Process for buying first home

I couldn't find any info for the others, but Athena has this in their FAQ:
"No new customers will ever get a better rate than existing customers. If we tempt new customers with a sexy lower rate, we’ll automatically pass it on to our loyal customers on our like-for-like loans. It’s only fair and an Aussie first!"

As to my other question, in your experience would a big 4 bank match these, if I take them to a mortgage broker? Have people been able to get rates < 3% from a bank?

 

Great insight @Rolf Latham!!

As far as I've read Tic Toc are also backed by Bendigo and Adelaide Banks.
Ubank has become a no go for me now seeing they don't do an offset. Thanks for the others, by Homeloans do you mean Homeloans.com.au? just went to the site and it says they are now resimac.com.au.


I’m wondering, could this be a good plan of attack for making sure I get approved straight away:

1 Go to a mortgage broker, have them organize a pre-appoval for me that they know won’t be rejected.

2 Use this pre-approval to put an offer on the unit / buy the unit.

3 At a later date (6-12 months?) refinance with another lender that has a lower rate and similar offerings (offset account / no fees / unlimited extra payments etc).

 

Can anyone answer this:
What’s the best site I can use to do a self credit check that won’t get marked against my credit rating?

 

Thanks for explaining, I'm in no way looking for the broker to make a loss. Just in the short term looking at the best way I can get a fast approval and then in the long term the best way to get the lowest rate I can and maximize paying the loan off faster.

A few further questions about mortgage brokers:
1. Generally how are they paid? Do I have to pay them anything out of my own pocket? or are they paid by the bank they recommended me getting the loan with?

2. Once the loan is settled is that the end of the relationship, and I just deal directly with the bank? or do they then manage the loan in some way?

3. If a mortgage broker lodges the application, can I then refinance it myself later on? or do I have to go back to them (what I'm getting at is am I legally obligated to them?).

When you say there are costs in settling the loan ($1850) are these costs you pay, or are they passed onto the buyer?

Also, I can't work out how you got to a $1950 payment from the bank on a $500K loan at 0.6% commission... shouldn't it be $3000?

 

St George is doing rates lower than 3% for their basic home loan product.

 

Get a copy of your Equifax report , credit checks don't affect your credit score, credit enquiries do

 

Thanks, I'll check them out! I didn't realize that so it's a good thing to know.

 

Pity that doesn't include an offset account as I'm needing that as part of the loan bundle.

 

This is what I'm fearing by going to a broker, I simply want help setting things up and getting a fast approval and that's it really. I'm use to managing my own finances, so don't want to be locked into anything. Do you think that's possible? Like with your GP example, I want to go there and have my cough looked at, but don't want constant checkups... if I need anything further in the future I'll make another GP appointment, or just go to the chemist and sort it out myself.

 

I got the credit report but it doesn't really have anything in it. I thought I was supposed to get a score? The only thing listed in it is my credit card with zeros (meaning credit not overdue) in all the boxes. Is this the same thing banks see, as I can't see how it's used?

 

Thanks I'll give it a look.