All Topics / Finance / MyRate & OneDirect loan experiences?

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  • Profile photo of Hybrid2007Hybrid2007
    Join Date: 2007
    Post Count: 67

    Has anyone got some good or bad experiences to share about dealings with these loan providers?

    They have some competitive interest rates on their products, wondering if there is anything i should look out for or any down sides etc.


    Profile photo of Richard TaylorRichard Taylor
    Join Date: 2003
    Post Count: 12,024

    I guess if you are looking for a one off no frills type loan and dont mind waiting online to talk to someone who has zero in the way of customer service skills then these organisations are fine.
    Only thing i would say is they will not be your lender when you wish to move upwards with your portfolio and start investing seriously as the range of product and service is limited at best.

    Most investors want a bit more from their lender than the cheapest interest rate going and understand that a discount bucket shop will not provide that.

    If they were that wonderful then Anz would close down every branch and run everything through One Direct which certainly isnt going to happen in the near future.

    Liek anything they have a place in the market but most clients outgrow that place.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of beaniemonsterbeaniemonster
    Join Date: 2006
    Post Count: 48

    i have 3 loans with onedirect.  i have found the service great and prompt and no frills suits me fine.  very low costs doesn't always mean low service.  I have phone and email contact with my guy from onedirect if and when i need it, he is very pleasant to deal with (even though sometimes i am not, lol) but he is always professional and accommodating to my questions or needs. 
    I am with a bigger bank for other property loans also and we have been sent 3 letters in the past year stating 'our personal banking manager is leaving and being replaced by someone else'.!!!! so much for building a relationship.

    My point is, nothing is perfect and maybe 'no frills' can for some people work out better for them.

    Maybe we will look at changing someday but the loans with them are the properties we aren't intending on selling and have a good fixed rate,

    hope this helps, good luck in your search.

    Profile photo of RMAARMAA
    Join Date: 2004
    Post Count: 21

    hey hybrid, 
    I had a loan with onedirect which i just recently refinanced elsewhere.
    I was quite happy with the products being offered but had a bit of fun with settlement originally – rather then liasing with my solicitor/conveyancer it seemed everything was being asked of me directly so i had to do the running around.

    Then when i discharged the loan there was more stuffing around as my 'mortgage manager' had moved on so noone was looking after my loan and the docs kept getting shunted elsehwhere which meant i got hit with the interest rate rise in early november last year from my new lender.
    Also one of the fees had increased of which i had not been informed about so i was overcharged and has taken me 6 weeks of regularly contacting them, throwing their own terms and conditions back at them that i have finally been granted a refund of this money. am still waiting on the cheque in the mail though.

    after this i'm a bit embittered especially when this is the treatment i recieved as staff!!

    regards, ros

    Profile photo of sienna1sienna1
    Join Date: 2007
    Post Count: 47

    so far we have 2 loans.. one with One Direct and the other being finalised with LoanAustralia. One direct is by far more professional, helpful and competent. LoanAustralia is turning out to be the most complex running around unhelpful organisation i have ever come across. I would go with One direct in a flick compared with them. I could go on and on about them but seriously One Direct have been nothing but competent with us.

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