HOME LOANS STAR RATINGS. Home loan rates have seen little in the way of dramatic. How are things stacked right now? May 2014

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1 May 2014 STAR RATINGS HOME LOANS IN THIS REPORT We research and rate 1,869 home loan products from 103 providers across 11 different borrower profiles Variable, 1-Year Fixed, 2-Year Fixed, 3-Year Fixed and 5-Year Fixed loans in Residential, Investment and Equity categories. How are things stacked right now? Home loan rates have seen little in the way of dramatic movement over the last year. During the previous 12 months, the cash rate has changed only twice it fell 0.25% from 3% in May 2013, and 0.25% again in August, remaining at 2.5% ever since. Consequently, there hasn t been much opportunity for changes in mortgage rates, which for many borrowers is a good thing at least they re not sky-rocketing! It would appear that borrowers are taking advantage of the low rates, with total housing finance lifting 2.9% year on year to a seasonally adjusted $ billion according to recent Australian Bureau of Statistics figures. Comments from recent Reserve Bank of Australia (RBA) meetings have suggested that the cash rate will remain steady until the RBA feels reassured that the nation s economy is back on an even keel, with members of the board noting the cash rate could remain at the current level for some time if the economy was to evolve broadly as expected. Nevertheless, there is talk of coming rate rises, with industry insiders predicting changes beginning in If the economy does level out satisfactorily, and rate rises ensue, we can expect to see home loan rate rises to follow suit pretty quickly if not before they happen. History shows that home loan rates have tracked the cash rate very closely. As the graph shows, loan rates have more or less levelled since September 2013 while the cash rate has remained static, with just a very small movement (upwards) from the average three-year fixed rate. Source: CANSTAR. Average standard variable and three-year fixed rate based on products on the CANSTAR database available for $300,000 loan at 80%. Official Cash based on available figures, RBA Bearing all of this in mind, it looks likely that should 2015 see the cash rate rise predicted by economists, home loan rates will also start to trend upwards worth bearing in mind if you are considering upgrading or refinancing your home loan in the near future. 1

2 sooner!ijklmnopqrstuvwxyz Is there a quick way to cut costs? The short answer is no. A lot of people are under the mistaken impression that simply extending the term of a home loan makes the repayments significantly cheaper, but this isn t, strictly speaking, the case. If your loan term was Your monthly repayment would be With total interest paid over the life of the loan of It s true that by making the loan term longer your monthly payments will come down (although, as our table shows, the longer the extension, the less difference it makes) but the fact is that over the long term, you will be paying a lot more in interest repayments for a longer-term loan. Basically, any monetary gain achieved by extending a loan is always short-term and, therefore, deceptive. You will end up paying more in the long run, the longer the loan term is. Source: CANSTAR. repayment based on $400,000 at 5.5% interest A little more for a lot less It pays to pay more now. Take out a $400,000 loan at 5.5% interest over 30 years, for example, with monthly repayments of $2,271, and over the term of the loan you would end up paying back a total of $817,616 pretty scary stuff. Increase your monthly payments by just $200 a month (to $2,471), however, and the new total cost of the loan is $731,954 you ll save yourself more than $85,000 over the life of the loan and pay it off Maximise your loan approval chances Are you one of those people that s afraid of the big, bad bank manager and hate the thought of having to go in and ask for a great big home loan? It really doesn t need to be such a scary process, but to help make things go a little bit easier for you, CANSTAR has some great tips on how you can improve your chances of being approved for a home loan. 1. The bigger your deposit the better. Try to accumulate as large an amount as possible to put down on the price of the property so that a) you reduce the amount of money you need to borrow in the mortgage and b) the provider can see you re a seasoned saver with a proven ability to set aside cash. 2. Reduce (or even eliminate) outstanding debts. If you have a lot of credit cards or other debts that need paying off, you should try to do this before applying for a home loan, as high debt points to an unreliable repayer. Make sure, too, to cancel any credit cards you don t use, as the more you have open in your name, the less your potential borrowing capacity will be. Another top tip is to reduce your credit limit, once you ve managed to pay off some of the card. 3. Check your credit history. It s a good idea to know where you stand, so you can be ready to defend any past defaults or late payments. Checking before you apply also gives you the chance to rectify any inaccuracies on your report. Find details about obtaining your credit report on the government s MoneySmart website, moneysmart.com.au. 4. Limit your applications. It s easy to get carried away, but try not to apply for several different home loans at once, as this information can deter lenders (all applications are recorded on your credit report). 5. Keep a written budget. A comprehensive and realistic budgetkeeping diary listing your incomings and outgoings will impress a lender of your ability to keep track of your finances, as well as help you organise yourself. Then it s just a case of fingers crossed for a thumbs-up! 2

