Thinking of refinancing my loan from cba to loans.com.au. Big interest rate savings- worked out that I would recoup refinancing costs in 7 months. What are your opinions of loans.com.au? Any negative press I should be aware of?

Hi Michael,
I haven't used loans.com.au and haven't heard any feedback on them. I wonder though what the costs of refinancing are that will take 7 months to recoup?
You should be able to move to a very competitive rate at zero cost and save significant money from day one if you are on a standard variable rate loan.
If you would like to catch up, I can meet with you Monday or Tuesday evening?
Look forward to meeting and helping you out
Regards
Scott Howell
Scott.howell@mobilelender.com.au
Www.mobilelender.com.au
0435474498

If you utilise a professional broker then you should not in the scheme of things be incurring costs that would take 7 months to recoup
Brokers receive there revenue from the banks once a loan settles
Do you have any " fixed " portions that require refinancing ??? ( if you do there could be break fee implications )
There are over 18,000 accredited brokers Nationally
I always recommend that you chose a quality broker that you feel an element of trust and rapport and if comfortable establish an ongoing professional relationship for the next 15+ years
Chose the operative first
Look closely at there offer
Know what you wish to accomplish and ensure your " broker " tailors this for you
There are so many lenders and so many products available and your qualified broker is only required to find you a product that is not unsuitable.....
The difference is a Professional will assist you actually plan something that compliments the next move into there proposal
Hope this helps
Please investigate Cleary and happy to assist along the way
Rosco
0411 696 696
roscoacademy@gmail.com

Hi Michael,

Great name that!

I haven't heard of loans.com.au but from my research, they are a Queensland based organisation that uses smart technology to attract clients.

While I'm sure that they have examined your current situation and make proper recommendations, I have done some calculations and while there are some mandatory charges that apply to changing a mortgage, ie State Revenue Office registration charges, Discharge fees, etc, I would assume that there is a Lender Application fee in there too and there are many lenders that do not charge this fee and I'm not sure if you have looked at any of those. And the important thing is to make sure that the loan features you want are included in the new loan and that the interest rate is better than you have now and that you are able to pay the loan off quickly.

If you would like a 2nd (local) opinion I wold be happy to meet with you and make some other recommendations. I haven’t put my contact details in the email because the will be redacted. Please search for me through the "Industry experts" tab and click on my business name under "Name of Business" and all my contact details are there.

Cheers,

Michael Budge
Director
Bayside Finance group

Loans.com.au are actually super sharp on rates in certain segments. Under < 80% LVR with not a lot of complexity in income or loan structure. If this is you, they are definitely worth a look.

The main caveat about going to any single lender is obviously that they can only sell you their own product. If your needs (current or future) are outside their policy or feature set they have no capability or incentive to help you with that.

Are they a stable, reputable company? As someone who has spent 15 years in the industry at the exec level, I can say they are yes. Are they right for your needs? I would talk to them and at least one broker. If you like the digital broker experience we (unohomeloans.com.au) may be able to help.

All the best