One Direct Home Loans

Bad – How times change…. Last year my introductory rate period ended with the CBA so I went looking for a new lender that would offer a better rate. To cut a long story short it came down to MyRate and Onedirect. They both offered low rates; no monthly charges or charges for redraws etc… but two factors made me pick Onedirect. They are owned by one… Read more

of the big 4 and their deferred establishment fees were substantially less should I want to move lender in the first 4 years.

It has always irritated me that One direct has not passed on the full interest rate cuts but I guess that goes for them all. However, they have always dragged their feet in passing on any form of cut, with it coming three or more weeks after the RBA decision.

But like I said, how times change. Now One direct are eliminating the ‘free banking’ and there will be redraw and transaction fees, and once again there is no sign of the January interest rate cut being passed on. They fell over themselves to cut 1% off the saving rate they offer but not the Std Var. mortgage rate.

Okay, I guess I picked the wrong lender and I’ll live with that or re-mortgage, but it hacks me off when ANZ have the gall to say that they passed on the full 1% cut. Did they forget that their wholly owned subsidiary passed on squat? Back then..

Terrible – wish I had never signed with this bank - customer service is the worst i have experienced, staff always seem inexperienced. when I wanted to remove one of my properties as security - i had to send in a form of which I was given the incorrect fax number twice - I am very disappointed with this bank. rates a little cheaper and thats it. customer… Read more

service people rude and give incorrect information

were happy to quickly process a break for a fixed interest loan where they would get $25K+

put you on hold all the time, staff take no accountability, no access to managers, no job ticket system to track issues - make you feel like anz dont care

Good – Great, except for their hidden fee. I met with 2 mortgage brokers and neither of them had anything better to offer, so I went with One direct. Low interest rate, internet based works well for me Took them 3 weeks to reply to my email regarding fees on my account, also there is a hidden fee if you want to break a fixed rate mortgage early - I… Read more

expected there to be a standard fee but didn't realise it was over $8000, therefore didn't go through with it. There is no office and cannot speak to anyone face to face, but this doesn't worry me.

Bad – Once the loan is settled you can enjoy all the benefits, such as no accoutn keeping fees, great interest rate, local cutomer service. Overall not bad if you have plenty of time to settle your account. If you don't have enough time go to a bank where at least you will get the response quickly. Low interest rate, no account keeping fees. Well you… Read more

have to have great patients to deal with this bank. I had to call them 4/5 times before I got any response from them. Seriously if you are not in hurry then only go to this bank.

Excellent – OneDirect has very competitive rate and fee. When I switched to another home loan type, my call was answered fairly quickly, and the representitive was efficient & really professional. They had organised all the necessary paper work quickly for me to get the new home loan. After looking for a new home loan, I found OneDirect has very competitive… Read more

rate and minimum fee (no on-going fee) compared to many other financial institutions.

I was pleasantly surprised to receive great customer service & my call was answered fairly quickly.

It's also nice to know the call centre is in Australia. no face to face customer service

Terrible – I will NEVforgive One Direct for what they have put us through...we first approached One Direct in February and told our consultant (SP) that we were very close to putting an offer on a property. We had all of our paperwork back to him by the 20th of February. In the ensuing months we had to chase him repeatedly day after day to get him to… Read more

return our calls. Often he wouldn't answer his own phone, but when we called and put ourselves through to the "general" line he would promptly answer. In our converations with him he told us repeatedly that the loan would "be sweet" and that "there shouldn't be a problem". We purchased a property and informed our One Direct consultant by mid March. On the 31st of March he sent us an email saying that he had to organise a valuation of the property. Although we rang repeatedly, leaving messages and asking the "general" consultants to pass messages onto our consultant we never heard from him again. After calling One Direct and refusing to speak to anyone but a manager, a valuation on the property was finally organised. The property failed that valuation as it is a "managed" apartment and ANZ is not lending to anyone who wants to purchase this type pf peoperty in "the current economic climate". Thus on the 20th of May, almost 3 months after we first contacted One Direct, and almost 2 months after we told them that we had purchased a property we found out that indeed our loan with One Direct was NOT SWEET. We are now desperately trying to find a new lender before our property settles in a couple of weeks. The whole experience with One Direct has been a massive stress. Low rate, features that we were after CUSTOMER SERVICE

Good – Took a long time to refinance with minimal delay by us, 2 months in total. Lots of paperwork to fill out, and you will need to know a Justice of the Peace who is willing to fill out a few forms for you. Their internet banking is great as it is the same as ANZ's which means you can do Bpay's etc, and if you want to redraw to an ANZ account the… Read more

transfer is instantaneous 24/7

Rate is good, the few times I did ring the call centre was fine, didn't have to wait long and they were professional and courteous.

Having a direc debit card linked to you loan account is very handy - even if it does cost $1.25 per redraw.