3 Are we in a housing bubble? And just what is a housing bubble? So, what exactly is a housing bubble? When the housing market sees a continuous climb in house prices, fears of a housing bubble are often raised. The phrase is something of a metaphor, pointing to the concept that the bubble is about to burst, i.e. that high house prices could come crashing down at any moment. Other factors that point to a housing bubble include an easing of lending criteria, i.e. banks are less strict about who they lend to and how much they lend (essentially what the US financial crisis was blamed on) and a projection of future house price growth. The current housing market here in Australia is generally considered overvalued, with property prices in Sydney and Melbourne said to be almost 10 times income levels, with growth at 10+%. To put that in perspective, it should be noted that in Shenzhen city in China, house prices are reportedly 35 times income levels however, many believe China is heading straight for a housing crash in the near future. In its April Monetary Policy meeting, the Reserve Bank of Australia (RBA) board noted that housing market conditions remained strong, with housing prices rising in March to be 10.5% higher over the year on a nationwide basis. These are indeed strong conditions, but whether or not Australia is currently in a housing bubble is still a cause for much debate. In order for it to be considered a bubble, house prices have to be seen not only as expensive (experts agree that they certainly are in Australia) but they also have to be unsustainable. The housing market here in Australia is generally considered overvalued While house prices are indeed still rising, it s interesting to note that not all regions are seeing the same levels. Property price growth in Sydney, for example, is around the 15% mark, but in Brisbane it is less than 5% and Canberra s growth is less than 2%, demonstrating that conditions are not consistent throughout the country. Whether or not we are currently in a housing bubble per se, it makes sense to acknowledge that things (rates) can t stay this way (low) forever, and the cutting of the cash rate to help boost the economy will eventually have the desired effect, leading to rate rises and potentially flat or reduced property prices. No one has a crystal ball, but it pays to keep an eye on financial commentary and the property market, in order not to be caught by surprise if changes occur. It is also very important to ensure you only take out a loan, including your mortgage, that you are able to pay back comfortably. Remember regardless of how much you love the property, never borrow beyond your means. 3

4 And the providers offering outstanding value are After making their way through a whopping 1,869 products, the CANSTAR analysts have been able to compile ratings tables for home loans across 11 categories. Repeatedly offering outstanding value was Newcastle Permanent Building Society, which managed to secure five stars in every single category, and was awarded a total of 19 five-star ratings in total. Also performing well was SERVICE ONE Members Banking, which scored five stars in 10 of the 11 categories and earned 12 five-star ratings overall. CANSTAR would like to congratulate all of the institutions on their ratings. These ratings are easy to use and give you the ability to narrow down products, according to your personal circumstances, for further investigation. For full listings and details, see the attached ratings tables. CANSTAR DISCLAIMER: To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd ABN AFSL and does not take into account your individual investment objectives, financial circumstances or needs. Information provided does not constitute financial, taxation or other professional advice and should not be relied upon as such. CANSTAR recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser. A Disclosure Statement relating to the product should also be obtained and considered before making any decision about whether to acquire the product. CANSTAR acknowledges that past performance is not a reliable indicator of future performance. Please refer to CANSTAR Research s FSG for more information at All information contained herein shall not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR s prior consent. All information obtained by CANSTAR from external sources is believed to be accurate and reliable. Under no circumstances shall CANSTAR have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of CANSTAR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2012 CANSTAR Pty Ltd ABN

5 METHODOLOGY STAR RATINGS HOME LOANS METHODOLOGY What are the CANSTAR Home Star Ratings? CANSTAR Home Star Ratings is a sophisticated and unique ratings methodology that compares both Cost and Features across home loan products. CANSTAR star ratings represent a shortlist of financial products, enabling consumers to narrow their search to products that have been independently assessed and ranked. CANSTAR Home Star Ratings is a transparent analysis comparing all types of home loan products. Ratings range from five- to one-star. Five-star rated products have been assessed as offering outstanding value to consumers. Rising Stars are products that would be rated five-star but have not been in the market for six months; these products will be formally rated in the next report once more historical data is available. What types of products are evaluated by CANSTAR Home Star Ratings? The following are assessed in the ratings, in the form of 11 different borrower profiles: Residential Home s Investment Home s 1-, 2-, 3- and 5-year Residential Fixed Home s 1-, 2-, 3- and 5-year Investment Fixed Home s Line of Credit s specific to certain groups or with restrictions on eligibility are not included in the ratings. Home loans that do not conform to the pricing scenario are also not included so as to ensure like-for-like comparison. Business lending products are rated separately as part of the CANSTAR Business Banking Star Ratings. 5

6 How are the stars calculated? Each home loan reviewed for the CANSTAR Home Star Ratings Report is awarded points for its comparative Pricing and for the array of positive Features attached to the product. Points are aggregated to achieve a Pricing score and a Feature score. To arrive at the total score, CANSTAR applies a weight (w) against the Pricing and Features scores. This weight will vary from profile to profile and will reflect the relative significance of either costs or features in determining the best-value home loan product. This method can be summarised as: TOTAL SCORE = PRICING + FEATURES SCORE Price Total Cost Feature Features Indexed Score with the best pricing or features will receive a full score The weights for the borrowing profiles are as follows: category Price weighting Feature weighting Residential Variable 75% 25% Investment Variable 80% 20% Residential Fixed 80% 20% Investment Fixed 85% 15% Revolving Line of Credit 60% 40% Price Score CANSTAR accounts for both current and historical average annual percentage rate (AAPR) in the calculation of the Pricing component of each product s overall score. Each of the six months is weighted equally to arrive at the average AAPR over the last six months. Price Total Cost Based on $250,000 and $500,000 loan over 25 years at 80% The price scores are based on the total cost for a scenario of a $250,000 loan repaid over 25 years at 80% loanto-value ratio () and a $500,000 loan repaid over 25 years at 80%. Cost includes interest cost as well as upfront, ongoing and discharge fees. For fixed-rate loans, the cost calculation for fixed home lending will be based on a minimum five-year term with at least one rollover of the fixed rate. 6

