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3.89% with offset & 85% LVR - Origin Finance/Columbus

Discussion in 'Property Finance' started by martino, 7th Jan, 2016.

  1. martino

    martino Member

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    melb
    Has anyone financed with these guys? Could only find one thread here referencing them.

    They are offering a reasonable deal (at face value) and am considering it for my PPOR refinance. Will be chatting with one of their consultants tomorrow to find out more.

    ORIGIN HOME LOANS
    3.89% - Variable Rate with 100% offset account (CR 3.92%)
    Application fee - $495
    No valuation fee
    No monthly or annual fees
    No legal fees
    Max LVR 85%
    Owner Occupied
    Principal and Interest only


    Cheers
     
  2. bez23

    bez23 Well-Known Member

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    Wow nice find, offset without annual fees. Wonder what their lending policy is like
     
  3. albanga

    albanga Well-Known Member

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    Just went to their website and if they cannot even get that right (is not mobile friendly in the slightest) then how could you have any confidence in there business.
    And before someone chimes in we are not talking bobs landscaping here who works on reputation and doesn't need to have a fancy site we are talking a professional finance company.
     
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  4. wogitalia

    wogitalia Well-Known Member

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    It's a terrible website, that's for sure. Doesn't change that it is a pretty solid financing option at face value.
     
  5. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    there is always a catch
     
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  6. York

    York Finance Broker Business Member

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    I wonder what their equity pull policy is like? Weren't they a former subsidiary of ANZ?
     
  7. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    I believe the mortgage insure everything from memory, so it's a double approval to get through.

    There's better products with a similar rate at the moment.
     
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  8. martino

    martino Member

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    Thanks all. I have put the LMI question to them and will report back.

    Had a chat with someone there and got the following general info:
    • Offset is 100% with separate account number etc (ie: proper offset account) and has option of Visa debit and use of Westpac/St George ATM network
    • Available for PPOR only at this rate (IP rate higher as you would expect)
    • Deal is ongoing, no expiry date
    • Like most lenders, Origin has just had a small rate increase of .10% for existing loans
    • $495 application fee includes valuation and legal costs but excludes title search and govt charges
    • Valuation involves a visit to the property by a registered valuer (not a desktop valuation)
    • Online facility available, likely very basic but allows pay anyone and billpay from the offset
    What deals are better than this at the moment? Not seeing anything advertised in the market that is lower. The recent ING deal (now ended) was certainly close.
     
    Last edited: 8th Jan, 2016
  9. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Never heard of these guys... whats is their site? A bit concerned that you have asked a LMI question and they have to get back to you?

    Cheap rates come with expensive hassles later on... before you apply ask the following questions.
    1) What is the equity policy? Will they allow you extract equity is so what is the maximum LVR.
    2) Future Discharge fees.
    3) Who do they get there funds through and who is their LMI provider.
     
  10. martino

    martino Member

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    Website is originmms dot com dot au (removing direct link)

    I'd assumed LMI wouldnt be required (borrowing less than 80% of value) but didn't think to put the question to them til it was mentioned here.
     
    Last edited: 8th Jan, 2016
  11. Redwood

    Redwood Well-Known Member

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    Not sure about providing links to the website.....
     
  12. Greyghost

    Greyghost Well-Known Member

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    Just like bank of Queensland retail.
    Cheap rates, look up their reviews for a laugh..
     
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  13. martino

    martino Member

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    Can you point to some Origin reviews Greyghost?
     
  14. martino

    martino Member

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    Confirmed LMI only required for LVR over 80%
     
  15. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    They're a fully securetised lender which means that all loans are mortgage insured regardless of LVR. That doesn't necessearily mean you pay the premium (probably not for under 80%), but LMI is present on the loan.

    Not a big deal unless you're outside of the insurers qualifing criteria, or if the economy goes into GFC like conditions.
     
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