broker clauses?

Honestly saw a client yesterday who had gone to Aussie the day before here in Brisbane for an investment loan.

The Aussie adviser told the clients that he only joined them in February after being a mechanic for 10 years and still had the oil stains on his fingers. He may prove to be a very successful Broker but to me if you were thinking of spending $400K or so on a property and when the Broker isnt even sure of what redraw means i am not sure he would fill me with confidence.

He told the clients that he thought they should refinance their existing fixed rate loan and because the total borrowing was over 750K he would get a more experienced colleague to come round and do the paperwork. (Probably an ex- electrician who had been there since Xmas).

I told them stay put with their existing lender as the loan is fixed and we are doing a top up for the deposit and acqusition costs.

Separate loan with a new lender for the balance of the purchase price.

Apparantly he phoned them last night and was stunned when they told him they had gone elsewhere.

Hopefully he only took extended leave from his Auto mechanic employer.

Cheers

Yours in Finance

I used Aussie once – won't ever do it again.  The broker actually had a clue about structures and in the end I got an appropriate loan for my needs.  However the guy was constantly missing in action at all the crucial points of the loan application process.  He'd vanish for days… not return calls or emails… and of course the bank would not talk to me directly about my loan application because it went through a broker… so as the bank told me, I had to talk to my broker.  Highly irritating and could easily have caused me to miss the target on the finance clause on my contract of sale.  More concerning to me was that his manager didn't seem to understand the severity of the issue.

Stay clear of brokers selling properties off the plan!

Ah good old Aussie.

When I purchased my first PPOR quite a few years back, I googled mortgage broker Canberra and ended up on the Aussie website.

The next day, I had an elderly chap knock on the door. After struggling to work out how log in to his laptop, he finally managed to get their generic software up and running. It was scary to have the so called “professional” demonstrate less knowledge about loans then me – and I’d only spent a couple of hours that afternoon doing a bit of research. I suspect it was a career change and he didn’t receive adequate training.

Needless to say, the loan app he submitted for us was knocked back (he used a lender that we didn’t fit – we’d only been back in the country for a short time and had just strarted in new jobs). The next day, I was recommended another broker – I called him up, he came around, wrote the loan and had it approved within a few days.

What did I learn. You MUST feel confident in your broker – if you suspect their incompentent, move to one that can get the job done.

Cheers

Jamie

which broker did you end up going with? if you don't mind me asking? what about the fees?

sounds sus to me

Give Jamie (above) a call or shoot him an email. At least you know he is a keen property investor plus I can recommend him personally as a good mortgage broker.

Hope it all works out for you.

Cheers,
Nathan