7 The following table outlines the loan term and number of rollovers in each fixed loan profile: category Number of rollovers term 1 Year Fixed 4 5 years 2 Year Fixed 2 6 years 3 Year Fixed 1 6 years 5 Year Fixed 1 10 years Features Score The features component takes into account over 200 product features and allocated points. These product features are grouped into 18 different categories with weights given to each relevant area. The following table outlines the weightings of each of the feature categories per profile: Residential Variable Investment Variable Residential Fixed Investment Fixed Line of Credit Examples of data captured Lending terms 26% 28% 26% 27% 26% Split loans 9% 9% 8% 8% 8% Switch fees 9% 9% 8% 9% 7% Additional repayments 9% 5% 7% 5% - facility 7.5% 8.5% 5.5% 4.5% - Transactional home loans 7.5% 8.5% 5.5% 4.5% 18% Home loan fees 5% 5% 5% 5% 5% Construction loans 4% 5% 2% 2% 1% Max and min loan amounts,, repayment term options Splitting options inc max and min split numbers Fees to switch between loan types Amount and number of additional repayments Availability and access of offset account Method, size and cost of redraws where available Refund of fees and arrears fees details Availability and costs associated with progressive draws Lending areas 4% 4% 4% 4% 4% Lending availability in each state Security/equity/ guarantee options Top up loan facilities 5% 2% 3% 2% 2% 4% 4% 4% 4% - Portability 3% 4% 3% 3% 3% Security requirements 3% 4% 3% 3% 4% approval 4% 4% 4% 4% 4% purpose % Fixed interest details Ability to pre-pay interest Line of credit details % 10% % % Conditions of guarantor and security provision Availability and cost of topping up loan Availability and cost of transferring loan approval requirements e.g. pay slip, overseas income Channel availability, Approval turnaround etc. for business or personal purpose set time, guarantee period, break cost refunds Can interest be paid in advance? Interest paid when in credit details How many products and financial institutions are analysed? In order to calculate the ratings, CANSTAR analysed 1,869 home loan products from 103 financial institutions in Australia. 7

8 Does CANSTAR rate all products available in the market? We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. However complete coverage is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you. How often are all the products reviewed for rating purposes? All ratings are fully recalculated every six months based on the latest features offered by each provider. CANSTAR also monitors changes on an ongoing basis. The results are published in a variety of mediums (newspapers, magazines, television, websites etc). How are the stars awarded? The total score received for each profile ranks the products. The stars are then awarded based on the distribution of the scores with the objective to award the top 5-10% of products with the CANSTAR five-star rating. The results are reflected in a consumer-friendly CANSTAR star rating concept, with five stars denoting outstanding value. Does CANSTAR rate other product areas? CANSTAR also rates the suite of banking and insurance products listed below. These star ratings use similar methodologies to guarantee quality, consistency and transparency. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website if you would like to view the latest CANSTAR star ratings reports of interest. Account based pensions Agribusiness Business banking Business life insurance Car insurance Credit cards Deposit accounts Direct life insurance Health insurance Home & Contents Home loans Life Insurance Managed investments Margin lending Online share trading Package banking Personal loans Reward programs Superannuation Travel insurance 8

9 DISCLAIMER: To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd ABN AFSL and does not take into account your individual investment objectives, financial circumstances or needs. Information provided does not constitute financial, taxation or other professional advice and should not be relied upon as such. CANSTAR recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser. A Disclosure Statement relating to the product should also be obtained and considered before making any decision about whether to acquire the product. CANSTAR acknowledges that past performance is not a reliable indicator of future performance. Please refer to CANSTAR Research s FSG for more information at All information contained herein shall not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR s prior consent. All information obtained by CANSTAR from external sources is believed to be accurate and reliable. Under no circumstances shall CANSTAR have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of CANSTAR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2012 CANSTAR Pty Ltd ABN

10 METHODOLOGY What are the CANSTAR Home Star Ratings? CANSTAR Home Star Ratings is a sophisticated and unique ratings methodology that compares both Cost and Features across home loan products. CANSTAR star ratings represent a shortlist of financial products, enabling consumers to narrow their search to products that have been independently assessed and ranked. CANSTAR Home Star Ratings is a transparent analysis comparing all types of home loan products. Ratings range from five- to one-star. Five-star rated products have been assessed as offering outstanding value to consumers. Rising Stars are products that would be rated five-star but have not been in the market for six months; these products will be formally rated in the next report once more historical data is available. What types of products are evaluated by CANSTAR Home Star Ratings? The following are assessed in the ratings, in the form of 11 different borrower profiles: Residential Home s Investment Home s 1-, 2-, 3- and 5-year Residential Fixed Home s 1-, 2-, 3- and 5-year Investment Fixed Home s Line of Credit s specific to certain groups or with restrictions on eligibility are not included in the ratings. Home loans that do not conform to the pricing scenario are also not included so as to ensure like-for-like comparison. Business lending products are rated separately as part of the CANSTAR Business Banking Star Ratings.

11 How are the stars calculated? Each home loan reviewed for the CANSTAR Home Star Ratings Report is awarded points for its comparative Pricing and for the array of positive Features attached to the product. Points are aggregated to achieve a Pricing score and a Feature score. To arrive at the total score, CANSTAR applies a weight (w) against the Pricing and Features scores. This weight will vary from profile to profile and will reflect the relative significance of either costs or features in determining the best-value home loan product. This method can be summarised as: TOTAL SCORE = PRICING + FEATURES SCORE Price Total Cost Feature Features Indexed Score with the best pricing or features will receive a full score The weights for the borrowing profiles are as follows: category Price weighting Feature weighting Residential Variable 75% 25% Investment Variable 80% 20% Residential Fixed 80% 20% Investment Fixed 85% 15% Revolving Line of Credit 60% 40% Price Score CANSTAR accounts for both current and historical average annual percentage rate (AAPR) in the calculation of the Pricing component of each product s overall score. Each of the six months is weighted equally to arrive at the average AAPR over the last six months. Price Total Cost Based on $250,000 and $500,000 loan over 25 years at 80% The price scores are based on the total cost for a scenario of a $250,000 loan repaid over 25 years at 80% loanto-value ratio () and a $500,000 loan repaid over 25 years at 80%. Cost includes interest cost as well as upfront, ongoing and discharge fees. For fixed-rate loans, the cost calculation for fixed home lending will be based on a minimum five-year term with at least one rollover of the fixed rate.

