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First Home Owners: PLEASE READ ME!

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  • First Home Owners: PLEASE READ ME!

    Now, this is a rant of sorts but also some advice to prospective first home owners or those looking to buy property. If the mods feel like they must close this, then so be it, but I felt people could benefit from reading about my experience so they dont have to go through the same shit I did.

    The main jist of this post is to "stay the fuck away from keystart like the plague"
    Keystart are a government backed lender. My mortgage broker recommended them as they don't require you to take out mortgage insurance. Regardless, they are incompetent, highly inefficient and just motherfuckin useless.

    I can understand the backlog of work they must have due to people rushing it to take advantage of the FHOG before it is reduced or completely canned but still....it took them pretty much two months for me to get finance approval. That is fucking ridiculous.

    Now once I received finance approval notification, what should normally take a few days for me to receive documents to sign has taken almost two weeks. This was due to them requiring more documents from me which i faxed to them several weeks ago which they claim to not have recieved even though i have the fax confirmation. And only due to my action of following things up and ringing and getting slightly annoyed have things started to finally move. I even had to walk them through some documents after they claimed I sent them the wrong ones, when infact if they had bothered to read the bloody thing they would have realised I sent them the right ones.

    Now because keystart have taken so long to approve my finance and lend me some fucking money, they have pushed my settlement date out by over a month from the original date specified in the contract which means I am now paying a penalty rent to the seller until it is settled. So no thankyou to fucking keystart for dicking me around and costing me a whole load of money.

    You have been warned. Stay the fuck away from them.

  • #2
    was told to look into them....but i had the same probs with homebuyers centre...i was glad i got out when i did

    Comment


    • #3
      Go with a broker where you can!! They have the experience in using differnet banks and can typically choose which one is A) best for you and easiest to work with.

      I've used and recommended Brett at West Coast Leasing and Finance before (also a friend of mine)

      I think it's absolute rubbish that as a first home buyer you have to go through an experience like that! Doesn't exactly encourage people to do it again or recommend friends do it!
      Commander Keen and Shady 7/8 are doing the Kiwi Shitbox rally 2016 as the Dropkick Dropbears- donate here to help us change cancer!


      Originally posted by Martin Luther King Jnr
      One has a moral responsibility to disobey unjust laws.
      . .

      Comment


      • #4
        Shodow: it's a government department, there's nothing in it for them as employees, they would be happier with fewer customers.

        Does it make sense now?
        For LAMS information and resources - http://www.perthstreetbikes.com/foru...thread-156358/
        For LAMS discussion and to ask questions - http://www.perthstreetbikes.com/foru...thread-143289/

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        • #5
          ^i do have a broker. he recommended them to me! and being green to all this i didn't know any better.

          well after the minimum period to stay with keystart is over, you can guarantee i'll be switching lender.

          Comment


          • #6
            Originally posted by barfridge View Post
            Shadow: it's a government department, there's nothing in it for them as employees, they would be happier with fewer customers.
            Does it make sense now?
            Yes One of several reasons I'd never use them


            Originally posted by vbroom View Post
            ^i do have a broker. he recommended them to me! and being green to all this i didn't know any better.
            well after the minimum period to stay with keystart is over, you can guarantee i'll be switching lender.
            Ouch.

            Good luck mate!
            Commander Keen and Shady 7/8 are doing the Kiwi Shitbox rally 2016 as the Dropkick Dropbears- donate here to help us change cancer!


            Originally posted by Martin Luther King Jnr
            One has a moral responsibility to disobey unjust laws.
            . .

            Comment


            • #7
              Welcome to the finance industry. Keystart are stupidly overworked at the moment - like not just normally overworked but extremely, stupidly overworked. No OT is being allowed either.

              If you were to apply now, I would reccommend the same thing - stay away if you need a quick settlement but if it was 6 -12 months ago, they would have been THE best way for first home owners to go. No mortgage insurance, high LVR lends and a not-to-shabby turn around.

              They aren't useless, they aren't retarded and they're certainly not incompetent - they are just so fucking overworked. If you used a mortgage broker they should have advised you from the start that Keystart, at this time, were about 2 months behind in assessment so I'd be kicking shit up their ass about it because they would have definitely been told of the wait.

              I do not work for Keystart and are in no way affiliated with that company but working in the same industry and the rumour mill that goes around, I would most definitely not like to be in the shoes of any Keystart employee in the credit department.

              TLDR - Keystart are overworked, your broker should have told you more and let you make an educated decision. They would have known the wait.

              I'm not having a go or anything, just though a bit of clarification would help

              Comment


              • #8
                Got to be honest mate, that is pretty much normal for Keystart, so I think the problem here has been with your broker. The broker should have said to you - "Keystart are always extremely slow with every step of the process, so given your time constraints, we should go with another lender."

                If you are not constrained by time on a contract and you have flexibility, then Keystart can be considered.

                As has been mentioned, because Keystart are government agency, they dont actively want your business.

                edit - yep WHS ^^^

                Comment


                • #9
                  FWIW...Happy Birfday Andy

                  Dubs

                  Comment


                  • #10
                    Unfortunately the problem for most home first buyers (eg Jess and I) is that we're trying to get in before new years.
                    If we miss it, then we need to save an extra 14 grand in deposits etc, because after that point in time we might as well go with a bank and get a 96% loan for the 350-400k we want.

                    So Keystart are our only option if we don't want to wait another year before we buy. And even then we're pushing it. But yeah, what L2P said...
                    c o o l s t o r y b r o

                    Comment


                    • #11
                      Originally posted by vbroom View Post
                      please read me
                      tl;dr
                      If cleanliness is next to godliness, why was jesus a dirty sandal-wearing beardo?

                      Comment


                      • #12
                        I've used keystart with the house I am building. Ive had no problems so far, my broker sorted out all the documents and everythig went smoothly (this was ~6 months ago). The only dealings with them was a phone call to confirm a few things, broker too care of all the rest. Maybe you need too look at the broker your using aswell?
                        Theirs no replacement for displacement

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                        • #13
                          Keystart as a lender is fine.

                          We're getting the final finance sorted for our new house (not keystart) but in chatting with our broker we mentioned that our contracts for our new plans took a few weeks longer than normal due to (as the builder excuse was) all the 1st home buyers that flooded the market before the grant finished created a backlog.

                          he said that keystart received somewhere in the order of 600% of their usual applications in the past 3 months and simply cannot cope with the influx. as they were almost all first home buyers, with the current lending criteria being strict, 99% had no choice but to use Keystart.

                          they're not a bad lender, just seriously, seriously swamped.

                          the real issue is that all the brokers know that, and are supposed to be telling their clients nominating Keystart to ask for longer settlement and finance approval timeframes due to the backlog. if he didn't tell you that, i'd be taking him to task and asking him to pay for the additional costs out of his commission.

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                          • #14
                            ^^^ if people are gearing themselves up so much the Keystart are the only lender that will give them money, then they are in for a world of hurt. Perhaps they should think about why it is that the other banks wont lend to them?

                            Comment


                            • #15
                              yeah fair enough to some of those comments

                              i think my broker is also to blame for alot of the hold up.

                              still, regardless of how much they overworked the runaround they gave me was to me a sign of incompetence.

                              when i asked when i was getting the documents for my approval the person i was dealing with told me they had to wait for an answer as to whether or not I was going to be given approval...even though I'd already be given approval and she had even sent out an approval notice to me the week before.

                              oh well

                              shit happens i guess

                              edit: thanks dubs
                              Last edited by vbroom; 07-10-2009, 12:45 PM.

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