Well i had the misfortune of meeting this poor excuse for a mortgage broker this week, i feel i need to tell you guys all about this. My wife took a phone call from a lady who could hardly speak englist a couple of weeks ago and very pushy, she keep on saying no thank you but the lady on the other end of the phone would not give up. Inthe end my wife agread to have some one come round and show us how we could reduce our mortgage.
So Tuesday night was the night. The lady turned up late for a start and very untidy to say the least, if this was first impression's then we had hit rock bottom already.
So she starting to show us how we could put all our money into to the new facilty, they call it an all in one account but its a line of credit!! I know all about line's of credit, i know how they work, quite simple.
The thing gets me though these guys are selling 1 yes 1 product and this is a mortgage broker!! They are selling the Citi bank mortgage power because its the best product on the market.
Well the thing which nearly made me hit the roof was there charge!! $4500 yes $4500 grand, my god it took her 30 mins to show then wanted to take $4500 off me.
One product does that count as broking?
IMG (International Mortgage Group) are not allowed to get a comission from you unless you sign up and they broker a deal for you. I had my mortgage brokered by them and I lost my home.
There is a lot I can tell you about them.
They tend to want to do things over the phone or in person. No written records means the borrower has no legal records. We never had our letters answered in writing. When I complained I eventually got a phone call and promises. I was told that the office I was writing to was shut down years ago but it is still on their website today.They never gave us a copy of our original contract with them. We finally got a copy from the lender they brokered for us but it had been altered. The interest rate had been whited out and a second nonexistent property had been added.
We went to COSL (Credit Ombudsman Service Limited) but we were extremely disappointed with COSL's performance in trying to resolve the dispute but after all COSL is paid for by IMG's membership fee and fee for disputes.
So now it is being disputed in a different legal arena.Hi Benji Beane
Thanks for sharing.
Is this company that you mention calling themselves a “brokers agent” by any chance? I’m just curious because there’s another interesting thread on the topic at present – it also involved an agent charging a $4k upfront fee for sourcing a loan.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Sigh…I dont know if i should be sad because it’s Monday or because this post about IMG gives us broker a bad name…
No broker should charge a fee unless it’s a complex Commercial loan OR it involves a private lender.Lennyboy- in your situation; this “broker” has broken a few legal parameters set by MFAA and by the NCPP; from my understanding
1. Brokers can NOT do cold calling, unless instructed by the client
2. Brokers can NOT harass
3. Can not charge a brokerage fee unless the client is aware of this before the initial meeting and written in black and white.
4. Can NOT offer a loan that does not clearly benefit the client;Either way, i would complain to COSL (http://www.cosl.com.au/) and to MFAA ( http://www.mfaa.com.au/ ) – it’s free to consumers; and you can simply drop them a email if you prefer.
Good luck! and keep us updated if you decide to take action.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
International Mortgage Group are actively recruiting people over the internet. Here is their website http://www.internationalmortgagegroup.com.au and http://www.img.net.au/ both will get you to an identical website. Our initial contact was from them ringing us cold.
The type of loans we were initially offered can be set up easily by anyone. My suggestion is somebody like Bendigo Bank. We would have been paying 4.8% with Bendigo Bank instead of the 10+% that IMG organized. At one stage we got up to 16%. Check for default interest rates and fees.
But forget about COSL helping. I found they have problems doing basic maths. They are paid for by the mortgage broker and I found them very biased. My COSL case dragged on for about a year and I found a lot of errors in their work. They didn't answer a lot of my emails and just tried to fob me off.
International Mortgage Group do NOT refer to themselves as broker agents. The person who approached me worked for IMG and you can check out their website. I wouldn't recommend trusting any of the promises on the website.
BB
Michael,
You suggested "NCPP" but I think you got the wrong letter doubled. It is "NCCP"The National Consumer Credit Protection Act is a new Commonwealth law that includes the old state based Uniform Credit Code. It enforces reponsible lending obligations on all licensees. To find out more about the new National Consumer Credit Protection obligations visit ASIC.
BB
benji beane wrote:Michael,
You suggested "NCPP" but I think you got the wrong letter doubled. It is "NCCP"The National Consumer Credit Protection Act is a new Commonwealth law that includes the old state based Uniform Credit Code. It enforces reponsible lending obligations on all licensees. To find out more about the new National Consumer Credit Protection obligations visit ASIC.
BB
Sorry Benji, typo:)
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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