12 The following table outlines the loan term and number of rollovers in each fixed loan profile: category Number of rollovers term 1 Year Fixed 4 5 years 2 Year Fixed 2 6 years 3 Year Fixed 1 6 years 5 Year Fixed 1 10 years Features Score The features component takes into account over 200 product features and allocated points. These product features are grouped into 18 different categories with weights given to each relevant area. The following table outlines the weightings of each of the feature categories per profile: Residential Variable Investment Variable Residential Fixed Investment Fixed Line of Credit Examples of data captured Lending terms 26% 28% 26% 27% 26% Split loans 9% 9% 8% 8% 8% Switch fees 9% 9% 8% 9% 7% Additional repayments 9% 5% 7% 5% - facility 7.5% 8.5% 5.5% 4.5% - Transactional home loans 7.5% 8.5% 5.5% 4.5% 18% Home loan fees 5% 5% 5% 5% 5% Construction loans 4% 5% 2% 2% 1% Max and min loan amounts,, repayment term options Splitting options inc max and min split numbers Fees to switch between loan types Amount and number of additional repayments Availability and access of offset account Method, size and cost of redraws where available Refund of fees and arrears fees details Availability and costs associated with progressive draws Lending areas 4% 4% 4% 4% 4% Lending availability in each state Security/equity/ guarantee options Top up loan facilities 5% 2% 3% 2% 2% 4% 4% 4% 4% - Portability 3% 4% 3% 3% 3% Security requirements 3% 4% 3% 3% 4% approval 4% 4% 4% 4% 4% purpose % Fixed interest details Ability to pre-pay interest Line of credit details % 10% % % Conditions of guarantor and security provision Availability and cost of topping up loan Availability and cost of transferring loan approval requirements e.g. pay slip, overseas income Channel availability, Approval turnaround etc. for business or personal purpose set time, guarantee period, break cost refunds Can interest be paid in advance? Interest paid when in credit details How many products and financial institutions are analysed? In order to calculate the ratings, CANSTAR analysed 1,115 home loan products from 104 financial institutions in Australia.

13 Does CANSTAR rate all products available in the market? We endeavour to include the majority of product providers in the market and to compare the product features most relevant to consumers in our ratings. However complete coverage is not always possible and it may be that not every product in the market is included in the rating nor every feature compared that is relevant to you. How often are all the products reviewed for rating purposes? All ratings are fully recalculated every six months based on the latest features offered by each provider. CANSTAR also monitors changes on an ongoing basis. The results are published in a variety of mediums (newspapers, magazines, television, websites etc). How are the stars awarded? The total score received for each profile ranks the products. The stars are then awarded based on the distribution of the scores with the objective to award the top 5-10% of products with the CANSTAR five-star rating. The results are reflected in a consumer-friendly CANSTAR star rating concept, with five stars denoting outstanding value. Does CANSTAR rate other product areas? CANSTAR also rates the suite of banking and insurance products listed below. These star ratings use similar methodologies to guarantee quality, consistency and transparency. The use of similar star ratings logos also builds consumer recognition of quality products across all categories. Please access the CANSTAR website if you would like to view the latest CANSTAR star ratings reports of interest. Account based pensions Agribusiness Business banking Business life insurance Car insurance Credit cards Deposit accounts Direct life insurance Health insurance Home & Contents Home loans Life Insurance Managed investments Margin lending Online share trading Package banking Personal loans Reward programs Superannuation Travel insurance

14 DISCLAIMER: To the extent that any CANSTAR data, ratings or commentary constitutes general advice, this advice has been prepared by CANSTAR Research Pty Ltd ABN AFSL and does not take into account your individual investment objectives, financial circumstances or needs. Information provided does not constitute financial, taxation or other professional advice and should not be relied upon as such. CANSTAR recommends that, before you make any financial decision, you seek professional advice from a suitably qualified adviser. A Disclosure Statement relating to the product should also be obtained and considered before making any decision about whether to acquire the product. CANSTAR acknowledges that past performance is not a reliable indicator of future performance. Please refer to CANSTAR Research s FSG for more information at All information contained herein shall not be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequent use for any purpose, in whole or in part, in any form or manner or by means whatsoever, by any person without CANSTAR s prior consent. All information obtained by CANSTAR from external sources is believed to be accurate and reliable. Under no circumstances shall CANSTAR have any liability to any person or entity due to error (negligence or otherwise) or other circumstances or contingency within or outside the control of CANSTAR or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication, or delivery of any such information. Copyright 2012 CANSTAR Pty Ltd ABN

