This week, we officially became customers of Hume Bank. After researching fairly extensively, Hume offered the best packages that suited our needs.

After signing the land contracts this week, we’re told to expect settlement to take place in a couple of weeks. To ensure we’ve got the money side of the matter organised, I wanted to make sure the deposit money I have saved was ready and waiting to begin the mortgage at Hume.

A happy convenience sees our friend work at Hume and with an exceptional bit of customer service, came over to ours to walk us through the account setup and sign mortgage documents after hours. We went with an offset account that’ll allow us to park cash there which will count in the interest calculations, while not being tied up in the mortgage account.

I’ve banked with NAB for more than a dozen years, so leaving them is kind of the end of an era. Today’s VIC public holiday provided a great opportunity to get this banking transition done. After visiting NAB to close a couple of accounts, I was given the option of bank cheque ($15) or inter-bank transfer ($35). Both would take a couple of business days to complete, but the bank check would show immediately, given it was also cheaper, that was the option I chose. Technically there was a third option, but walking down the street with cash wasn’t a practical or safe option.

After visiting the Hume branch, the cheque was deposited and within a couple of minutes, the transaction was done. Checking the mobile app now reveals the balance of our offset account has indeed updated with the amount.

Glad to have that step done and it means we / the deposit won’t be the cause of any delays in the processes that around about to unfold in the next few weeks.