eMoney offers competitive home loans with a range of features that can suit your needs.
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Who is eMoney?
The General Manager of eMoney Home Loans, Neil Manuel speaks about eMoney products, fees, and customer service.
Click here for video transcript:
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I'm Neil, General Manager of eMoney Home Loans.
EMoney is an online lender. We supply home loans directly to the consumer. The way we do that is we actually deal with the consumer over the phone or via the Internet. By doing that, we're actually able to offer a consumer a much lower interest rate to alternative lenders out there. The way that that's done is we cut out any broker commissions or middlemen commissions that are generally paid to other lenders that actually send out mortgage brokers to see clients. That makes us an online lender.
Typically in the past a consumer in their interest rate would be paying for things like the marketing costs, the costs of running a branch, the cost of having tellers, the cost of the overheads of bank, where they would walk into a particular branch. That was actually all built into the interest rate that they would actually pay.
What we basically do is benefit the consumer by eliminating all those type of things. We don't have overheads, we don't have the branch costs, teller costs and so on. So we extract those costs that are built into the interest rate, and we basically offer the client an interest rate without any of those things built into it. We do redraw, we do fixed variable interest-only lines of credit, land, construction. There's nothing really that we wouldn't at least want to talk to you about and see if we can work something out.
That being said, we're not going to say we do every single thing on earth. But what we do want to do is try and talk to you about what we do have available. If we can't help you directly, we will try and guide you down the right path as to where you can go to try and get the type of lending that you're looking for.
eMoney being an online lender, we're not about charging lots of fees. We are not a major bank, so we don't have those fees. We don't charge application fees, and we don't charge settlement fees. The only fee we do actually charge is the cost to get a valuation done on your property. That does not actually come to eMoney. That actually goes to the valuer for
valuing your property. We need to have a valuation done so we know what we're lending against. But aside from that, we're all about open and honest conversation. We disclose everything that is involved with applying for a home loan all the way through to settling a home loan. But no application fee, no settlement fee with us.
When you do find eMoney on Finder Home Loans, it's not just the fact that you're looking at an actual website. The website does act as the main entrance into eMoney Home Loans, but there are people that sit in our office. We do have a physical area that people could come in and meet us. We have an office in Homebush. It's on Parramatta Road in Sydney. We have a
team of loan writers here. They're contactable direct at any point. I'm contactable direct at any point as the General Manager.
Even on top of that, the site is not your only source of information. It's just to give you an idea of what we offer. We're happy to spend as much time as necessary with you over the phone to get you to the point where you're completely comfortable and completely confident that the product you're getting is the product that's right for you.
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Founded by one of Australia's largest and most reliable non-bank financial institutions, eMoney provides solutions for your financial needs. eMoney offers non brokered loans, which enables them to practice low fees and very favourable interest rates. Compare their loans with other online home lenders in the market.
The quality of the services provided by eMoney is guaranteed by the knowledge gathered by the three Directors of the company over their long years spent in the finance and mortgage industry: together, they boast an impressive 75 years of experience.
Awards that eMoney have earned
- Cheapest 3 year fixed home loan - Money Magazine - Best of the best 2013
This award from money magazine recognises non-bank lenders. "We are extremely proud to receive this Money magazine 2013 Best of the Best Award." said Neil Manuel, General Manager of eMoney. This award is a great indication that it is advisable to compare your home loan options from big banks to online lenders.
Online application
eMoney conducts all its business online, which means that they do not operate any office where clients can talk to a company employee and they do not have mobile lenders either, but applicants can receive help and information over the phone from the company's highly qualified loan experts. Operating online allows the company to reduce their costs, which also makes it possible for them to practice the extremely low interest rates they are renowned for.
The loan application process is very simple: all you need to do is download and fill in the application form that contains easy to understand instructions about completion. The information requested in the form includes personal details, information related to the assets owned by the applicant, liabilities, income sources and details related to the loan itself, like the amount applied for and the purpose of the loan, the proposed date of settlement and some other details. The applicant will receive an answer from eMoney about the approval status of the application within just a few days after submission.
The experts at eMoney know exactly what a big decision it is to buy your first flat or house or to decide to invest in real estate, so they are trying to help as much as they can. The official website features numerous calculators that will help applicants decide which of the company's products will be the most suitable for their financial needs. With the help of these calculators, you can easily assess your borrowing power, and you can simulate your financial situation with a loan repayment schedule. The amount of the loan approved may vary from one applicant to another, but most eMoney products allow for borrowing as much as 90% of the value of the estate offered as security. Applicants will also need a deposit, usually 10% of the value of the property offered as security, but eMoney accepts shares or equity as well, not only money.
eMoney offers four categories of plans - the Full Doc Home Loans, the Full Doc Line of Credit, the Lo-Doc Home Loans and the Lo-Doc Line of Credit - each product being available in two different versions: eMoney and eMoney Plus. All eMoney products offer, among others:
- Low interest rates;
- Fixed and variable options;
- Free online and phone banking;
- Flexible repayments;
- Complete elimination of extra fees, like legal fees or fees related to account-keeping or settlement costs.
Each product comes in different versions: eMoney PRIME Variable Propack Loan, with slight differences in the terms and conditions. The ProPack loans requiring the payment of an annual fee of , which will offer the client a 0.10% reduction of the standard loan rate.
eMoney Plus products come with all the features of the standard pack, but with a 100% offset facility and the option of having a credit card attached to the loan; also, the interest rates practiced are a little bit higher.
All eMoney loans imply a evaluation fee, which must be paid only if the application is approved.
Dear sir /Madam
Am from jordan , i live in Dubai , i need a personal loan , am asking if you do lending money to people they are living out side . like me , am living in Dubai ?
Hi Tariq,
Thanks for your question.
Unfortunately we don’t compare any personal loans for non- Australian residents.
I’d recommend that you check out a local comparison site, or visit your local bank to discuss your options.
Cheers,
Shirley
Both me and my husband have bad credit and are unable to refinance. We currently owe $262K on a house worth $520K and have never missed a payment. I work part time and he’s full time and we can afford the repayments but are struggling to find a lender who will help
Hi Jillian,
Thanks for your question.
You may want to have a look at non-conforming lenders – their eligibility criteria is not as strict as the big four banks.
Cheers,
Shirley
Hi I own my home value $450,000 (?). what level of income would I need to get a line of credit loan for $50’000 for Reno. Ta
Hello Nancy,
thanks for the question.
Unfortunately this depends on each lender. They have their own unique lending criteria which will help them work out what you’re able to borrow. It may help to speak to a lender you’re interested in first to get an idea of what they would offer before applying.
I hope this helps,
Marc.