I’m looking for a LOC type of loan where I can have at least 4 sub-accounts.
Which bank offers the best deal? I heard that St George Bank is good. Any others?Barbara
Barbara,
Talk to a good mortgage broker. Also be aware of the costs – refer to the “Interest Only Loans” topic.
Rod.
I actually did and didn’t get any answers I was looking for.
One said that he does not recommend them, another one said that I should go with CBA but could not tell me why CBA is better than St George for LOC.
I’m currently with CBA home loan tat is very inflexible (by the way I gad it arranged be a broker 2 years ago). Four month ago I wanted to convert it to LOC (CBA) and was directed by CBA to a broker. We did paperwork in early May.
Just found out (after almost four months waiting)that they lost my application. The broker blames the bank, the bank blames the broker.I don’t think I will use a broker in the near future… or am I just unlucky?
I would love to learn which LOC with sub-accounts people use and find good.
Barbara
I am a Broker and it is very understandable that you should be upset. The broker should have been following this up on a regular basis. I never let more than a week go by before following up a deal.
I always phone the customer to keep them informed of what is happening. If your broker can’t give you straight answers look for another one immediately and make sure you get back all the paperwork you gave the last one.
Brokers are not paid to sit back and do nothing they work for you. You are their customer not the bank!
The St George portfolio loan has been named best line of credit loan for many years and I have two.
It is a very good product. If you borrow more than $150,000 you are entitled to fee and interest rate discounts and the annual fee charged by the bank is much lower than ANZ, CBA and Westpac’s equivalent.
I also find the St George staff a little easy to talk to than the big four. But that is just my opinion.
Go get your paperwork from this broker and get another one and hound them if need be to get the respone you deserve.
Sorry to get on my high horse just idiots like that gives the rest of us a bad name.
Thanks
It’s a pity you are not in Perth.
Thanks again
BarbaraBarbara,
I have LOC loan from Citibank and am very satisfied with its service. I can fax in an enquiry form to Citibank for you and then some one from Citibank will contact you directly on what they can offer you. Please email me on [email protected] if you are keen to talk to Citibank, which has a Branch in Perth.I am running from citibanks LOC. what about the shocking interest rate? are citibank offering you a spotters fee?
I had a look at Citybank as well but they are rather pricy.
Thanks anyway for your reply.
Any other banks? Any comments are welcome.
BarbaraIs CBA any good for LOC?
I’m looking for a LOC type of loan where I can have at least 4 sub-accounts.
Which bank offers the best deal? I heard that St George Bank is good. Any others?Barbara
I use a broker in Perth whom I consider to be the best in the state! Trust me there are many who claim to be good, but just fail. I would be happy to recommend him to you. e-mail me your e-mail details if you are interested. [email protected] If he can’t help you, there is no charge.
I’ve used CBA LOC for many years now, no complaints at all.
Citybank: a broker tried to flogg this product to me several years ago, don’t know why, since it was more expensive and no better than CBA product, why go to the headache of changing.
Brokers get a hefty commission and trailing commission.
I am a gold customer of CBA, its been great, personal lender, discounts on loans, insurance, no loan establish. fee etc.Just to say after 12 years with CBA we have just gone to ANZ for LOC loan. CBA could not much ANZ LOC product.
Cheers[8D]
Does ANZ allow several sub-accounts? Why is it better than CBA?
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