Setting Up Offset Accounts

I asked the same question at ANZ and got the same response

cheers

Sonya

Rock i think is unlimited and they were offering 1% of the SVR until recently.

I think the big banks are bastards (!), but would rarely use anyone but one of the biggies. I would never use a mortgage manager, building societies are ok, though they can be inflexible because they are small.

If a lender goes under then you shouldn't worry too much as you have their money, not the other way around. What will happen is that someone else will take over your loan. Rates can suddenly increase and this has happened in the past.

Sometimes the small non-bank lenders offer better rates than the banks – but remember the banks can discount and it is often better to pay more for the flexibility and other services offered.

Non-bank lenders are often high with exit fees and there are various other fees along the way – legals, valuations etc. Usually the banks just have this included in one upfront fee – or annual package fee.

5. yes
6. yes, though the non-bank lenders will usually have all of their loans mortgage insured, even with low LVRs, so this adds more requirements you must meet and this can hurt your long term ability to borrow because there are only 2 major mortgage insurance companies.