Hi everyone,
Looking for any feedback on Homeside Lending (HSL) as recently recommended by a broker. Eseentially it gives a very low rate on a IO investment loan with offset facility included, however a quick google search turns up a lot of 'unhappy customers'.
Is anyone on the forum using using homeside, and if so what are you thoughts of them?
The savings in the interest rate offered by homeside will save me a lot of money over the years….but being able to call up and talk to a decent banker on the phone/in person who can help you out and give advice also has some value that could be worth paying for (which i wouldnt get with homeside)
cheers
Hi dtrump,
I organised a loan through my broker with Homeside in December for my partner.Overall the product is quite good. Simple but effective.
However the customer service has alot to be desired. It took almost 2 months to get the loan squared away. Then the docs sent were for the incorrect product. Which took up more time. The LMI also took a while for approval. I am unsure who was actually at fault but Homeside said the loan was approved but came back and said it had to be reviewed again. There was no real direction from Homeside unlike NAB would have.
Please do not associate any good NAB customer service situations you may have had with NAB and assume you will get the same from Homeside.
My partner is refinancing with Homeside at the moment looking to do another purchase. I now have an ace broker however Homeside are at a code "orange" according to his system which means it will take around 3 weeks to get any sort of answer.
They are backed by NAB and all internet banking is done on your normal NAB login.
Homeside state they do go up to 95% but this also isn't always the case even if servicibility is fine.
NAB also do not really have anything to do with Homside from a customer service point of view if you were to walk in to a branch and ask for some assistance with a matter you may have.
There are some exit fees and refinancing fees with I think are higher than other banks.
In summary if you are buying a house and wish to let it sit there and grow without looking to break the loan or refinance and let everything bubble away nicely then it is a good product.
If you are an agressive investor and maybe looking to do somthing else within 12 months I would probably steer clear.
If the purchase you may undertake will require very quick loan processing due to contract requirements I would probably steer clear. Especially if there could be a chance of the vendor not accepting an extension.
If you do use Homeside find a good broker who has a 4 star rating with them and ensure that the broker rides them like a ……. to ensure everything is done as timely manner as possible.Product: 9
Flexibility: 5
Customer Service: 2
Time Frame: 2I hope this helps and hasn't confused you anymore please contact me if you would like to discuss it further.
Thats excellant feedback thanks for that. Its basically boils down to a case of if you want a 'no frills' loan you cant expect the customer service of a premium product….i guess.
I think homeside dosnt sell direct to public, only via brokers? – which might explain the lack of customer service
Based on what you have said it sounds like it would be wise to try negiotiate longer settlement terms (60day+) if i am going to get the run around from the lender…
currently looking at mortgage choice as a broker…- any comments?
Thanks alot, its appreciated.
Cheers
dtrump
Yes i guess MC are fine if you want the sausage factory 1 loan fits all style of Broker who could have had upto 6 week experience since he gave up work as a brickies labourer.
Hate to say MC are merely a franchise and you get exactly what you dont pay for.
Thankfully under the new NCPP which came into effect July 1 a lot of Brokers will be taking into consideration things like service levels when the recommend a loan which is not unsuitable.
Some of what fredo has mentioned is accurate other bits unfortunately not quiet true.
There are good and bad areas with every lender and customers will have different experiences with them.
I can remember when Anz where taking 17 days to open a file and Wesuck where upto 23 days to even look at a deal. Rams regularly where over 4 weeks.
As a 4 Star NAB Broker i personally dont deal with Homeside but directly thru the NAB but in saying all of that if you are looking for a no frills style cheap alternative you cant go past Advantedge a NAB wholesale loan. Agin no frills no costs no ongoing fees and service levels are very good if you do volume with them.
Richard Taylor | Australia's leading private lender
Although this won't be the most qualified of opinions, just thought to say a few words: I'm a FHB who has been with Homeside for 8 months or so to date. Can't say I've had any experience with the customer service side of things since I don't even call them. The IO loan with 100% offset account seems to have a competitive rate. They made an error with the FHB grant however.
When the broker lodged my application with them they applied for the FHB way too early and as such this sum of money had to be returned to the govt and it wasn't ready for me at settlement date. Thankfully I had the savings to cover the difference, but when they subsequently reissued me the cheque for the FHB grant they charged me $8 for the cheque. And of course on top of that I lost out on 'interest' on that $16K for 2-3 days. It's a small issue but it shows how stupid a mistake it was.
What if I didn't have the savings to cover the shortfall and couldn't settle?
For me as such, this loan is 'no frills' and a competitive rate. That's about it. So long as I can draw and deposit my money without issues, that's about all I can hope for. However with a second property possibly on the horizon I will have to see how flexible they are. I suspect my mortgage broker will end up doing all of this legwork again and I might not have to worry about much.
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