Hey all, for my latest home loan went through a broker who set one up through Colonial-now the forms have been sent out from the Com bank which own Colonial, except the rates, fee and options are all different to what we had agreed upon. Been trying to find a Coloninal website to find the options we agreed apon but I cant find one-only the Com bank website that doesnt detail any of the Colonials loan options. Any help greatly appreciated as surprise surprise the broker is now not returning any of our calls….
Sorry dont want to appear negative but i only ever use the BIG C where i have to. i.e client has existing fixed rate loan with CBA or similar.
Some broker groups use them because the volume commission overrides but i think you do so at your own and the clients peril.
Richard Taylor | Australia's leading private lender
Yes you're not alone on this. Call ask the questions and the answers will be forthcoming.
Seems to be a new access point for brokers.
Very confusing isn't it and this should be clarified upfront and throughout the process.
Everything seems the same expect for the names of products and such. Who knows what drives brokers to particular lenders especially when the relationship become confusing for clients.
Once this becomes more apparent surely there will be noticeable action.I think as clients of any bank as long as they maintain their service level and remain very competitive they can call themselves what they want, after all we call them what we want too.
Call the ComBank 132224 and ask to be connected to Colonial.
Colonial is a brand name for the Mortgage broker network used by the CBA. CBA took over Colonial but kept the name as Colonial as it was known well by the brokers. The loan products are Commonwealth bank but the branding of the broker network is Colonial.
When you call you will be talking to a CBA employee who happen to work for the Mortgage Broking Arm of Commonwealth Bank. It is a bit like buying Fanta and discovering it is owned by Coke a Cola it is just branding a service with a name.
Mortgage brokers would use CBA because CBA has competitive rates of interest and also some clients want to use CBA as they like CBA and most likely the bank branch presence would be attractive to clients.
I've got a loan with Colonial too. The number I call is: 13 24 07
Hey Blogs,
You say the paperwork has been sent out but have you signed anything? Has any money changed hands? If your broker told you one thing and the paperwork says another do you have anything in writing from your broker stating the original terms and conditions?
I guess what I'm angling at is that your broker may have a legal case to answer.
Art
I like some of the Colonial products however, as most brokers do I steer clear if I can as their service 99% of the time causes problems.
Artaud wrote:Hey Blogs,You say the paperwork has been sent out but have you signed anything? Has any money changed hands? If your broker told you one thing and the paperwork says another do you have anything in writing from your broker stating the original terms and conditions?
I guess what I'm angling at is that your broker may have a legal case to answer.
Art
Thanks all ths far for the replies. A while ago I made the broker email me all the details of the loan showing the interest rate, fees etc so at least I have that. He also finally replied to one of my emails admitting there is a problem and that he would be getting the Com bank to rectify. So this is promising-its just a worry how this can all happen-I mean we agreed on a fixed rate of 7.15 contract comes through at 7.35, agreed on no fees-contract comes through with $8 fee per month, we agreed upon no establishment fee, contract comes through with $300 establishment fee, we agreed on fortnightly repayments, contract comes through with monthly and on it goes…. how these types of mistakes happen is beyond me. Artaud at this point the only money that has changed hands was a rate lock fee we paid a few weeks ago-hence our surprise to see the interest rate had gone up.
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