Which Bank/Product?

[jrc77]

Looking for some ideas of banks and loan products.

I am after a product that will allow:

100% Offset account
IO and Line of credit accounts
Unlimited Redraw
Loan splits
Ability to easily move spare redraw from one split to another (so something like a global borrowing limit).
Top up friendly.
Good ATM access for offset account
OK Servicability - would be replacing some CBA accounts so that level of servicability would be fine.

Have been looking at a Macquarie Bank product, however it doesn't seem to allow an offset and line of credit under the one package.

Any suggestions than I can research?

Thanks,

Jason

 

[Rolf Latham]

A broker might be an easy start, but if you are a CODIY then look at

STG portfolio
AMP global limit
Maq I believe have similar


None of these is perfect, but then you are with CBA ......... so would be quite used to that component

ta
rolf

 

[Qlds007]

Agree with Rolf.

Not a lover of the Dragon but AMP Pro pack isn't too bad.

Still doesn't give you a LOC with offset account.

Mac Bank IMO has the best of the 3

 

[Colin Rice]

Mac Bank don't allow you mix and match. So its either a LOC or a Home Loan Package with offset, not a combo. Well that's what the BDM told me? Up to 10 loan splits with global limit to 90% LVR available and St George and Westpac ATM access. There turnaround times are impressive as well if all is in order.
St George have a decent product that would suit your requirements as well as AMP.
Do what Rolf said and get a local broker to help you

 

[Aaron_C]

You either get offset or LOC - this is the same for all lenders. You can't get both.

 

[Colin Rice]

Have been looking at a Macquarie Bank product, however it doesn't seem to allow an offset and line of credit under the one package.

St George under Advantage Pack allow you to have an offset to a home loan and a LOC as a seperate facility. ANZ also under Breakfree package.

 

[Rolf Latham]

Mac Bank don't allow you mix and match.

Those of us that are pre GFC have loooooooooooooooooong memories.

Macq is still a long and last resort

ta
rolf

 

[Marty McDonald]

Those of us that are pre GFC have loooooooooooooooooong memories.

Macq is still a long and last resort

ta
rolf

With you there, I'm still not re-accredited with them. Refuse to go there.

Actually peeves me off how much business they are getting from the broker channel, reminds me of an oils song
....Short memory must have a short memory...

 

[Spectre]

We've got no big issues with Macq. Years ago I wouldnt touch them either. Currently use them predominantly for their LOC and debt recycling with global limits but wouldnt necessarily put a client there for an I/O with offset. Macq got their first run when we were having nonstop issues with StG plus a vacant relationship manager for about six months.

With the changes that CBA is bringing in with their offsets, I like the product & CBA gives us good service

But I figure we table the options for the clients with the pro's and cons we come across. Even if I'm not a fan of certain lenders I still panel them out. Mainly because i figure if you dont, the client talks to someone else who mentions it to them then you now have a client questioning you.

 

[Peter_Tersteeg]

Those of us that are pre GFC have loooooooooooooooooong memories.

Macq is still a long and last resort

Couldn't agree more. Mac's had cheap rates before but they didn't stay cheap (or easy to move away from) when things got tough. There's got to be a better reason than an extra 0.05% off to use them because the likelihood of being burned by a secured lender later on is quite high.