Hi there,
We're fishing around for a good fixed rate to refinance a loan.
Homestar looks good – anyone dealt with them?
Also – does anyone know how the star rating system works? I've been looking on the ratecity website. The star system doesn't seem to be dependent on the repayments being low, which is all I'm interested in – just a no frills, no monthly fees, low fixed rate for 3 or 5 years….or even 10.
thanks,
CarlinHi Carlin
Perhaps we are looking at different websites but i would hardly call their fixed rates as low.
INTEREST RATES
Homestar Fixed Loan Special
Fixed 1 year
5.75%
Fixed 2 year
5.49%
Fixed 3 year
5.99%
Richard Taylor | Australia's leading private lender
Perhaps we are.
Investment 3 yr fixed – 5.49% (comp rate for $225,000 is 5.23).
Investment 5 yr fixed – 6.29% (comp rate for $225,000 is 5.64%)
I'm looking to fix a loan of around $200,000, hence my interest in comp rate for that amount.
These figures are off ratecity.com.au
When you look at the monthly repayments in the comparison tables they look very good to me – very close to what ING offering.
The advertised rates really mean nothing – comparison rates are where you get a true idea of what you're getting and some of the fees attached to some of the "great" fixed rates around at present are ridiculous.
cheers,
CarlinHow about HSBC… their 3 year fixed rate @ 4.99%
Mine was straight from the Homestar website.
Richard Taylor | Australia's leading private lender
Not sure where you're looking, god-of-money.
Off HSBC website – 3 year fixed is 5.29% (5.68% comp rate).
4.99% is for just one year, and the comp rate is 5.73%.
Yes Richard….won't rely on ratecity.com. Perhaps they don't update very often.
Meant to say, they still look quite good compared to the big banks.
Wish there was a table that could be relied upon to be up to date + give comparison rates.
hi carlin, ive also been looking at hsbc they seem to be putting some decent deals out there
3.89% fixed for 1 year
5.7% fixed for 5 years
thats the cheapest 5 year rate ive found, anyone no of better
The comparison rates you have are incorrect. It is NOT POSSIBLE for the comparison rate to be lower than the ACTUAL rate. The Homestar site has listred these comp rates for a while now, and I am honestly suprised they have not been pulled up on it yet.
Also, the rates are very close to ING becaues Homestar just rebadge ING wholesale money.
Best of luck anyway.
Tim
Well, I'm currently applying my home loan from Homestar. Their variable interest rate is very attractive compare to local banks.
I'm getting very frustrated at the moment. 2 weeks later, I'm not even getting an conditional offer. It's not like what they promised on the website, get loan in 5 days. You gotta be joking. Now my settlement is at the end of the month, and the broker was telling me that they struggling to meet the settlement date!!!! He even send a email to my realtor asking for 2weeks extention without telling me. Informed me last Wednesday that my application is at valuation stage. No valuer showed up until today……
I'm really pissed off and it's kinda late to turn around to get another broker. So furustrated to explode!
Don't blame homestar finance. Other lender could also take up to 6 weeks.
They just send my application to CBA yesterday.. Whoelse can I blaim…Me?!
Sigh
The vendor might refuse to change the settlement date and I gonna face losing my "Home"
So furustrated to explode
ArghhhhhhhhhHi Yiima,
The delay is most likely due to the lender and not the broker. Chaning brokers most likely wouldn't make things any faster. As GOM said lenders are taking up to 6 weeks (in some cases longer). If they say you can get a loan on the website in 5 days i'm guessing the website is out of date or got some conditions attached. In the current climate it is important to allow for the delays that the lenders are causing when signing a contract. Prior to signing you should have all your information ready for finance and set a longer settlement date.
gibbo1 wrote:Hi Yiima,In the current climate it is important to allow for the delays that the lenders are causing when signing a contract. Prior to signing you should have all your information ready for finance and set a longer settlement date.
I guess, all these are too late. Fingers crossed
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