Rate Busters Home Loans

[xbgs351]

Does anybody have any experience with Rate Busters? Are there any downsides to such lhome loans?

Rate Buster loans appear to have low very low interest rates and plenty of features. They have also won some awards from Money Magazine and Your Mortgage Magazine.

www.ratebusters.com.au

[Laminge]

If your searching for home loans or mortage ratings, I have used this site for over 10 years as a basis for both work research and personal requirements

http://www.cannex.com.au/default.asp?PageID=9

[xbgs351]

Originally Posted by Laminge

If your searching for home loans or mortage ratings, I have used this site for over 10 years as a basis for both work research and personal requirements

http://www.cannex.com.au/default.asp?PageID=9

This site is similar but offers more search options:

http://www.yourmortgage.com.au/rates/

[4.9 EF Futura]

Im trying to figure out what they actually do.

Are they just brokers/managers? Or are they actually providing the finance, ala GE?

[DOC]

Big Boy, Aussie Home loans had a new system on tv last night that is supposed to be the bee's knee's, auto looking at over 200 options in real time and throwing the best outcome. Might be worth a look.

[Laminge]

4.9, they seem to be providing their own finance and products

[4.9 EF Futura]

Originally Posted by Laminge

4.9, they seem to be providing their own finance and products

Would be interested to see how they are able to compete with the banks on price.... raising funds without a banking licence in Australia is a costly excercise (i.e. raising by prospectus as opposed to deposit taking).

I assume there is a rich overseas parent company involved.

Frankly i think the information about the company is a bit thin on that website. No corporate info.... where's their Australian Financial Services Licence number? Where are the product disclosure statements for these loan products?

I'm not saying there's anything wrong here... but they could be a bit more generous with the information IMO....

[4.9 EF Futura]

http://www.smh.com.au/news/banking/h...455935970.html

[xbgs351]

Originally Posted by 4.9 EF Futura

http://www.smh.com.au/news/banking/h...455935970.html

Originally Posted by Rate Busters

DEFERRED ESTABLISHMENT FEE (DEF) - (VARIABLE RATE LOANS)
Where more than 50% of the loan balance is repaid or where the loan is repaid in part or in full and the security
discharged in the first 5 years, a (DEF) is payable as follows:
· Years 1, 2 & 3 - 1.2% (of original loan amount)
· Year 4 - 0.8% (of original loan amount)
· Year 5 - 0.6% (of original loan amount)

Compared to a big bank:

Originally Posted by ANZ

Deferred Establishment Fee $700
> If you refinance your loan with another institution or repay your loan in full
within the first four years from the date of advance you will incur the Deferred
Establishment Fee. This fee must be paid on the date the loan is refinanced
or repaid in full.