paulhill

Hi, can you please tell who you took your mortgage with and why. I believe it is best to go through a broker as they can get you a better deal. Also we were told from the Commonwealth Bank that any commission will only be used against a mortgage after receiving it for two years!!!! Many thanks

ohippy

We used NAB or at least an arm of them. OH is self employed and they gave us a 'normal' mortgage which is our first ever !

asprilla

Before you sign up for a mortgage, either through a broker or on your own, compare it to those on offer at www.homepath.com.au - a CBA subsiduary.

- 7.21% standard variable
- no establishment fees, or annual or monthly fees
- unlimited additional repayments (deferred establishment fee if you pay it all off in 4yrs)
- free redraw facility

There are several mortgages around that offer a slightly lower rate - at the cost of a high establishment fee. Worth it - but only if you intend to pay the loan out over the full 30 yrs.

If you find a better all-round package, post it up here !
cheers

paulhill

Thanks Mark, I will have a look at homepath.

Cheers Sue

ub40fan

Hi

In UK I would do it all myself, the research and the arrangments, but here cos I don't know an awful lot about this place and how it works we have used the RAC.

We are members of the RAC and it is one of the services they offer. I did a bit of my own research too, and we both came to the same conclusion as to who to use.

I called the RAC and a guy came to the house out of hours, filled in all the forms and we just signed them. That was last Monday and was only for a pre approval certificate. Meanwhile we put in an offer for a house, which was accepted and we faxed him the contract form the Real Estate guys gave us on Friday, he sent it to the mortgage company and I spoke to him yesterday and he said we should have the offer in writing today or tomorrow. I think that is a good turnaround time.

Shirley

hedgehog-girl

Yep, definitely compare on that website. We've gone with Bank of Queensland. Not just because we banked with them but because they were prepared to price match any other mortgage offer that we got. We got a good fixed rate and lots of other goodies thrown in. We went with them because we liked the idea of actually speaking to our Bank Manager if we had any probs.

paulhill

I will look into the options you have given me and thanks, its a great help.

cheers Sue

paulhill

Hi, I too did it all myself in the UK (Coventry Building Society) but here it is a lot different. I will look at RAC (not the car people???!!!). Thanks Sue

ub40fan

Yes Sue, the car people. Here they do everything, mortgages, car insurance, house insurance and if you are a member you get all sorts of discounts on all sorts of stuff!

We are going with AMP - 3 year fixed - rate of 7.18% but because Steve is a member of the ACS he gets a discount of .15% . ANZ offered us 7.35% for the same 3 year fixed!

It pays to shop around - or get some help to do so

Good luck with it all

Shirley

Teabag

We have just got our fourth mortgage with the ANZ, they've always been good to deal with.
If you're looking for a mortgage, you must be looking for a house...nudge, nudge, wink wink.......

Just updated my classified listing with new photo's. Been busy scrubbing and painting!

paulhill

Hi Teabag (not the one from Prison Break I hope!!!)

We are note looking for a house, we have purchased some land and are hoping to build on it. I will look at ANZ and thanks for the info.

Cheers

Sue

Sleeping Beauty

mmmm, commonwealth, ANZ, or queensland? we bank with the first two, but we have been advised to go with queensland?

any opinions anyone?

Wendy

Depends on their requirements.

We were advised to go to The Rock bank, but they want 2 years residency and 3 years continuos work history (A break of no more than 3 months and the same job description). Not suprisingly they turned us down, after two weeks

Then we were advised to go with ING, they want 6 months residency and 2 years in the same job. They turned us down too!

We sacked that broker cos he was obviously clueless, and the next broker we spoke to said that Commonwealth, ANZ, and Bank of South Austrlia are the better ones as they just want to see that you are not on probation with your work.

We applied to the Commonwealth and had a positive decision within 48 hours.

Sleeping Beauty

did you get a fixed rate wendy? i think O/H is looking for a fixed rate, so we know where we stand financially (as these first few months have crucified us money wise )

Wendy

Yes, we fixed it for the first 5 years at 7.15