A lot of my brokers has written a few Firstmac deal in the last 18 month + i have refinanced one of my dad's loan to firstmac so have first hand experience on their after settlement service.
Good rate for those who want a simple 80% LVR variable loan with an offset account and fee free;
- servicing is ok as it just uses the QBE servicing but yes a bit tight for self employed as there's a lot of add backs they don't accept..
- Cash out is bearable, but def not for the big investors with plenty of equity- but your everyday 2-3 property investor is doable if the investor is not willing to pay for LMI in the first place ( 80% LVR).
$100,000 under 80% = no evidence required
$100,000 + or over 80% then LMI policy kicks in
- Overall policy is alright, but if you have anything out of the box; ie security, active credit file, missed payments etc....even at 80% you may have issues as
they may insure the loan even at 80% ( Firstmac pays)
- Note they don't really have a fix rate product...just variable
- Multiple offset allowed and no fees
After settlement service
8/10 - a typical online provider.
They have this awesome " live chat" function which i quite like but i think a few lenders have this as well.
Pro
- Online site works fine
- Offset works like it should and clear states the "offset benefit"
- Can do an branch deposit via Westpac
- Allow for 3rd party to be added and to speak on the holders behalf ( Great for kids doing banking on the parents behalf if they can't speak fluent english - ie My parents)
- Great "tagging" software within the netbanking
- Staff were friendly and from Australia ( only had 2 interaction with them too date- Once to order a cheque book and the last time to add my name as a 3rd party to my parents account)
- Westpac staff knows what the Firstmac transfer is for and it went through no questions ask ( Pennant Hills westpac)
Con
- Poor mobile banking features
- Took over 10 days for a cheque book to be delivered
- ( Personal hate) To log in you have to use the mouse and "click the numbers on the online screen/pad" very annoying as it slows you down... but i think it's a safety feature...not sure.
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Overall experience has been great from previous client that we have caught up with 6 month after settlement. Even had one loan split/ equity release last month and it went through fine.