Long time reader – first time poster.
I'm considering refinancing my PPOR with LoanAustralia http://www.loanaustralia.com.au/ who offer a very low rate for a Line Of Credit mortgage. The deal looks pretty good on paper but I'm a bit of a sceptic so I'd be interested to hear from anyone who may have dealt with LoanAustralia previously.
Good or bad experiences? Pitfalls? Advice?
They do sound good don't they. ? If you know what you want, (ie for a REFI, rather than a new home purchase) especially as far as structuring your loan goes, and you don't need a branch to walk into or feel the need to indirectly pay a grand or two to a broker to find you a more expensive loan it may be for you……
Check the exit fees etc if any, (although many people fuss about these as if they are going to sell houses every year or two and change loans around every few months….) and any conditions that may be associated with the LOC (such as 'reviews' if not used for a time period etc). See their Lo-doc rate? No wonder the banks report a gazillion dollars net profit each year.
All the best.I tried dealing with them and they seemed quite apathetic. Basically they could not guarantee to me that they could settle a loan within 3 weeks. One of the staff commented to me that they were a bit stretched and understaffed. This was verified by the length of time responding to emails or phone messages. Too long…
I got a loan from LoanAustralia and settled just three weeks ago. I would recommend to go with them. Excellent products but much cheaper than same ones from other lenders.
Two times my account manager (Olivia) was on the phone with another customer when I tried to reach her, but both times she called me back within 30 mins and was very nice and helpful.
Renomart wrote:Basically they could not guarantee to me that they could settle a loan within 3 weeks.No any lender will guarantee it as it depends on too many parties involved. It took for me exactly 12 working days from application to settlement.
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