I am a professional property investor and was looking to discuss a better deal.The one good thing was the guy contacted me back on the phone promptly after my initial inquiry.However his phone manners were poor and his ability to listen properly and comprehend what I was saying was very poor,dismissive and impatient.He basically cut me off stating he would ring me later.He didn't.I tried to get him to repeat his name to me because I missed it initially and he just ignored me and cut me off.The interest rate is cheap but I do not feel comfortable doing business with this company.
Advertised interest rate attractive.
I don't do business with people/companies I don't trust.
Reconsider the offerings of this third tier lender
I am glad i didn't go with Pacific Mortgage Group......I initally was looking at options for refinancing and came accross this company and found them to be attractive in the rates they were offering. They also won many Money Magazine Awards (How? I don't know) After making initial contact with the company on the sign up process, i advised the CEO that i will hand in the forms within the next week. However, i smelt a rat when the questions i posed for him were answered with short, sharp, 'yes' or 'no' with no further explanation. He called me a ...few days later and very abruptly asked if i still wanted to sign up for the product or not, if not he would stop wasting time and not call me. This instantly put me off and I decided to stick with a major bank and not a third tier lender.... The attractive rates but these seem to be a ploy to rope you in Condescending and aggressive mannerisms from CEO detracts you from signing up (At his own peril)
We signed up in Septmeber 2010. Great rate, easy to organise. The warning bells rang from the start. [name removed] quoted me the rate they advertise on their website and then came back a couple of days later and said it would be higher because the property was on the Mornington Peninsula and he would have to go with another wholesale mortgage broker who couldn't offer the same rate. I called Statewide Custodians who said they had never heard of this. Then in December Pacific Mortgage lifted their rates and now I am worried they will not be...revised down. Also recommended them to a friend and [name removed] did the same thing. Quoted a rate and then said he couldn't do that rate because the property was in a 'high density' zone. Have a think about these issues before you sign-up. Great rate (to start) but not the rate they advertise , easy to organise. Worried they won't revise rates down. Unable to offer quoted rates.
Questions & Answers
To those who have taken a loan from PMG, do you get refunded for the solicitor/legal fees? Or is the refund just for the application, processing/valuation, and settlement fees?
thanks very much!
I'm a bit worried about my application because of the negative reviews and that I'm nervous around money. Who underwrites PMG for the offset accounts, etc? I know I sound like a dumb-bum but I like the interest rates and conditions but am unsure about the fundamentals. How do I know which bank I'll end up with? Not that I care - I just want to know.
The lender that they used for me was Australian First Mortgage. Its not an offset account, its a redraw facility that they offer (similar but a bit different). If you do decide to go with them, just ensure that the rate you are told when you are given preapproval does not mysteriously change when you submit your proper loan application. I think its pretty dodgy that they can change the rate after you have been given preapproval hence leaving you little time to try to find another lender once you have bought a house.
Have you thought about looking at loans.com.au or ubank? I will be checking them out once I get a chance to refinance.
Yes I have had similar experiences with AFM but when I told PMG I was unhappy John did my next loan at Mortgage Ezy. I wish he had done all of mine there. Great rate and its moved down with every RBA decrease and nothing has been too much trouble for them. maybe they get less commission from them but I would recommend you ask John to quote their rate next time.
To the people who have taken out loans with PMG.
Have any of you found with the variable rate home loan that the interest rate has increased at all after commencing the loan???? (such as to say in a dodgy way)?? Wanting a loan asap but don't want to get scammed in the long run....all experiences welcomed!
No. PMG is just a broker. They use lending institutions who loan you the money. My mortgage is through an NAB subsidiary and so is my brothers ( another PMG) client. Once you have the loan settled you don't here from PMG again. AFAIK interest rates will rise and fall around the sane time as any other lenders will.
I've had a great experience with them. My interest rate is low compared to other lenders out there. I was recommended by a family friend who has been with PMG for many years now, his rate is still low even after many years.
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