Anyone used Aussie?
- Thread starter Sonamic
- Start date
I know for a fact there are some great brokers in the group
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Like any industry there's some good eggs, some average eggs and some bad eggs. Just need to pick which category they belong in. I would rather engage a person and not the brand behind them.
I used a broker from Aussie for my first home but that was a basic no frills transaction.
I used a broker from Aussie for my first home but that was a basic no frills transaction.
You're asking the wrong question. Aussie themselves aren't good or bad - it is completely dependant on the individual broker you wind up with.
Why would you risk it with a random unproven and let's face it most likely transactional broker that you get walking into a franchise when you've got a choice of experienced brokers here who specialise in investment lending?
I'm sure Aussie has good brokers but pinpointing them is the difficult part. Ask for some recco's from forum members or investor friends before resorting to pot luck.
Why would you risk it with a random unproven and let's face it most likely transactional broker that you get walking into a franchise when you've got a choice of experienced brokers here who specialise in investment lending?
I'm sure Aussie has good brokers but pinpointing them is the difficult part. Ask for some recco's from forum members or investor friends before resorting to pot luck.
I used an Aussie broker 11 years ago when buying my first home. It wasn't the best experience - lots went wrong, there was little communication and we almost missed out on the house.
He couldn't get it done on time so we moved onto another broker who was recommended to us - he was excellent. He was reassuring, professional and efficient. He got the job done.
At the end of the day - my experience with Aussie was based on one broker. There are good ones out there - it's just a matter of doing your due diligence when looking for a finance person rather than just calling a toll free number and hoping for the best.
Cheers
Jamie
He couldn't get it done on time so we moved onto another broker who was recommended to us - he was excellent. He was reassuring, professional and efficient. He got the job done.
At the end of the day - my experience with Aussie was based on one broker. There are good ones out there - it's just a matter of doing your due diligence when looking for a finance person rather than just calling a toll free number and hoping for the best.
Cheers
Jamie
It's perfectly fine to ask the wrong questions - so much better than asking no questions at all
In any case, we all misunderstood and gave the wrong answers!
In any case, we all misunderstood and gave the wrong answers!
Thanks guys. I did mean their product, not individual Brokers. I believe they use CBA. Therefore answering my own question.
I have no Investor friends, hence being on this site, and asking the wrong questions.
Aussie are a franchise mortgage broking firm who its founder, John Symond, sold a majority portion to CBA a few years ago so now CBA have an ~80% share in the business.
The Aussie brokers have quite a few lenders on their panel so not just restricted to using CBA as a lender when writing loans.
most brokers that I know,and have known are highly reliant on their Explorer Sw.
the typical offering is around the top 3 priced product for the product mix the client is looking for
Coal Face Commercial reality usually sorts this idea pretty quickly.
A good case in point is the NAB ownership of 3 major aggregators,so the NAB funded rebadged Advantedge product gets a fairly strong push with some incentives, but it usually doesnt make it asa major source of funding with most brokers across the groups
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I believe the question is related to the Aussie branded product. Used to be Origin (ANZ) funded . Then PUMA (Macquarie) funded. I believe CBA funds it these days.
Yes. It is "branded" as an Aussie Home Loan but the money comes from CBA. So anything you do with Aussie is overseen by CBA technically. Therefore reducing your BC with CBA?
By that respect there is a massive COI with all mortgage brokers as they only sell products they have and don't offer others.
I have two loans with Aussie - a fixed ending early next year and a basic variable.
They seem to pass on rate cuts fairly soon after RBA announcement, but last one was only .2% instead of .25%.
Good products in regards to fees (none) but no offset account for the basic is a bummer and I'm starting to look around.
The brokers & support staff at the franchise/office I used were excellent. Great at communication. A much more pleasant experience than when i got my first home loan through a Mortgage Choice broker. I remember correcting him on a few concepts and never heard from him again once the loan settled.
They seem to pass on rate cuts fairly soon after RBA announcement, but last one was only .2% instead of .25%.
Good products in regards to fees (none) but no offset account for the basic is a bummer and I'm starting to look around.
The brokers & support staff at the franchise/office I used were excellent. Great at communication. A much more pleasant experience than when i got my first home loan through a Mortgage Choice broker. I remember correcting him on a few concepts and never heard from him again once the loan settled.
I believe the deal Aussie have struck is an identical fee for all lenders to avoid bias incl CBA. CBA see themselves as owners not running AHL. May be wrong but Aussie John reckons its why they can use such a broad panel of lenders.
Possibly but doubtful. The implications of doing so would be more than the possible benefits.
I only have a high level view of how the Aussie Franchise works but assume, in this respect, the perceived COI would be similar to other franchise and non franchise mortgage broking businesses as most aggregators have their own branded products for brokers to write.
Ah, misunderstood the OP.
I am in the process of getting an Aussie loan. The positives I can see are competitive interest rates, pretty quick to drop the interest rates and no fees. I am going with their basic variable product.
The biggest negative I see if no offset if you go with basic (cheapest) variable. Another thing I see is they don't seem to be very good in documentation. The loan approval letter seemed a bit childish. I expected much more details with the loan approval.
The biggest negative I see if no offset if you go with basic (cheapest) variable. Another thing I see is they don't seem to be very good in documentation. The loan approval letter seemed a bit childish. I expected much more details with the loan approval.
