LOC

Viewing 4 posts - 1 through 4 (of 4 total)

op9
Participant
@op9
Join Date: 2009
Post Count: 3
April 7, 2010 - 1:10 pm
Hi everyone,
If I want to apply for a LOC, should I go straight to the Bank or a Finance/Mortgate Broker? Why?
Thanks,
OP9.
v8ghia
Member
@v8ghia
Join Date: 2005
Post Count: 871
April 7, 2010 - 2:36 pm
Hi op9. Big believer in relationships – whehter it be with your bank, broker , or credit union. If you have one of the aforementioned you bank with or are comfortable with I would suggest seeing them first. If no joy, then it's open slather. All the best. Cheers
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
April 8, 2010 - 9:08 am
either.
If you go to the bank you will only hear about their products.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
April 8, 2010 - 12:18 pm
he new Credit Laws are going to make this very interesting.
If you go into a Wesuck (Westpac) Branch as an existing customer and they tell you that their product is for you and is the best out there they have breached the new Credit Laws as clearly you could do better and they should have referred you elsewhere.
Went to an interesting briefing today thru our Aggregator and they had a legal expert from one of the major law firms telling us just this. Bet of course the Bank manager wont be prosecuted like the poor Broker will be for not knowing your products and your custoomer.
Richard Taylor | Australia's leading private lender