Positive feedback for my mortgage broker

Hi all,

So often we share negative stories or warnings. But today I had such a nice email from my mortgage broker, I just wanted to share it with you.

Bit of history, my mortgage broker has set me up with 2 IP loans in the past, and last year set up hubby with a 95% loan on PPOR in a somewhat difficult lending market. She had set him up with 12 months interest only payments to give us a discount for an expensive year containing a wedding, honeymoon, and course establishing a new home.

So the 12 month clock expired a couple weeks ago and we decided to go down to our local branch and have a chat to the lender about how the loan is today and the interest rates etc etc. He was paying 7.7% (yikes) and we got speaking about switching to a 7.1% loan. An offset account with existing loan would have cost $15/mth, yet with the new account was $3.99/mth. She said there was a $495 switch fee to change products, and despite what I thought were some good attempts of negotiating and asking for discount on my part, we got nowhere.

Mentioned it to broker yesterday when we were having a chat about insurance and stuff, and she emails today that she rang the lender and could arrange for us to switch to 7.1% at no charge. No fee for us, a saving of $495, and a reduction in interest. Guess it showed me that my broker is not just for arranging new loans, but is also good to call on to check for better products.

And before anyone replies that there’s many better products out there with lower interest rates, bear in mind the loan will still be 90-95% so we’re not wanting to fork out $8k+ again in LMI if we switch to a new lender. I think for now its a win, staying with same lender and just switching products to reduce the interest. We also will change payments to fortnightly, set them higher than minimum, and open the offset account.

Just for the record, am in Perth, and more than happy to pass on her details to anyone looking for a good broker.

Cheers,
Emma