% discount is not always consistent, esp with WBC and some others who seem to go harder when they want more slice evenat reduced ROI........
ta
rolf
Not as I remember, this was low tide.
