Can I refinance loans away from broker?

[Youngretiree]

Hi
I refinanced a few property loans away from some lenders all over to one which had the best deals for me, also to release equity and I'm happy with that and them

My broker on the other hand, took 4 months to complete the process which was 3 months later than he originally told me. I was active in chasing up and reminding every few days and in the end after telling me the banks were slow he told me it wad all because he didn't do his job. So, he finally has the loans refinanced but they're still principal & interest. And one of the variable rates are higher than the othrs. So, again with no suprises it's been a few weeks with him saying tomorrow and nothing ever happens

He also owes me money he said (on paper) that he'd reimburse from the date we were due to settle to actual settlement for the difference in interest rate.

I'm sick of this bad service and would like to switch to a broker who does the job and stick with same loans and lender. Is that easy to do and what costs should be involved?

Maybe I can organise myself? But broker tells me he has to do it..
Thanks

 

[Terry_w]

I don't think it can be done unless you do an increase.

 

[Jamie M]

As Terry said - there would need to be a change to the loan account in order for the new broker to take over.

Sorry to hear about the experience - brokers like that give the industry a bad name.

Cheers

Jamie

 

[Redom]

Sometimes changing from P&I to I/O will require a new application. If it does, you can get a new broker to take care of it.

Given you've had a bad experience, give Cjay (Adelaide based) a call and he'll be able to advise more closely.

PS if you'd like to complain, the broker should have a dispute resolution process in place for you to raise your issue. The threat of it should get them to give you what they owe you.

Cheers,
Redom

 

[Corey Batt]

As the other posters have suggested, trying to cut out the broker may require another application/s, whether this is worth your while is the question you'd have to ask yourself.

Resolving the principle and interest repayment may require another application, or be as simple as completing a tick and flick form, depending on the lender.

 

[Youngretiree]

Thanks everyone

The lender is CBA and broker says he simply has to fill in the 'pricing request' and they'll give us an answer within a couple of days as usual. He seems to think it's a piece of cake but actions would speak louder than words

In regard to the dispute resolution, this broker is an employee, maybe it's worth my while talking with the manager. But I either A, don't think they'll care or B, It will anger the broker and I may not see my money he owes. So knowing the financial institution, is it worth me finding a new broker? And if so, what costs?
I've been nothing but polite to this man and have considered him a friend for all my investing career up until now when I realise he doesn't hold me in the same regard. He openly performed illegal acts of finance application by way of telling fibs on paper which no other broker was willing to do so I kept with him and appreciated the things he risked. Just to give you a better understanding of the situation. By the wsy I never asked for him to do that, he just told ne thats what he needed to do to get finance across the line

 

[Terry_w]

Thanks everyone

The lender is CBA and broker says he simply has to fill in the 'pricing request' and they'll give us an answer within a couple of days as usual. He seems to think it's a piece of cake but actions would speak louder than words

In regard to the dispute resolution, this broker is an employee, maybe it's worth my while talking with the manager. But I either A, don't think they'll care or B, It will anger the broker and I may not see my money he owes. So knowing the financial institution, is it worth me finding a new broker? And if so, what costs?
I've been nothing but polite to this man and have considered him a friend for all my investing career up until now when I realise he doesn't hold me in the same regard. He openly performed illegal acts of finance application by way of telling fibs on paper which no other broker was willing to do so I kept with him and appreciated the things he risked. Just to give you a better understanding of the situation. By the wsy I never asked for him to do that, he just told ne thats what he needed to do to get finance across the line

You would still be liable for the fraud...

 

[danwatto]

Treat it as a learning experience and move on.

Once you get a good broker, keep them and don't shop around anymore.

 

[Rolf Latham]

U can do a ip to io conversion quite simply with cba with a rick and flick.

Given your scenario, I'd keep my head down and work through it,

Sounds like some of the outcomes aren't just on the brokers side ?

