Home Loans: AMP, HSBC and Resimac

[exceladdict]

Hi All,

The time to refinance has come about and I am interested in people's experience with the above three lenders. AMP and Resimac were suggested by my broker - 4.2% and 4.24% respectively, but I've just come across an HSBC promo at 3.99%, so I'll consider that as well.

I have very limited experience with these lenders other than a one year stint with a Woolworths HSBC Credit card back in 2012, where HSBC did quarterly "periodic credit reviews" that persist on my credit file to this date.

Any reviews, positive or negative, would be greatly appreciated.

 

[Dr Ralph]

I'll be interested in responses as well. Refinancing time is here for me as well.

 

[OzEire]

HSBC has a monthly fee and establishment fees that wipe away much of the benefit of that 3.99 rate for loans under about 800k.

 

[UP4014]

I could depend on how big a customer you are going to be I suspect.

I only see what AMP does with some super I have there, not overly impressed. HSBC as a past customer but no mortgage, not overly impressed.

No experience with the other.

 

[Sprucegoose]

BOQ have a few products out. Do you have any professional associations ie CPA or Law Society?

 

[exceladdict]

BOQ have a few products out. Do you have any professional associations ie CPA or Law Society?

I do not, unfortunately. Will check BOQ as well.

 

[knasty]

Not sure where you live but I'm in Sydney and I've been with Newcastle Permanent for the last 5 years. Very happy. Just did 1 year fixed at 3.69% for most of my mortgage and the rest variable at just over 4% in the premium plus package ($400 annual fee). They have an upfront cashback deal if you switch from another lender.

 

[Sprucegoose]

I do not, unfortunately. Will check BOQ as well.

Everything is negotiable including the price of money

 

[OzEire]

Everything is negotiable including the price of money

Agree, to a point. Key is finding someone in the bank/lender who can actually make a decision outside the standard rule book.

I've plenty of examples where a lender has lost thousands in potential revenue because the frontline staff refused to negotiate over small fees (and made it too hard to talk to anyone else).

My take is that most bank staff working in lending are only interested in their commission and couldn't care less about the bank profit overall.

 

[2tall4Y]

ING Direct is also currently running a 3.99% promo (LVR > 80%, owner occupier, can't be interest only):

Orange Advantage. Apply For Orange Advantage Online - ING DIRECT

I've had my mortgage with them for 5 years, and would highly recommend them for those people that can live with a bank without actual physical branches.

 

[exceladdict]

ING Direct is also currently running a 3.99% promo (LVR > 80%, owner occupier, can't be interest only):

Orange Advantage. Apply For Orange Advantage Online - ING DIRECT

I've had my mortgage with them for 5 years, and would highly recommend them for those people that can live with a bank without actual physical branches.

Thanks, I have actually banked with them for a while as well. The issue is that they have a $199 annual fee. I'm comparing at the moment between them, Ubank (3.99 with no annual fees) and HSBC (3.99, no annual fees but a 600 setup).

So with prices so close I get the opportunity to decide based on other factors like customer service

 

[Buzzard]

Try Homelend, it is an offshoot of Bendigo Bank IIRC.
Homelend have an offset facility which can save heaps in interest and you can also pay weekly and save even more.
YMMV

 

[2tall4Y]

Thanks, I have actually banked with them for a while as well. The issue is that they have a $199 annual fee. I'm comparing at the moment between them, Ubank (3.99 with no annual fees) and HSBC (3.99, no annual fees but a 600 setup).

So with prices so close I get the opportunity to decide based on other factors like customer service

Indeed - it's a shame ING Direct aren't offering the 3.99% rate for their Mortage Simplifier product which has no annual fee. I've got the Mortgage Simplifier myself, and till now I have been able to get them match their best advertised rate, though a colleague in the same circumstances failed to get ING lower his rate to 3.99% just last week.

I'm also thinking of re-financing, and HSBC does look pretty attractive - I have the HSBC Qantas platinum card and used to have a bank account with them, and for what it's worth my (limited) interactions with HSBC have all been positive.

 

[exceladdict]

A month or so on it seems CBA are still waiting so they can use the third or fourth-mover advantage.

Westpac now offering one with a 4.2% comparison rate and NAB with 4.15% (along with 250k velocity points).

Subsidiaries also offering good rates with St George at 4.10, uBank at 3.99 or so. I'm actually getting some good use out of the cannstar website.

I'm purposely not considering the CBA/BW offers that only have a 3 year intro rate.

I called CBA and said "look, I'm going to refinance if you can't do a better rate", and they said they would only be able to compare to the other majors, but would call me back. That was 8 days ago now. Hope to get some good news soon...

 

[Freq Flier 2013]

CBA offered me 4.1% a week ago if it helps. With the wealth package.

 

[Dr Ralph]

CBA offered me 4.1% a week ago if it helps. With the wealth package.

They offered me the same deal earlier this week and I told them to shove it. Wealth package fees nearly $400 per year and nothing in return.

Contract to refinance with UBank arrived yesterday. About to sign. 3.99%. No fees.

There are at least 5 different providers with a sub 4% variable rate - although some do have fees.

 

[exceladdict]

They offered me the same deal earlier this week and I told them to shove it. Wealth package fees nearly $400 per year and nothing in return.

Contract to refinance with UBank arrived yesterday. About to sign. 3.99%. No fees.

There are at least 5 different providers with a sub 4% variable rate - although some do have fees.

CBA offered me 4.1% a week ago if it helps. With the wealth package.

Same issue as the ING one with the 199 annual fee, brings the comparison rate back up to 4.2% or so.

I find it amazing that the sales pitch for the wealth package is "pay us $400, in return we won't charge you $9 a month for your loan, $11 a month for your transaction account, $X for the offset fee or $250 a year for your credit card."

Of course it pays off comparing it internally but dollar for dollar (or point for point) the CBA offering for each of the products are far from best in marketplace

 

[Dr Ralph]

the CBA offering for each of the products are far from best in marketplace

I told them this and they couldn't have cared less. They made up lies about their competitors products in an attempt to try to get me to stay with them and didn't like it when I corrected their errors.

I've just signed the contract with UBank today. Couldn't be happier. No fees! Sick of paying the Cth Bank $400 a year for the privilege of having an account with them.

 

[Cynicor]

Is the Ubank fully offset?

 

[OzEire]

I told them this and they couldn't have cared less.

See my post #9. CBA was one of the options (they had my transaction account for salary so would have made things easier). The rate offered was no where near the competitors, even before package and other fees.