Dear all,
This may be a known update by many but just wanted to point out that CBA is finally launching their fully transactional offset account (despite all other major banks have had this feature for years). I've been told that the product will be launched today / Monday & requires a once off fee of $95 which is waived if you top-up or take a new loan of at least $150K if you are on their wealth package. Seems strange that they want to charge $95 despite of being on their wealth package which costs $375 pa.
Regards,
NM7
This is direct from CBA
The launch date is still the 8th of October 2013 and all Mortgage Advantage Package clients will receive the offset feature as part of the package moving forward.
Also a strict grace period will also apply, where this offer will be extended to:
Customers who commence an application on or from Thursday 1 August 2013, with new borrowings of $150,000 or more are eligible for the $95 Everyday Offset Fee waiver, providing the loan funds and an Everyday Offset is opened within 4 months from this application creation date
Customers who have applied for a Home Seeker prior to Thursday 1st August which converts to a new home loan providing an account number is created between Thursday 1 August 2013 and Tuesday 31 December 2013.
Please note existing clients with new borrowing of $150,000 or more are eligible for the $95 Everyday Offset Fee waiver
Otherwise existing clients can pay an initial non-refundable fee of $95.00; and a $10 monthly offset fee, regardless of the number of Complete Access accounts with the Everyday Offset feature linked to your eligible loan.
These above fees apply under your Home Loan contract when we link your Complete Access account with the Everyday Offset feature to your eligible home loan.
Note: the $10 monthly offset fee does not apply if you have Mortgage Advantage Package holder
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
Hi NM7,
$95 fee for my understand is for existing consumers on latency products changing from MISA to the complete access offset. It is because they have over 1 million loans on the books and it is a time burden let say overnight half wanted changes to the new system.
So if you're new to bank this fee is not charged.
It's hard to believe it's taken them this long to release a transactional offset. Hopefully there's not too many hiccups once it's rolled out.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Nothing with CBA happens overnight so no surprise there.
Next thing they will be bringing their lending policies into line with most other lenders……. In saying that dont hold your breath.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
No suprise that took forever. The made Many many millions more by having the ridiculous MISA accounts.
Min withdrawals – $500
if you empty the account ie take out to a zero balance it disappeared off your netbank as a account.
so much more interest that cba earnt.
They recently increased the amount of supporting docs required for loan applications too. They're already one of the fussiest lenders when it comes to supporting document requirements – not they're wanting to look at the borrowers transaction accounts too. The scanner gets a good workout everytime a CBA application is submitted!
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
And if you don't use Podium, Cola has to be one of the most complicated and ridiculous online lodgment systems there is.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:And if you don't use Podium, Cola has to be one of the most complicated and ridiculous online lodgment systems there is.Cheers
Yours in Finance
Yes! I'm glad I'm not the only one. I was speaking with my BDM the other day about how ridiculous that platform is. Do you use podium to lodge most of your deals?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
CBA is charging $95 once off too "slow" down the number of application that receive for the switch. CBA being one of the largest lender with a massive customer base- you can imagine the number of calls/request they would get if it's free to switch
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Should I consider this new product if Im suing a MISA account currently?
Cheers
DM
dangermouse99 wrote:Should I consider this new product if Im suing a MISA account currently?Cheers
DM
I would. The $95 is a pain but the longer term benefits of a transactional offset will outweigh the upfront costs.
Are you utilising the MISA a fair bit at the moment?
You can arrange to have your salary and other income paid into the new offset – and withdraw cash for expenses.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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