Hi
Has anyone ever use/deal with peach home loans? any experience whether bad or good?
It seems that they are rebating up to A$ 1500.Cheers
Don
Hi Don
Yes there are a few such rebate organisations cropping up all over the place.
You have to ask yourself will they be acting in your best interest or steering you in the direction of someone who offers the highest commission so they can refund some of this back to you.
I have had a few clients look at them and when i have seen what they have suggested to the client and pointed out the pro and cons of the particular most clients have run a mile.
Guess it is upto you what you want out of your loan and your mortgage broker.
Richard Taylor | Australia's leading private lender
Hi Richard,
Thanks for your comment.
My main interest is obtaining loan for my IP. I did search around using various website (infochoice, ratecity etc)
and there is no difference obtaining 'simple full doc' home loan directly compared to through the broker.
The rate is quite competetive.Eventhough, onedirect/myrate/quick direct etc were initially thought to be cheaper, but credit crisis has made them
on par with big lender IngBank (my current lender).I guess that why not pocket an extra A$1000+ if I m going with IngBank again
Cheers
Don
I completely agree with Richards comments being a mortgage broker myself. Companies dishing out part of their commission are neither doing any good to themselves nor any good to their clients. By rebating the commission they are reducing future investments to their own business hence lower value to their clients in the future. Also customers who are after rebates would realise that would lead to many honest brokers out of the market in the long run and hence also reduce competitiveness of the industry. Banks are reducing commissions to the brokers now having tried all other direct models like online and also branches which have failed in their service proposition. Good news is that most clients are not after commissions and want a honest and reliable service from preapproval to settlement.
Regards
Hitendra Jagdale
The Mortgage Professionals
Tel: 02 96314783
Mobile: 0415 383 478Don
I am not sure how many independant mortgage brokers would recommend ING for an investment loan in the first place.
Richard Taylor | Australia's leading private lender
Hi Richard,
Thanks for your input. I m only looking for cheap simple variable as I did tell my broker.
ING offers 8.78% and bank west rate tracker 8.46%. There are plenty of offset wealth package
offered by the banks but I m not keen.Just wondering what do you normally offered your client. Sorry if I m too naive.
Cheers
Donald
god_of_money wrote:I guess that why not pocket an extra A$1000+ if I m going with IngBank againHi Don,
If all you are after is someown to process a loan for you, then you may as well go with a broker that gives you a rebate. However, for most investors the problem is structuring your loans and using lenders that allow maximum flexibility, tax efficiency and servicibility. You generally get what you pay for in this world and and you are unlikely to receive particulalry high quality advice from someone who has to buy your business.
If you use Peach or a similar company ou may be lucky and get someone very knowledgable who can give you a first rate service, but I wouldn't bet on it. As an investor your needs are or will become more complex than a simple home owner.
Regards
AlistairTaking advise from this site, I looked up Peach Home Loans, but found that I could get a better rate from My Rate. I am pretty happy with their deal. They also go through ING. I do not know much about how it works becasue I have just put in an application. But maybe give them a call??
Don.
The rate they offered me was 8.64% through ING if that helps.
Cheers.
Hi don juan,
how long ago is that?
The latest ING Direct is 8.78% ( > 300k) or 8.84%. They just increase by 0.1%Have u ever deal with Nic Gruen?
ThanksDon
The so called Dr yes he is the founder of Peach.
Richard Taylor | Australia's leading private lender
Hi Richard,
I was given that rate last week I went through My Loan My Way. i was reccomennded to go there by a friend. I am sure if you put there name in google they will come up.
They go directly through ING so maybe they can get better rates, I am not sure. Make sure you check it out and let me know.
I wasnt too happy with Peach though so i didnt go very far with them.
Don.
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