Do not go through this "bank". They are a third party lender who will only offer you higher rates than other Australian lenders and banks, which is what they did to me. Firstly, I came off a fixed loan and they offered me a higher rate, even though RBA have cut the cash rate by 1.5% while my loan was fixed. When I inquired why my interest repayments were going to be increased they played dumb, telling me it was what ING had offered, but I wasn't allowed to talk to ING directly. They said that they were representing me, but hadn't yet talked to ING, they were just going off their database. I asked them to talk to ING, as I could see that ING were offering significantly lower interest rates for home loans on their website... It took them three weeks and many phone calls on my part to get a response. It was a mediocre response at best and a minor reduction of interest rate which is in no way "competitive". I am actively looking to pay break fees and change to another bank or lender. Do not put your hard earned money anywhere near this "lender".
I should have been more careful years ago when buying into a brand new high-rise development. We were introduced to a broker who bought our mortgage through NMC for a low doc loan which was split and later caused severe complications. Firstly, it wasn't a low doc because all documentation was asked for. So that was nonsense to start with. We were introduced by a salesperson to a broker who in turn put the loan through NMC, who we later discovered were also brokers. If you cannot get a bank loan yourselves DON'T go near this company. We have other loans with 2 banks. Macquarie Bank being one of them. They are excellent. Just a phone call when NAB dropped their rate, so did they. A phone call is all it took. That was it. No proof asked for.
The service that we received from NMC is the worst that I have encountered in any business transaction or communication of any type. They lost our application for a loan variation twice. In that time on two separate occasions, and after numerous unanswered calls to enquire about why the process was taking longer than the suggested 4 weeks, we received an email saying that someone would call the next day with good news about our application. On both occasions we received no call, and only after writing a letter both times was informed that they had lost the application and we had to start the process again. Overall we spent nearly 6 months with a small loan variation submitted to NMC, and my wife made more that one dozen phone calls which were not responded to.
National Mortgage Company is the BIGGEST SCAM I EVER GOT INVOLVED IN MY LIFE. Customer service is next to NONE. Short business hours, if you are a busy individual like me, it is impossible to contact them. It takes forever to resolve any enquiry or make a change, everything has a ridiculous fee attached to it and to top it all off, any change must be done through complicated faxed forms (stone age), it almost feels like it is purposely delayed. Their website http://www.nationalmortgage.com.au is a simple portal to the bank, it's useless and shockingly primitive. National Mortgage Company and their brokers have attracted me with empty promises and sweet rates for a couple of years, but as soon as this time was up, I have ended up in a whirlpool of rates that are over 2% higher then anywhere else and you are locked in by horrendous breakout fees (mine were over 10% of the value of the loan at one stage). After almost 8 years, I am glad that this nightmare is finally over, and I finally feel free with a major bank. Where, I actually have a real account manager that knows my name, and advises me on what is right for me. Even in the end, National Mortgage Company stretched out my settlements for weeks, sucking the last drop of my precious money, and hit me with break out charges for just about every ridiculous thing in the universe. I am out!!!! NEVER AGAIN! I should have done this years ago, I might as well have flushed thousands down the toilet. Good banks are supposed to work with you, to help you make money, so that everyone benefits. National Mortgage Company is more of a parasite, that should be stopped. Having been through it, I do not wish this on anyone. So here's my contribution: It is simple, STAY AWAY from National Mortgage Company and if you are caught in their spider web like me, LEAVE no matter how scary they make it sound and don't look back.
I have a low doc home loan with National Mortgage Company through ING. I have been with them for years now (around 6 or 7 years), but my interest rate is still at around 8.4%. (not easy or affordable as a single mum) and will be having to sell my home in the New Year. I would like to think that a company and bank who you have been loyal to for so long, could offer to take care of you a bit better in terms of reducing the interest rate.
I felt they marketed their product exceptionally well in the initial process however the advice we were given by them turned out to very bad for our situation. In addition, the bank statements were extremely confusing and although we paid in excess of the monthly payment it appeared as though there was no change to the mortgage whatsoever. This was very discouraging. On the positive side, when I contact them to discuss any matters, they are very professional and helpful on the phone.
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WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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