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Rock Building Society ( Part of MyState)

Discussion in 'Property Finance' started by Excalibur1, 14th Oct, 2015.

  1. Excalibur1

    Excalibur1 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    183
    Location:
    Sydney
    Hi All,

    Just wanted to get your thoughts on Rock Building Society? My broker is advising me to refinance with them. I just wanted to see if there is anyone else who dealt with them and wanted to hear their thought?

    We plan on moving our PPOR home loan to them. We would only have the home loan with them and nothing else.

    cheers
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
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    2,756
    Location:
    Perth WA
    What's the reason the broker is recommending them? If it's just rate, it might not be the best place to go, depending on your future investment plans. What LVR are you looking at?
     
  3. Excalibur1

    Excalibur1 Well-Known Member

    Joined:
    19th Jun, 2015
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    Location:
    Sydney
    It is serviceability issue and they seem to be only ones that will push it through. I think I have taken maximum equity out of the PPOR. I don't intend to take equity out for next 2 years. At that time I would refinance if needed. I would be at 80% LVR
     
  4. Redwood

    Redwood Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    342
    Location:
    Melbourne
    They are ok - like Jess understand that product vs the others your broker has recommended. May be servicing. They are established and Tassie based. From memory they have a 3.99% rate on PPOR but so does a heap of other lenders.

    Cheers Ivan
     
  5. Jen--jen

    Jen--jen Member

    Joined:
    29th Sep, 2015
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    5
    Location:
    Gold Coast
    I've had a mortgage with them previously, they were based in Rockhampton. From memory they were great and we didn't have any dramas.
     
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,158
    Location:
    Gold Coast
    We used to love

    SMSF

    fixed with offset

    dont do either anymore.........

    of the lenders that do 3.99 PI, id prefer to work with them

    ta
    rolf
     
  7. Excalibur1

    Excalibur1 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
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    Location:
    Sydney
    Thanks for everyone's feedback. Good to hear you guys have not encountered any major problems with them.
     
  8. tobe

    tobe Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    879
    Location:
    Melbourne
    Their service times have recently blown out with the new special rate. The merger may prove troublesome, but unlikely as they are both small regional lenders.
    I use them because they can do fhb with only 2.5% gen savings, along with a couple of others, they allow the fhog funds at land settlement and do 97% for construction.

    I love they don't have loan numbers or broker ID numbers. You ring up and give the customers name. With everyone else you need to have to remember your individual banks broker number, the application number and your mothers maiden name before you can speak to the assessor.
     
  9. Mick C

    Mick C Well-Known Member

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    18th Jun, 2015
    Posts:
    206
    Location:
    Sydney
    They are good, decent cash out policy for investors as well..but due to APRA changes their servicing is average, so ok if you have a decent income.

    Pro
    - Friendly post settlement
    - Cheap rate 3.99%
    - No fees
    - No on going fees + 100% offset
    - Cash out allowed

    Con
    - Slow on approval
    - No upfront valuation
     
  10. Mick C

    Mick C Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    206
    Location:
    Sydney
    ^ yea very old school and a bit outdated....given they use manual application forms as well :(
    Im surprised they dont get confessed if at any one time 2 clients with the same last name and initial applied...