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

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

 

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

 

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.

 

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

 

there is always a catch

 

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

 

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.

 

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.

 

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.

 

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.

 

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

 

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

 

Can you point to some Origin reviews Greyghost?

 

Confirmed LMI only required for LVR over 80%

 

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.