Ta
Rolf

 

[Youngretiree]

Thanks guys

I'm not sure what you mean in that last statement/query Rolf?
Maybe I'm missing something but I've always just thougt of it as he gets business .I get what I set out to do and nothing much more. I get tge feeling he's just been loving the power trip as of late for some reason. He knows I really want all this done and loves to keep me waiting. Literally it's always this week or tomorrow. It never comes ofcourse but if he wants to be like that then hey, what can I do but keep paying in the meantime, hoping for a refund one day in the distant future if thy all powerful one feels he ever wishes to spend the 4 minutes on internet banking it would take to return it to it's rightful owner and fill in a form

My apologies for sounding heated but I am.

What about a CBA complaints email, is there such a thing?

 

[Rolf Latham]

Your financial arrangements with the broker are your and their business.

I believe you have expressed that the the chance of you being able to move is limited because there are some inconsistencies between the paperwork and the real scenario.

If another broker isn't willing to do the illegal stuff then you are stuck I guess and need to find a way to keep both of you happy and out of legal implications.

If the issue is serviceability specifically, it's unlikely a bodgy application was needed, but I know nothing of your scenario

Ta
Rolf

 

[Youngretiree]

I see. Sorry, I didn't clue on there. The reason is because I no longer fit into that catrgory and most properties have been sold so if anything I'm good to go again! Legally this time..

 

[Rolf Latham]

If the broker is an employee your first call needs to be their employer who are probably going to be quite concerned.



Ta
Rolf

 

[Youngretiree]

For the record, I never thought of it as illegal or dodgy, I knew the banks had a policy to stick to for normal people but I was not one of those people. I knew I could afford the loans for certain and I was right. He knew it too and I believe thats why he did it. He's always been slow so maybe knowing this I'm just impatient. I had no other alternative so it's only now I feel the pinch. I think it's just how he is. Probably nothing personal

 

[beachgurl]

If you switch brokers and change your loans you're likely to be up for some serious clawback fees. Check your finance agreement with them.

 

[Youngretiree]

Thanks Rolf. I'll try that. Really appreciate your time
Thank you

 

[Rolf Latham]

For the record, I never thought of it as illegal or dodgy, I knew the banks had a policy to stick to for normal people but I was not one of those people. I knew I could afford the loans for certain and I was right. He knew it too and I believe thats why he did it. He's always been slow so maybe knowing this I'm just impatient. I had no other alternative so it's only now I feel the pinch. I think it's just how he is. Probably nothing personal

I fully understand what you are saying.

The legal interpretation and potential outcome I expect on a number of fronts would be different and not favourable for both the borrower, the broker and the licensee

Hence why I suggest you don't stir too much here

Ta
Rolf

 

[Hooray]

For the record, I never thought of it as illegal or dodgy, I knew the banks had a policy to stick to for normal people but I was not one of those people. I knew I could afford the loans for certain and I was right. He knew it too and I believe thats why he did it.

Still fraud.

 

[sanj]

For the record, I never thought of it as illegal or dodgy, I knew the banks had a policy to stick to for normal people but I was not one of those people. I knew I could afford the loans for certain and I was right. He knew it too and I believe thats why he did it. He's always been slow so maybe knowing this I'm just impatient. I had no other alternative so it's only now I feel the pinch. I think it's just how he is. Probably nothing personal

You never thought you were doing something dodgy or illegal by lying on a loan application and then signing off that was what written down was accurate? U serious?

 

[Redwood]

I've been nothing but polite to this man and have considered him a friend for all my investing career up until now when I realise he doesn't hold me in the same regard. He openly performed illegal acts of finance application by way of telling fibs on paper which no other broker was willing to do so I kept with him and appreciated the things he risked. Just to give you a better understanding of the situation. By the wsy I never asked for him to do that, he just told ne thats what he needed to do to get finance across the line

As the others have said, this is concerning, and it takes two to tango - you signed the application as did he/ she.