Today was a very special day. Today, about a year after we first wrote the applications, we’ve finally received notice from the bank advising us that we now have the home loan we wanted.
Yes, we first met with our mortgage broker from Aussie on the 20th October 2006, and gave him the go-ahead to take out a loan for us with HomeSide (a division of NAB) on the 29th October. Everything had gone brilliantly up until then, and went disastrously from then on. In hind-sight, I’d never recommend anyone use HomeSide, and especially not when you aren’t dealing with them directly, i.e. through a broker. It has been a story of frustration and pain for us.
We’ve seen about half a dozen different loan documents, all with different mistakes in them (most were basic primary school maths mistakes). When the day of settlement came in December 2007, the lender’s solicitors demanded an additional payment or they wouldn’t settle. Then when we moved heaven and earth to make the payment, they waited a couple of hours, and demanded another payment. It was grossly unprofessional and made a stressful situation very unpleasant for us.
On the positive side, our broker from Aussie was caught up in the whole mess of the last year, and valiantly tried to fix the problem for us. In the end, we’ve managed to get a loan with a fixed rate component, using the rate that applied back in December, honouring the original deal, only nine months late.