NAB HOMESIDE or NAB CHOICE PACKAGE

[catcha]

Hi all,

I just decided to refinace my loan from Westpac and heard how good the rates were at HOMESIDE so I have got my broker to orgaise the paper work. I now have the contract and have been reading it a few times,

30 year
5 years interest only at 6.47%
reverts back to 6.77% after 5 years and becomes principle and interest.
which is they way it is i guess.

On the final page where I am to sign again it states on the top page in BOLD

" Discount off the Variable interest rate that applies after the end of the interest only period"

now that sort of goes against what is listed in the first part 5 year at 6.47% then P & I at market rate.

Am i missing something here, after reading all this the HomeSide don't look as good as it did not paper and now i'm considering just going to the normal NAB Choice Package.

If I got my broker to change it would it be a big process, I reckon she is going to hit the roof If I do

I worked it out the difference is about $5.

Advice needed please

 

[Peter_Tersteeg]

5 years on the lower rate really doesn't sound right. The best info I've got states that this is an ongoing discounted rate and does not revert to anything else. The words you've quoted tends to support this.

6.77% is their variable rate. Further discounts are given based on loan amount and LVR.

When you consider the fee structure, HomeSide Homeplus beats NAB Choice by more than $5/mth ($10/mth fee vs. $395/yr).

 

[catcha]

Hi PT

This is what Broker replied when I asked

Its stating that their will be a discount at the end of the interest period.
You get the discount at both stages of you loan. At settlement and after the interest only period finishes.

Its broken down like that to show you the two different stages.


a the end of the interest period( when principal and interest period commneces and when principal and interest are payable under this agreement the annual percentage rate is variable interest rate. being homeside lendings variable interest rate 2

Currently interst rate 2 is 6.77% per annum

shouldn't the above state
" Discount off the Variable interest rate that applies after the end of the interest only period"
on the front page as well ??? i'm so confused, I got the homeside lady to calll me up to clarify it

 

[Rob Williams]

Just sign the docs already! Gee ... they don't really expect people to actually read them.

 

[catcha]

Just sign the docs already! Gee ... they don't really expect people to actually read them.

Well just clarified with the homeside staff so good to go, The wording sucks and they are too lazy to change it there just putting that little admendment letter that they call it to fix it . I ain't siging stuff I don't understand, cause i can't afford to make a mistake. And when it is my fault for not understanding, people just say tough you should of understood it before signing.

 

[Evachange]

I ain't siging stuff I don't understand, cause i can't afford to make a mistake. And when it is my fault for not understanding, people just say tough you should of understood it before signing.

Good on you, I remember too well at Westpac, the standard answer was its in the terms & conditions.

Well if you don't understand then you need to get the correct information and then make an informed choice.

All the best.

 

[redsquash]

Homeside customer service sucks particularly if you try to do enquiries by internet.
better to go NAB and see if you can get them to drop the yearly fee to $120.
At least with NAB you should have a relationship/business manager who you can try to establish a relationship.

 

[tobe]

until they move on approximatley every 9 months or so, and you are handballed to someone else when you make your next 'sales' enquiry....

 

[Rolf Latham]

Homeside customer service sucks particularly if you try to do enquiries by internet.

geeze, I reckon a poll here would show just about lenders are pretty bad at that surely ?

ta
rolf

 

[Peter_Tersteeg]

The service that NAB branches gives to HomeSide customers is quite average. Fortunately HomeSide gives the brokers a lot of tools to help customers post settlement which gets around most problems. The broker becomes your relationship manager.

HomeSide's turn around times are probably the best of the major lenders at the moment in my opinion. They haven't been good in the past, but I can say that of every lender.