Received two movie tickets from Onedirect for free after the loan refinance was completed (which although cheap was a nice gift) Instant transfers to an ANZ savings account, Good interest rate, Free unlimited Redraws, ATM card - Would be called the 'full feature' loan at any other bank. Lots of paperwork to switch - Delay

Bad – Great customer service if you're applying for a loan, but poor service for existing customers with an account problem. The staff will frequently place your call on hold without explaining why or for how long and one staff in particular was rude enough to speak over the top of us while we were asking a question! The people will drive you mad- mad… Read more

enough to wish you did not have a loan with them. If we did not lose money from refinancing, we would refinance straight away. Low interest rates, but other lenders (e.g. Myrate) are becoming more competitive. Beware of the fees for the fixed loans! We were recently caught out with our fixed loan and was charged an economic break fee of a few hundred dollars. Customer service explained that this fee was charged for making our minimum repayment, along with the annual $10K, the business day before our repayment was due instead of the business day after- i.e. we made a repayment on Friday (9th) as it was due on Sunday (11th), and if we had made the payment on Monday (12th) instead, we would not have been charged any fees. We were told that the computer charged this fee and that there was nothing they could do about it. In their own words- "the system can be temperamental when it comes to fixed loans".

The fees are also added to your loan, so that you cannot pay it off without being charged another fee for doing so, and they will charge compound interest on this fee for the life of the loan.

Good – I chose One Direct after recommendations from three friends who are all satisfied with their One Direct loans. I might be unlucky because my loan specialist was sloppy. My name was spelled incorrectly and the whole documents should be revised. The revised documents were delayed for almost 2 weeks. One day before settlement date I was still unsure… Read more

whether I could settle the contract on time. Furthermore, my first home owner grant was transferred to the wrong account.

Apart from the early debacle, I’m happy with my One Direct loan. The loan service supports are helpful. It has on-line access, redraw facility and, future-dated transfer capability. On top of that, if I redraw my extra repayment and transfer the money to my ANZ bank account, the transferred fund will be available almost immediately for withdrawal (if transferred on week-days). Competitive interest rate and no monthly fee.

Complete loan features …Redraw facility, future-dated transactions.

Low deferred establishment fee compared to other non bank lenders. Limited product offer … no line of credit, no loan with offset account

Online information is available only for transactions in the last 4 months.

The loan cannot accept direct debit charges.

Terrible – I needed to request another consultat because the previous consultant never followed up with the details of completing the application after lots of chasing. They also misplaced my application detials including certified documents. It took 3 weeks for approval when they initially told a two days. Low rate. Staff never return your call. You can't get through to them. You need to chase them daily.

Good – I've been very happy with OneDirect. My consultant was actually very helpful and went out of her way to answer all my questions. In the end they took too much stamp duty out but I was told this was not calculated by them and it was refunded after settlement. Low rate, low fees, offset account Slow to pass on interest rate cuts, but they do eventually pass them on (their excuse is they need to wait for the big banks to make their decisions first)

OK – At time of loan application lender evaded the question re how much it cost to break a loan and I wasn't savvy enough to press on as they made it sound like it was only a couple of hundreds - it's $11.5K to break a $220K home loan. Otherwise rate is cheap. If uses One Direct look for variable. Cheap rate HUGE PENALTY for fixing a loan & then trying to break it

Bad – It it wasnt for the great rate I'd not put myself thru this. I'm slightly concerned about what will happen should there be a problem with the loan later ie: likely administrative problem. Low rate 7.46%, low fees, no ongoing fees etc. Initial Loans Consultant Agent is your main contact point. Emails and voicemails to Loans Consultant Agent go… Read more

unanswered for 2days plus. One Direct are understaffed and over the top busy with all the interest they now have. Their settlements department is dismal, I've had to send back 2 letters of offer due to spelling mistakes and incorrect charges/number. I'm getting a refund on the Valuation Fee $250 to compensate me for the delay & mistakes on their side.

Bad – They are ok but I would consider another lender in the future. At the end of the day you pay for what you get. Cheap rate and unlimited redraws. $1.25 fee for redraws. Beleive me it adds if you use it like your normal bank account. Customer service is really poor. It takes two or three days for customer service to get back to my emails. Missed… Read more

settlement due to incorrect spelling on loan documents. Luckily I was not penalised. Sure it is owned by ANZ but do not expect the same promt friendly service as you do from a branch.

Excellent – Our first home loan. We received fantastic service from our mortgage consultant - the same person we spoke to when we first made contact with One Direct. Always responded to our calls and emails promptly, made it very clear what documentation was required and when. Settlement team and customer service has been great as well. Very convenient if… Read more

you bank with ANZ as the One Direct and ANZ online pages look and function the same way. We would recommend One Direct to any first home buyer! Great rates, simple loan products, no hidden fees or surprises, security of being backed by ANZ. Nothing so far.

Excellent – Having had 4 mortgages with various banks over the years One Direct rocks! Also they do not pester you with mailouts & phone calls advertising other products or services. I recommend that everyone check them out to see if their product suits their requirements. Great rates, so much lower then any of the ther banks No fees except for a small… Read more

$1.50 redraw fee which is nothing when some other banks charge $15 to $45!

Service via phone & email when asking questions & getting setup was very efficient.

OK – Their loan product is the only reason I go with them. You got to be a bit pushy and tough when dealing with them to get your application move fast. After all, I'm still quite happy with my loan. Cheapest rate you can get, and yet come with nearly lowest fee around. Although the same person handles your case from start to the end, but their manner… Read more

in no way can compair those in the bank. Not very friendly at all and quite abrupt (maybe because I only took out a small loan or I just got a lemon). And when I finally got them to call me back, they kept telling me that they were too busy to call me soon enough (I mean, that's what they are there for, isn't it?).