Case Study: Daniel
We had a chat with Daniel and asked him a few questions about his experience, what challenges he faced, and how he overcame them.
We had a chat with Daniel and asked him a few questions about his experience, what challenges he faced, and how he overcame them.
Background
Daniel and his wife Michelle bought their home in 2019 at a time when interest rates were falling. Daniel noticed that his lender was slow to pass on interest rate reductions, so he decided to refinance. Having been a happy loans.com.au customer in the past with a previous home, Daniel decided to refinance to us again. He wanted a loan with a low-interest rate, and an offset account so he could manage his finances through the loan offset.
Challenges
- Comparing home loans and identifying any hidden costs, including any charges that his existing lender might levy to discharge the loan
- Changing everything over to the new lender, including automatic payments from the offset account etc.
“It was so much easier just to call loans.com.au directly and ask what's going on and they'd actually be able to tell me.”
Solutions
- Have a personal conversation with each potential lender and be sure to ask about all fees and charges
- Clarify if any discharge fees apply with your existing lender before deciding to switch
- Calculate the true cost of refinancing to ensure you will be ahead financially, taking into account all fees and charges. The interest rate has to be low enough to put you ahead in the long-term
- Switching your payment details is a hassle, but it’s not that big a deal when you consider the big picture of how much money you will save over time
How was your loans.com.au experience?
Very good. It was surprising that it was as easy as it was. I think the communication was good and it was easy to fill all the forms out. I noticed that loans.com.au did most of the work to get the loan over the line. I had a mortgage broker do the last loan and I didn’t have a good experience. I didn't feel like I got a better service from a broker than just going straight to loans.com.au. When I was doing my original loan, any time there was a question from the bank, I had to actually call the broker and they had to call the bank. It was just frustrating. So yeah, it was so much easier just to call loans.com.au directly and ask what's going on and they'd actually be able to tell me. It was a lot less hassle than I expected and I would say I'm still ahead financially.
loans.com.au customer?
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It was never a hassle, never a problem, he always had the right answers and just made it so, so easy. It was a good experience and then I put it through. Got the approval done. Got a great rate.
"loans.com.au has been excellent all the way through. Everyone has been so helpful and friendly that I felt treated like family."
"loans.com.au offered me a very competitive SMSF loan rate with low upfront costs and ongoing fees."