In the past, Ive used a mortgage broker – hoping that they can get me the best loan for my requirements.
But, most of the time they have just put me in contact with a bank rep, and thats about it. Am I better off doing some research myself and contacting the lenders directly, or can a broker genuinely get me a better deal. (or a higher loan amount)????
Cheers’
Ask yourself “Do I have the COURAGE to be free….?”
Must admit you are right if all your MB does is put you in touch with a Bank rep then ditch him.
I would like to think that i achieve what my clients require whether it be a particular product or features a higher loan amount and lower interest rate.
I guess it is like anything each area of business has those who like to sit back and wait for the business to come to them and others like to be pro-active and act on their clients behalf.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
There are some funny brokers out there.
Its not just about getting the best product, but about planning so you can get many more loans down the track.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Im interested to know what u mean by ” planning so you can get many more loans down the track”?
How can a good broker help here?
I guess Ive just had some bad brokers in the past. What you you guys suggest when choosing a broker, what would you look for and who would you avoid?
I have been contacted by a group called Asset Wise Financial Solutions. Strangely, thier website has no info on it – http://www.assetwise.net.au/
[blink]
Ask yourself “Do I have the COURAGE to be free….?”
I suggest that if you were to use one of the two blokes above then your opinion of broker’s will change significantly.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
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.
I recently had an excellent experience with a broker in Brisbane.
She organized all the paper work etc . . . all I had to do was sign on the dotted line. I felt as though she was my advocate with the lender and even kept my solicitor and real estate agent in the loop in regards to the finance clause!Cam
Originally posted by BreakEven:Im interested to know what u mean by ” planning so you can get many more loans down the track”?
How can a good broker help here?
[blink]
Ask yourself “Do I have the COURAGE to be free….?”
Hi Breakeven
Most people don’t realise that there are various restrictions out there, especially with LMI companies and Lo/No doc loans.
eg. You go for a 95% loan, then 6 months later try to a No Doc loan with a different lender. Both Lenders could use the same LMI company, and your loan for the No Doc could be rejected as a result. Planning can avoid this.
eg. 2 You could be purchasing a few properties with your spouse, and suddenly hit the maximum exposure level for the bank or LMI company. Planning can avoid this.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi like the others here, I am surprised that the broker just handed you over to the banker. The role of the broker is not only to assist you to find a loan suitable for your current and future needs, but to assist you upto and beyond settlement.
The advantage to you is
* If you have a broker that does not charge a fee you have a free service.
* Their role is to assist you in finding the right loan tailored to your individual circumstances.
* Act as a coordinator of the various services, this does not necessarily prevent problems but should minimise them.
* Be a resource to the customer during the processWayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Comments may not be relevant to your circumstances, check with an accountant or financial adviserHi BreakEven
The following is a checklist I’d use for any Mortgage Broker:
1. only use MIAA Accredited Mortgage Consultant (see MIAA website for detail)
2. check the number of lenders on their books (wide choice of lenders available to you maybe a good thing)
3. how do they get paid (you are entitled to have their fee disclosure to minimise any vested interest in product pushing)
4. fees they charge for service, if any (some provide a portfolio review and ask for $250 fee for review, I personally would not use them)
5. their methodology and criteria use to qualify your loan (a low rate may be compromised on features and vise versa)
6. ask for a Loan Comparison Rate (use the benchmark AAPR and check out Cannex website, although AAPR has some limitations)
7. find out if they are brokers as well as a mortgage originators (the latter sells their own brand of product which can be competitive and features unavailable to conventional products)
8. ask for proof of professional qualifications / experience / references from clients (a good broker should have no problem with that)
9. ask if they have professional indemnity insurance (a must in their line of work)
10. check the privacy guidelines on handling your financial information.
Finally ask lots of questions and be prepared for uncertainties that may affect your loan position down the track. Get answers now before signing on the dotted line.
Cheers[wink2]
CTThanks Guys, some great tips here….
Ive now got a much better idea of what to expect from my broker. I will make sure that they tick all the right boxes.
Thanks ctaing, wanelad, Terryw and Qlds007 for your help…
BreakEven [thumbsupanim]
Ask yourself “Do I have the COURAGE to be free….?”
Thanx ctaing,
I checked the details of the broker i was planning to use – turns out that they were not MIAA approved/members.
Im based in brisbane, do you have any reconmendations for quality brokers with PI experiece.
[blink]
Ask yourself “Do I have the COURAGE to be free….?”
HI Breakeven Ctaing
Wow that was a great summary of what you should look for Ctaing excellent post!Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Comments may not be relevant to your circumstances, check with an accountant or financial adviser
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