15 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability outstanding value ANZ Breakfree Variable k 5.08% Nil 375/a Both 90% Australian Unity Home s Professional Package k 4.83% /a Both 90% Australian Unity Home s Variable k 4.93% Nil Nil Both 90% Bank of Melbourne Advantage Package Variable k 5.05% Nil 395/a Both 95% BankSA Advantage Package Variable k 5.05% Nil 395/a Both 95% BOQ Clear Path Variable Home 4.87% /m Both 95% No min Commonwealth Bank Wealth Package Standard Variable % /a Both 95% HomeSide Lending Homeplus Package Homeplus Variable 5% /m Both 95% IMB Budget Home 4.88% /m Both 95% IMB Essentials 4.98% Nil Nil Both 95% IMB Platinum Package Standard Variable % /a Both 95% ING DIRECT Orange Advantage Variable k % /a Both 95% loans.com.au Dream Home - Hot Summer 4.49% 520 Nil Both 80% nab Choice Package Tailored Variable % Nil 395/a Both 95% nab Private Tailored Pkg Tailored Variable % Nil 750/a Both 95% Newcastle Permanent Discounted Real Deal 3 yrs 4.90% Nil Nil Both 95% Newcastle Permanent Premium Plus Package Premium Variab 4.87% Nil 350/a Both 95% Pacific Mortgage Group Variable 4.77% Nil Nil Both 95% Qantas Credit Union Step Ahead Variable k 5.03% Nil Nil Both 95% Qld Police Credit Union Classic Plus Classic Plus 250k+ 5.04% Nil 25/m Both 97% Queenslanders CU Queenslanders Ultimate Home 5.00% Nil /a Both 95% busters Ultimate 4.84% Nil Both 90% SERVICE ONE Members BanPioneer Banking Standard Variable % Nil 375/a Both 97% St.George Bank Advantage Package Variable k 5.04% Nil 395/a Both 95% State Custodians Breathe Easy 4.84% 550 Nil Both 95% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 1

16 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability outstanding value State Custodians Peak Performance 4.59% /a Both 80% State Custodians Standard Variable 4.69% /a Both 95% UBank UHome 4.62% Nil Nil Both 80% Westpac Premier Advantage Rocket Repay Hom 5.08% Nil 395/a Both 95% Yellow Brick Road Empower Variable 80% 4.94% 363 Nil Both 95% rising star Bankwest Complete Home Package Mortgag 4.94% Nil 395/a Both 95% The Rock Building Soc Essentials Special 80% 4.79% 200 Nil Both 90% A M O Group Basic Variable 4.88% /a Both 80% AMP Bank Affinity Package Classic Variable 250k+ 5% 895 Nil Both 90% AMP Bank Select Package Classic Variable 250k+ 5% 895 Nil Both 90% ANZ Simplicity Plus 5.18% 600 Nil Both 90% Aussie Select Basic Variable k 4.95% 1363 Nil Both 95% bankmecu Basic Variable 5.09% 595 Nil P+I 95% bankmecu Premium k 5.14% 595 Nil P+I 95% bankmecu Premium Package Premium k 5.04% /a P+I 95% Bankwest Premium Select k 80% 4.94% Nil Nil Both 95% Big Sky Building Society Premium Choice 250k+ 5.15% Nil /a Both 95% No min CUA Discounted Home 5.40% 795 Nil Both 97% CUA Breaker 4.91% /a Both 95% Firstmac Home % 520 Nil Both 80% Gateway Credit Union Low Plus Variable 150k+ 5.05% Nil 249/a Both 95% Gateway Credit Union Premium Variable 150k+ 4.94% Nil 249/a Both 95% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 2

17 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability Greater Building Society Great Variable 5.14% 275 Nil Both 95% Greater Building Society Ultimate Home Package Variable 4.94% /a Both 95% No min Homestar Finance No Fee 5.00% Nil Nil Both 90% HSBC Home Value 4.75% Nil Nil Both 80% IMB Introductory Variable 1 yr 4.66% /m Both 95% imortgage Essential 4.69% 150 Nil Both 90% imortgage Fusion ProPack Variable % Nil /a Both 80% imortgage Fusion Variable % Nil Nil Both 80% ING DIRECT SmartPack Mortgage Simplifier % 220 Nil Both 95% Macquarie Bank Basic Flyer Basic IO Variable k 4.94% 363 Nil IO 80% Macquarie Bank Basic IO Variable k 4.94% 363 Nil IO 80% Macquarie Bank Flyer Standard Variable k 4.94% /a Both 90% Mortgage HOUSE Advantage Variable k 5.16% 595 Nil Both 95% nab Base Variable Discount 5.23% Nil Nil Both 95% Newcastle Permanent Premium Plus Package Real Deal 50k+ 5.15% Nil 350/a Both 95% Newcastle Permanent Real Deal 5.15% Nil Nil Both 95% P&N Bank Easypay Plus Easypay Variable % Nil 350/a Both 90% People's Choice Credit Union Lite Basic Variable k 90% 4.99% Nil Nil Both 95% Qantas Credit Union Variable 5.33% 600 Nil Both 95% No min Qld Police Credit Union Classic 5.14% 876 Nil Both 97% RESI Mortgage Corp Smart Option Home 5.34% 660 Nil Both 95% RESIMAC Financial Services Home 5.04% 599 Nil Both 95% RESIMAC Financial Services Horizon 4.94% /a Both 95% Select Credit Union Super Mortgage 5.29% Nil Nil Both 95% Suncorp Bank Home Package Plus Variable k 4.94% Nil 375/a Both 95% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 3

