I am hoping to buy my first home soon. In doing my home loan research, i found loans.com.au to be the one with the best variable rate (5.65%) at the moment and comes with an offset account. But as it is a call center based company with no physical branches, i am not sure whether the savings are worth the risk of using them to buy my home. Anyone has dealt with them before?
I am looking to buy a property around 400k, and would like to get the maximum loan without the insurance and put extra money in an offset account. So it will be a loan of around 320k.
The fees for this "dream catcher" loan from loans.com.au is $375 annual fee, $0 application fee, the valuation is $220 (valuation is free with banks if my understanding is correct).
Other options with an offset account are:
1. The commonwealth bank, 6.05% variable rate. The mortgage manager will waive the application fee and the package fee for the first year for me. I have got pre-approval with them, which makes it the easiest option for me.
2. A package from NAB, with less than 75% borrowing, at a variable rate of 5.95%. The fees will be $160 setup fee, and $10 per month account keeping fee.
3. "Mortgage Plus" from Citibank, with a variable rate of 5.89%, which has a $399 application fee, and the $355 package fee is waived for the first year.
I intend to get variable rate only, and i am thinking not to be locked in with one lender and may refinance if better deals come out from somewhere else. I am not sure i am thinking in the right direction on this or not.
It might be the case that the difference of the interest rate between these options i listed here are not that big on my loan amount and i'd better stick with the easiest one. But i am just not sure.
Any advice on this "loan" matter would be much appreciated.
Thanks in advance.
I am looking to buy a property around 400k, and would like to get the maximum loan without the insurance and put extra money in an offset account. So it will be a loan of around 320k.
The fees for this "dream catcher" loan from loans.com.au is $375 annual fee, $0 application fee, the valuation is $220 (valuation is free with banks if my understanding is correct).
Other options with an offset account are:
1. The commonwealth bank, 6.05% variable rate. The mortgage manager will waive the application fee and the package fee for the first year for me. I have got pre-approval with them, which makes it the easiest option for me.
2. A package from NAB, with less than 75% borrowing, at a variable rate of 5.95%. The fees will be $160 setup fee, and $10 per month account keeping fee.
3. "Mortgage Plus" from Citibank, with a variable rate of 5.89%, which has a $399 application fee, and the $355 package fee is waived for the first year.
I intend to get variable rate only, and i am thinking not to be locked in with one lender and may refinance if better deals come out from somewhere else. I am not sure i am thinking in the right direction on this or not.
It might be the case that the difference of the interest rate between these options i listed here are not that big on my loan amount and i'd better stick with the easiest one. But i am just not sure.
Any advice on this "loan" matter would be much appreciated.
Thanks in advance.