Easy Street Questions & Answers

Hi Jim Sorry for the delay as we didn't receive any notification on your Q&A To answer your questions; 1. Do your home loans & offset account work on internet platform and if so how is the security for such.? If we understood you correctly, you were asking about Internet banking. We could build the offset and transaction account upon application of the loan. They are both have access to internet banking. We also have an App, which allows you to use with ease on devices to access these account conveniently.

Members can view and transact on their home loan and offset account via our internet banking platform. You can read about our internet banking security measures here: external link 

2. Do you offer mortgage insurance? Assuming you are referring to Lenders' Mortgage Insurance, we have a partner, QBE, that issue LMIs. We offer Lenders’ Mortgage Insurance via QBE which protects the lender if your home is sold and there is a shortfall in the sale price of the property and the amount owing on the loan. This applies to loans where you need to borrow more than 80% of the property value. We do not currently offer loan protection insurance.

3. Can you please provide details where you have passed RBA rate cuts on Dates and %? The rate changes that have occurred over the last couple of years will differ by product, not all products have had their price changed in an identical way and there are various reasons for this.

Rate changes at Easy Street can happen at any time. Sometimes this happens not long after an RBA rate change, other times it is independent of the RBA. For example, last November, we reduced our fixed home loan rates by up to 0.30%p.a. independently of the RBA rate movements.

To be clear, the cash rate set by the RBA is the official rate banks charge each other for overnight borrowings to balance their books.

As the credit union is primarily funded by Members’ deposits, any movement’s in the official cash rate does not have the same effect on Easy Street as it would a major Bank which relies much more heavily on external borrowings to fund its Balance Sheet and needs to make bigger profits to pay external shareholders. The RBA cash rate, therefore, isn’t an accurate reflection of our cost of funds and is not the sole determinant of our product pricing.

4. How long does your process usually take from application to approval and operation.? This often varies since every application is unique and home loans, for instance, will take longer than credit cards. It can also depend on how quickly you get information back to us and how accurate your application information is. Which type of product are you referring to so we can give you a better estimate?

Hi Emmaline Yes, we do. Mortgage insurance can be added to the loan as long as the loan to value ratio does not exceed 98% of the property value. To stay within this range, you may need to increase your deposit or consider paying some of the mortgage insurance upfront.

We'd be happy to talk you through your options.