18 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability The Rock Building Soc Rock Star Package Variable 80% 4.93% Nil /a Both 95% Yellow Brick Road Better Basics 5.18% 725 Nil Both 95% Yellow Brick Road Gold Pathway Variable 5.14% /a Both 95% A M O Group Variable Home 5.35% 730 Nil Both 95% ADCU Budget Home 5.29% 934 Nil P+I 95% Adelaide Bank SmartSaver 4.99% 475 Nil Both 90% Adelaide Bank Smartfit Variable 5.09% /m Both 95% AMP Bank Essential Home 4.90% 295 Nil P+I 90% AMP Bank Basic Variable 5.20% 545 Nil Both 90% AMP Bank Professional Package Classic Variable 2 5% Nil 349/a Both 90% AMP Bank Professional Package Intro 1yr Variable 5% Nil 349/a Both 90% ANZ Variable 5.88% /m Both 90% Arab Bank Australia The Basics 5.39% /m P+I 95% Aussie Optimizer Variable k 5.09% 100 Nil Both 95% Aussie Select Standard Variable k 5.04% /m Both 95% Aussie Optimizer Plus Variable k 5.09% /a Both 95% Austral Mortgage Advantage Plus k 5.29% 1095 Nil Both 95% Bank of Melbourne Basic Variable 5.32% 600 Nil Both 95% Bank of Melbourne Negotiated Basic Variable 4.98% 600 Nil Both 95% Bank of Melbourne Discount Variable 1 yr 5.20% /m Both 95% Bank of Sydney Expect More Variable k 5.20% Nil 395/a Both 95% bankmecu Fixed Package Basic Variable 10k 5.09% /a P+I 95% BankSA Basic Variable 5.39% 600 Nil Both 95% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 4

19 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability BankSA Negotiated Basic Variable 4.98% 600 Nil Both 95% BankSA Discount Variable 1 yr 5.27% /m Both 95% BankVic 12m discount variable 1 yr 4.89% Nil Nil P+I 95% BankVic 24m discount variable 2 yrs 4.89% Nil Nil P+I 95% BankVic offset 5.54% 300 Nil P+I 95% BankVic Portfolio standard variable k 5.09% Nil 375/a Both 95% BankVic Premium Home standard variable % Nil 375/a Both 95% BankVic standard variable 5.49% 300 Nil Both 95% Bankwest Online Home 4.88% Nil Nil Both 80% Bankwest Premium Home 5.29% 355 Nil Both 95% Bankwest Cutter Home 5.49% 755 Nil Both 95% bcu Discount Variable 5.38% 600 Nil Both 95% bcu Discount Variable 5.08% 600 Nil Both 95% Bendigo Bank Home Package Plus Variable % /m P+I 90% Beyond Bank Basic Variable 5.09% /m P+I 95% Beyond Bank Pinnacle +Plus Pkg Variable k 5.49% Nil Nil Both 95% Big Sky Building Society Basic Choice 5.35% /m Both 95% Big Sky Building Society Standard Choice 5.85% 350 Nil Both 95% BOQ Economy 5.43% /m Both 95% No min Catalyst Money Basic Home 5.03% /m P+I 95% Catalyst Money Premium k 5.15% Nil Nil P+I 95% Circle Credit Co-op Smart 5.25% 275 Nil Both 95% Citibank Basic Variable 80% 5.02% 649 Nil Both 90% Citibank Mortgage Plus Variable k 4.87% /a Both 80% Citibank Mortgage Plus Variable k 4.87% /a Both 80% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 5

20 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability Coastline Credit Union Minimiser Home 5.09% /m P+I 90% Commonwealth Bank Economiser 5.44% /m Both 95% Commonwealth Bank Economiser Intro Variable 3 yrs 4.89% 800 Nil Both 95% Commonwealth Bank No Fee Variable 5.20% Nil Nil Both 95% Commonwealth Bank Saver 5.44% /m Both 95% Commonwealth Bank Saver Intro Variable 3 yrs 4.89% /m Both 95% Commonwealth Bank Discount Intro Variable 1 yr 5.20% /m Both 95% Commonwealth Bank Standard Variable 5.90% /m Both 95% Commonwealth Bank Wealth Package Discount Intro Variable 5.20% /a Both 95% Community First CU True Basic Home 5.26% 1113 Nil Both 95% Community First CU Accelerator Home Package True V 5.37% Nil 395/a Both 95% CUA Basic Variable 250k+ 5.22% 795 Nil Both 97% CUA Intro Variable 1 yr 5.02% 795 Nil Both 97% Delphi Bank Complete 5.90% /m Both 90% No min Easy Street Fin Services Easystreet Basic Var 5.26% 500 Nil P+I 95% ECU Australia Premium Plus Premium Variable % /m Both 95% Encompass Credit Union 1yr Intro Variable 1 yr 4.85% 960 Nil Both 90% 1000 Encompass Credit Union 3yr Introductory Variable 3 yrs 5.19% 960 Nil Both 95% 1000 Encompass Credit Union Mortgage 5.55% 960 Nil Both 95% 1000 FCCS Credit Union Member Advantage 5.29% 600 Nil Both 95% FCCS Credit Union Property Accumulator 5.29% 600 Nil Both 95% Gateway Credit Union Low Essentials 5.18% 750 Nil Both 95% Gateway Credit Union Variable 5.49% 750 Nil Both 95% Greater Building Society Variable 5.50% 275 Nil Both 95% Heritage Bank Basic Variable 5.28% 100 Nil P+I 95% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 6

