mortgage broker 2

I’m wondering, because Mortgage Brokers are regulars on this forum,

my current broker has just cost me 1700 and I am wondering if i should be moving onto someone else.

I wont name this broker, the situation is this – ANZ direct set us up a loc doc mortgage stemming from 60% equiity. However, the funds, which we signed for, went into a current equity manager which put us in credit meaning we were paying interest immediatley on the new mortgage before evening purchasing anything. Wrong move Mr Christian Pino or was it a smart move I wonder.

I advised my broker who advised he could fix that drainage immediately. Great we thought. We went ahead over the next four weeks spending some here and there 23k.

Then the broker advised that our mortgage was credit critical, he had’nt fixed the leak , and we had’nt the funds to bring it back to balance, we have now headed into a restructure process, across three lines.

It seems the restructure amounts to a new application, and I’m wondering if my broker is cashing in on us. The 1700 was in extra interest fees.

At present we are left waiting with a settlement due in 4 weeks.

What do think of this ?

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