It’s time to pick the winners of our most recent Rate to Win competition!
We’ve had yet another fantastic response from the Mozo community, with thousands of you jumping online to review banking and insurance products, helping Aussies make better decisions about their financial products.
We’d like to thank you all, and though every person who entered deserves a pat on the back, there are a few shining stars that deserves extra applause. So, without dilly-dallying much further, the winner of a $1000 Visa Gift Card is Daniel from Queensland, for his fantastic review of iMortgage home loans – congrats!
I wanted to refinance an investment property that was with one of the big four banks at 5.20%. I wanted as low a rate as possible, at least below 4.70% variable. (The cheapest variable rate I have seen is 4.56%). As I’m self-employed, certain low interest rate lenders won’t lend to me.
I stumbled across iMortgage after a Google search and on mortgage comparison websites. I went with their Fusion product (which is a mortgage product of Advantedge. Advantedge is a subsidiary of NAB).
I wanted certain features (as well as a low rate) – like redraw, interest only period, internet access to funds, no ongoing setup/valuation fees, no annual fees. Offset isn’t offered on this account, but iMortgage do have offset products available. You can split and fix if that’s important to you.
The application process was very smooth and efficient and I sent an initial enquiry email and was contacted promptly. I had lots of questions and the great thing about my consultant is that she was very quick to respond to emails, not days, not hours, pretty much within the hour, mostly straight away. You couldn’t really ask for much better customer service. Some other lenders, you are handed along a chain of people, you ask questions but don’t get an answer, but with iMortgage (at least in my experience), you deal with one person from start to finish, and they answer everything you want to know.
The process was pretty much done via email. At all stages I was kept informed of the application process and given expected time frames on each step and documents were sent via email (verification of income etc); an onsite valuation was promptly arranged through the real-estate agent (not a desktop or drive-by valuation) and the cost absorbed by iMortgage; conditional approval is then given and then formal loan are documents issued and sent via courier. You have to verify your identity at Australia Post, rather than just sending in certified copies of 100 points of ID.
Overall, you can’t really ask for much more and if you are prepared to apply via e-mail / phone calls / the post, then you can’t go past the very low variable interest rate, the features (especially redraw, no ongoing fees, no setup fees), plus a prompt and efficient application process where you are kept informed of where things are at. You can even get a debit card if you wish. A bonus is you get membership to iMembers Advantage, discount airline lounge membership, discount gift vouchers, etc etc.
Access to your mortgage is provided via an easy to use website. The only disadvantage is, if you have different loans, secured by more than one property, you are issued separate logins, rather than seeing all your loans under the one login. A small inconvenience to pay I guess.
Plus, a special mention to all our runner-up winners, who have each received a $100 Visa Gift Card:
- Jessica from NSW
- Cathryn from NSW
- Andrew from QLD
- Colleen from QLD
- Kay from WA
- MJ from NSW
Missed out on bragging rights? Don’t sulk. Head over to our New Rate to Win competition and you could score yourself a $2000 Aussie holiday!