21 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability Heritage Bank Discount Variable 4.99% 100 Nil P+I 95% Heritage Bank Professional Package Variable 150k+ 5.23% /a P+I 95% Heritage Bank Variable 5.64% /m P+I 95% Holiday Coast CU Keep It Simple Standard 5.25% /a Both 95% Holiday Coast CU Home Sweet Home Platinum 5-399k 5.39% /a Both 95% 5000 Holiday Coast CU Home Sweet Home Standard 5-399k 5.64% /a Both 95% 5000 Holiday Coast CU Live Life Platinum 5.85% /m Both 95% Holiday Coast CU Live Life Standard 5.95% /m Both 95% Homeloans ProSmart 5.43% 410 Nil Both 95% Homeloans Ultra k 5.09% 300 Nil Both 95% Homeloans Ultra Plus Variable k 4.94% /a Both 95% Homeloans Monipower 5.39% 410 Nil Both 95% HomeSide Lending Homeplus Variable 5.91% /m Both 95% Homestar Finance Advantage Variable 5.23% Nil Nil Both 95% Horizon Credit Union Basic Home 5.39% /m Both 95% No min Horizon Credit Union Platinum Package Classic Home L 5.29% Nil 375/a Both 95% Horizon Credit Union Mortgage Breaker 5.39% /a P+I 95% Hume Building Society Interest Saver 5.20% 750 Nil Both 95% Hume Building Society Variable 5.85% 750 Nil Both 95% No min Hunter United Credit Un Basic Variable 5.24% /m P+I 80% No min Hunter United Credit Un Package Home Variable 100k+ 5.40% Nil 295/a P+I 95% Illawarra CU NSW Basic Home 5.03% /m P+I 95% Illawarra CU NSW Premium k 5.15% Nil Nil P+I 95% IMB Standard Variable 5.66% Nil Both 95% ING DIRECT Mortgage Simplifier 5.22% 220 Nil Both 95% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 7

22 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability Liberty Financial Liberty Free 5.29% Nil Nil Both 85% Liberty Financial Liberty Star 5.09% /m Both 95% Macquarie Credit Union Low Home 5.28% 720 Nil P+I 95% Macquarie Credit Union First Home Buyers 3 yrs 5.03% 590 Nil P+I 95% Macquarie Credit Union Home Variable 5.53% 750 Nil Both 95% Macquarie Credit Union Introductory Home 1 yr 5.03% 750 Nil Both 95% ME Bank Var Super Member 5.38% 350 Nil P+I 95% Mortgage HOUSE Advantage Complete Variable 5.36% 645 Nil Both 95% Mortgage HOUSE Vantage Variable 4.99% 670 Nil Both 95% nab Base Variable 5.67% Nil Nil Both 95% nab Tailored Variable 5.88% Nil 8.00/m Both 95% Newcastle Permanent Intro Variable 1 yr 4.85% Nil Nil Both 95% No min Newcastle Permanent Premium Plus Package Intro Variable % Nil 350/a Both 95% No min Newcastle Permanent Premium Plus Package Real Options 5.55% Nil 350/a Both 95% No min Newcastle Permanent Real Options 5.55% Nil Nil Both 95% No min Newcastle Permanent Premium Variable 5.77% Nil Nil Both 95% No min Northern Beaches CU Introductory Home 1 yr 4.55% 640 Nil P+I 95% Northern Beaches CU Minimiser Home 5.34% 915 Nil P+I 95% P&N Bank Smooth Home 80% 5.19% 650 Nil Both 90% P&N Bank Easypay Variable 5.70% /m Both 90% People's Choice Credit Union Basic Variable 5.29% /m Both 95% People's Choice Credit Union Home Package Standard Variable 5.27% Nil 375/a Both 95% Qld Police Credit Union Standard Variable 5.64% 876 Nil Both 97% Qld Professional CU Friendly 5.30% /m Both 95% No min QT Mutual Bank Choices Mortgage Breaker k 5.22% Nil 395/a P+I 95% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 8

23 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability QT Mutual Bank Smart Starter Mortgage Breaker % 600 Nil P+I 95% QT Mutual Bank Teachers' Life Mortgage Breaker % Nil 25/m P+I 95% Quay Credit Union Basic Variable (Refinance only) 4.99% 638 Nil Both 80% Quay Credit Union Premium Home (Refinance only) 5.24% 638 Nil Both 80% Queensland Country Credit UnUltimate Home Variable 150k 5.29% Nil 330/a Both 90% Queenslanders CU Original Home 5.23% 595 Nil Both 95% RAMS Full Feature 5.85% 870 Nil Both 95% busters Busters % 1130 Nil Both 80% RESI Mortgage Corp Complete Home 5.72% 649 Nil Both 95% RESI Mortgage Corp Essentials 5.09% 649 Nil Both 95% RESI Mortgage Corp Essentials Plus 4.99% /a Both 95% RESI Mortgage Corp Smart Pro % 649 Nil Both 80% RESI Mortgage Corp Smart Pro Plus % /a Both 80% RESI Mortgage Corp Break Thru Variable 5.16% 689 Nil Both 80% RESI Mortgage Corp Flexi Options 5.29% 854 Nil Both 95% SCU Basic Home 5.26% 747 Nil P+I 95% SCU Standard Variable 5.77% 747 Nil Both 95% SERVICE ONE Members BanThe Base Variable 5.35% /m Both 97% No min SERVICE ONE Members BanStandard Variable 5.75% /m Both 97% No min SGE Credit Union Solutions Home Package Mortgag 5.21% Nil 350/a Both 95% No min St.George Bank Basic Variable 5.41% 600 Nil Both 95% St.George Bank Negotiated Basic Variable 4.98% 600 Nil Both 95% Summerland CU Premium 5.29% /a Both 95% Suncorp Bank Back To Basics 5.41% 600 Nil Both 95% Teachers Mutual Bank My First Home 5.48% Nil Nil P+I 98% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 9

