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Michael,
You suggested "NCPP" but I think you got the wrong letter doubled. It is "NCCP"The National Consumer Credit Protection Act is a new Commonwealth law that includes the old state based Uniform Credit Code. It enforces reponsible lending obligations on all licensees. To find out more about the new National Consumer Credit Protection obligations visit ASIC.
BB
International Mortgage Group are actively recruiting people over the internet. Here is their website http://www.internationalmortgagegroup.com.au and http://www.img.net.au/ both will get you to an identical website. Our initial contact was from them ringing us cold.
The type of loans we were initially offered can be set up easily by anyone. My suggestion is somebody like Bendigo Bank. We would have been paying 4.8% with Bendigo Bank instead of the 10+% that IMG organized. At one stage we got up to 16%. Check for default interest rates and fees.
But forget about COSL helping. I found they have problems doing basic maths. They are paid for by the mortgage broker and I found them very biased. My COSL case dragged on for about a year and I found a lot of errors in their work. They didn't answer a lot of my emails and just tried to fob me off.
International Mortgage Group do NOT refer to themselves as broker agents. The person who approached me worked for IMG and you can check out their website. I wouldn't recommend trusting any of the promises on the website.
BB
IMG (International Mortgage Group) are not allowed to get a comission from you unless you sign up and they broker a deal for you. I had my mortgage brokered by them and I lost my home.
There is a lot I can tell you about them.
They tend to want to do things over the phone or in person. No written records means the borrower has no legal records. We never had our letters answered in writing. When I complained I eventually got a phone call and promises. I was told that the office I was writing to was shut down years ago but it is still on their website today.They never gave us a copy of our original contract with them. We finally got a copy from the lender they brokered for us but it had been altered. The interest rate had been whited out and a second nonexistent property had been added.
We went to COSL (Credit Ombudsman Service Limited) but we were extremely disappointed with COSL's performance in trying to resolve the dispute but after all COSL is paid for by IMG's membership fee and fee for disputes.
So now it is being disputed in a different legal arena.
