The Advisor said
I would be careful tying everyone up within one office. The solicitor and the broker would not be independent in any way. How can the solicitor advise you properly if doing so may present the broker in a bad light should something be wrong in the loan documents? This would reflect on him as well as the broker works from his office.
Why is this a problem? Surely common sense prevails. I have known my solicitor for many years. We even played football together.
I can understand there may be a problem if your interstate and pushed to them from a two tier marketing company.
Anyway your thoughts!!!
I can see Rob’s point. I think he is just highlighting something to consider rather than a cause for alarm.
In your circumstance I wouldn’t be too concerned.
Regards,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
A possible reason why a finance person is working/sharing office space with a solicitor is because this person is a consumate professional in his/hers chosen career.
As such there is no hidden agenda. No commission splitting, i mean, is the solicitor going to give the broker a spotters fee for refering business to them? No, don’t think so.
Is this not a symbiotic business relationship – Rob, your a broker, if you are looking to share office space, or choose adjoining office space, are you going to seek an office with a Beauty Therapist or an Accountant.
Most business relationships are actually based on trust and respect, not cash. This is often a difficult concept for those that don’t have the first two.
cheers
brahms
If you don’t ask, the answer is no!!
“Surely common sense prevails.”
You want to bet?? There are a million things that could happen.
The broker and solicitor could pay each other kickbacks and just use ‘renting’ as way of doing it… Of course thats going all the way over to the other (illegal) side, but hey, the broker would get a tax deduction for it.But also, if something goes wrong – I want to know! I don’t want a contract changed (and resubmited) or something like that, I need to know what is happening in my busines.
Rgds.
Lucifer_auThanks for your advice. I will bring it up with my solicitor. I trust my solicitor and the broker is an ex-solicitor colleague of his.
I am not easily fooled – well I hope. But you never know. If I am to use a broker it will be still with my bankers (Comm Bank) and i prefer to use the other major banks. The other banks need to attract business by offering higher commissions so I am somewhat dubious. My brother got caught I think.
Do mortgage brokers provide that information? If not, should I find one who does? That way you know you are dealing with an open broker. Is that correct?
You must be logged in to reply to this topic. If you don't have an account, you can register here.
