Wasn't sure where else to put this, but here goes.
My home loan with HSBC was recently bought out by a Credit Union called FirstMac, which I had never heard of. I am so
p!ssed off that HSBC just sold off my loan like it mattered nothing to them. I contacted HSBC and advised them that I did not want to go to a new provider and was told that I would have to apply for a new home loan if I wanted to stay, which would incurr fee's, etc.Since that time I have had nothing but trouble with this FirstMac company.
At HSBC I had a full range of products and services, which FirstMac cant offer. I now have an inferior home loan and theres nothing I could do about it.
With interest rates rising, 2 car loans, and my partner being off work for approx 12months, things are getting tough so I recently called FirstMac asking for some assistance (via a rate decrease) as my personal circumstances had changed – gone from 2 incomes to one as my partner is off working looking after our new born baby. I told them I was looking for a short term assistance (2-3yrs) until my partner was back at work.
I was told yes they could help me, which was a huge relief, BUT then it all went down hill.
They were prepared to offer me a .01% rate decrease on my mortgage. Yes, you read correct .01%. WHAT A DISGRACE!!
I'm now stuck with the delimma that if I re-finance, I will be up for refiancing costs that I can't afford, thus pushing my mortgage closer to its limit OR staying with a mortgage provider that has no morals or concern for its customer(s).
Anyone looking at taking out a loan with FirstMac, consider yourself warned.
Until recently you couldn't perform an external credit transfer online. You had to fax them the transfer details and they would then set it up for you. So much for online banking, when you cant transfer money to external acounts.
Just look at their homepage –http://www.firstmac.com.au, which just a basic front end website, BUT when you click on the "Customer Online Bank Login" link you are taken to the folowing page which is by far the worst and cheapest website I have ever seen – https://www.fmc.com.au/mac/default.asp.
It's just a black and white page with no FirstMac branding on it whatsoever.
It looks like a fake login page that online hackers would use to steal your credit card information.
Suggestions OR useful advice that may help me are most appreciated.
Sorry for the rant, but I'm stuck between a rock and a hard place.
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Regards,
Disgruntled FirstMac customer.
Yes it is not very nice is it. I wouldn't want my loan sold like that.
May I ask if this loan is for an owner occupied property, for non investment purposes? If so it will probably be covered by the UCCC legislation. This is designed to assist borrowers when they are in trouble and lenders may be legally required to help the customer by temporarily reducing payments, suspending payments etc until the client can get back on track.
First Mac have also recently anounced that they were putting up some low doc loans by 1%!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terryw,
There's 2 loans: 1 x primary residence, 1 x investment property. It's my primary residence loan, which is the one I asked assistance with.
They only have 3 loan products so there's little to no options. I wouldn't be recommending any clients to take out a mortgage with these guys.
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Regards,
Adam
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