Hi all,
For those of you having trouble getting finance or getting your bank to structure your loans the way you want them it is worth your while to use a Broker instead of trying to negotiate by yourself.
Am in the process of setting up to buy IP2 and IP3. Asked the CBA to set up a LOC against my PPOR (owned outright) and release my home as security on IP1 before proceeding further. I was given a whole list of reasons why setting up a LOC was not the right way to go and told that I'd need to pay $60k off IP1 before they'd consider releasing the security. I put forward my case till I was blue in the face to no avail.
Broker Jamie M of Pass Go Home Loans then contacted the CBA on my behalf. Within half an hour CBA had emailed me the necessary documents to both set up the LOC and release the security.
Cheers,
SundanceHalf of the deal to make a loan work is in the presentation.
A broker has a vested interest in providing a competent presentation to get the deal through .. he gets commission for providing the deal.
Therefore its one step in your favour. A person who will provide a presentation to the bank or financial institution as an in-between ON YOUR BEHALF to provide the best chance of getting your loan through.
Otherwise its reliant on your personal presentation to the bank. And the broker .. he does this everyday .. for a living.
Who do you think is more likely to know how to get your loan through?
Agree xdrew.
There are people out there who see us brokers as a thorn in the side. The most common negative comment I hear are that we brokers only direct clients to the highest paying commission lenders, and therefore don't have their best interests at heart.
It's only when you give them an insight of the benefits of using a broker, that they start to realise we aren't a bad lot after all.
Sundance wrote:Hi all,For those of you having trouble getting finance or getting your bank to structure your loans the way you want them it is worth your while to use a Broker instead of trying to negotiate by yourself.
Am in the process of setting up to buy IP2 and IP3. Asked the CBA to set up a LOC against my PPOR (owned outright) and release my home as security on IP1 before proceeding further. I was given a whole list of reasons why setting up a LOC was not the right way to go and told that I'd need to pay $60k off IP1 before they'd consider releasing the security. I put forward my case till I was blue in the face to no avail.
Broker Jamie M of Pass Go Home Loans then contacted the CBA on my behalf. Within half an hour CBA had emailed me the necessary documents to both set up the LOC and release the security.
Cheers,
SundanceThanks for the kind words
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]
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