24 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability Teachers Mutual Bank Rewards Package Solutions Plus Home 5.07% /a Both 95% Teachers Mutual Bank Solutions Plus Home 5.07% /a Both 95% The Capricornian My Advantage Variable 50k+ 5.52% Nil 385/a Both 95% The Capricornian My First Home Variable 50k+ 5.12% Nil 385/a Both 95% The Mac Basic Variable 4.99% 1130 Nil Both 95% The Mac Home 5.74% 1323 Nil Both 95% No min The Mutual Budget 5.03% 150 Nil P+I 90% The Shire Credit Union Home Basic 5.22% 1055 Nil P+I 95% The Shire Credit Union Home Plus 5.37% 1055 Nil P+I 95% Unicredit-WA Variable 5.25% 650 Nil Both 95% 5000 Victoria Teachers Mutual BankBasic Variable 5.14% 600 Nil P+I 95% No min Victoria Teachers Mutual BankRewards Package Basic Variable 5.04% /a P+I 95% No min Victoria Teachers Mutual Bank Variable 5.64% 600 Nil Both 95% No min Victoria Teachers Mutual BankRewards Package Variable 5.54% /a Both 95% No min Westpac Flexi First Option 5.33% 150 Nil Both 95% Wide Bay Australia Freedom Package Standard Variable % /a Both 95% Yellow Brick Road Homebase 5.49% 725 Nil Both 95% ADCU Standard Variable 5.59% 934 Nil P+I 95% AMP Bank Classic Variable 6.00% /m Both 90% AMP Bank Intro 1yr Variable 1 yr 5.00% /m Both 90% Arab Bank Australia HeadStart Intro Variable 1 yr 4.79% /m P+I 95% Aussie Optimizer Standard Variable 5.98% 100 Nil Both 95% Bank of Melbourne Variable 5.90% /m Both 95% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 10

25 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability BankSA Variable 5.97% /m Both 95% Bankwest Mortgage Shredder 5.89% 755 Nil Both 95% bcu Standard Variable 5.78% 600 Nil Both 95% Bendigo Bank Home Package Variable 5k+ 5.51% /m P+I 90% 5000 Beyond Bank Parent Variable 5.79% 945 Nil Both 95% Beyond Bank Variable 5.79% 795 Nil Both 95% BOQ First Start 1 yr 5.01% /m Both 95% 5000 BOQ Standard Variable 6.01% /m Both 95% No min Cairns Penny Standard Variable 5.50% /q Both 95% Catalyst Money Variable 5.70% Nil Nil P+I 95% Circle Credit Co-op Standard Variable 5.75% 1075 Nil Both 90% Coastline Credit Union No Fee Home Variable 5.84% Nil Nil P+I 90% Coastline Credit Union Options Home 5.54% /m P+I 90% Community First CU True Value Var Hl 5.87% 1113 Nil Both 95% Defence Bank Flexi Saver 5.19% 1070 Nil Both 95% Defence Bank Flexi Choice Variable 5.64% 400 Nil P+I 95% Delphi Bank Essential 5.90% /m Both 90% ECU Australia Premium Variable 5.80% 1020 Nil Both 95% No min FCCS Credit Union Rewards 5.74% 750 Nil Both 95% FCCS Credit Union Value Plus Variable 6.14% /m Both 95% First Option Credit Union Packaged Home Mortgage Secure 5.50% /a P+I 95% Greater Building Society Mortgage Express 5.70% /m P+I 95% Horizon Credit Union Classic Home 5.79% Nil Nil Both 95% No min HSBC Home Smart 5.95% Nil P+I 90% HSBC Variable 5.95% Nil Both 90% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 11

26 Home Star Ratings Variable Home s Fees (at $250k) Split Interest Only Minimum Portability Hunter United Credit Un 5.20% 880 Nil IO 90% No min Hunter United Credit Un Variable 5.70% /m P+I 95% No min Illawarra CU NSW Variable 5.70% Nil Nil P+I 95% Intech Credit Union Classic Home 5.68% 400 Nil Both 95% Liberty Financial Liberty Sharp 5.09% 330 Nil P+I 95% Macquarie Bank Standard Variable 5.95% /a Both 90% ME Bank Standard Variable 5.38% 350 Nil Both 95% ME Bank Ultimate Super Member 5.68% 350 Nil P+I 95% MyState Essentials 5.52% Nil Both 95% MyState Variable 5.89% Nil Both 95% Northern Beaches CU All in One 5.84% 915 Nil P+I 95% People's Choice Credit Union Standard Variable 5.87% 900 Nil Both 95% Police Bank Variable 5.64% 1045 Nil Both 95% Qld Professional CU Variable 6.15% 855 Nil Both 95% No min QT Mutual Bank Tracker Home Series 3 80% 5.40% 644 Nil P+I 95% QT Mutual Bank Mortgage Breaker 5.82% 644 Nil P+I 95% Queensland Country Credit UnVariable 5.79% /m Both 90% RESI Mortgage Corp Low Start 1 yr 4.72% 1199 Nil Both 95% RESIMAC Financial Services Alt Doc 5.64% 599 Nil Both 80% RESIMAC Financial Services Quickstart 5.54% 599 Nil P+I 95% SGE Credit Union Mortgage Secured 5.87% 500 Nil Both 95% No min St.George Bank Discount Variable 1 yr 5.29% /m Both 95% St.George Bank Variable 5.99% /m Both 95% Summerland CU Eco Mortgage 5.64% /m P+I 80% Summerland CU Family Advantage Intro Variable 1 yr 5.39% /m P+I 95% Report Date: March, 2014 (All information correct as at 1 March HOME LOAN STAR RATINGS PAGE 12

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