Can I refinance loans away from broker?

[sanj]

You mentioned you're looking for a new broker who does the job, does that job include committing fraud hand in hand with you and then publicly admitting it on the Internet?

 

[Terry_w]

You face both criminal and civial penalties. The bank will call the loan in, you will have 30 days to repay the loan in full. You will then have to try to find a new lender - lenders frequently breach the privacy act by letting other lenders know about fraud cases - maybe it is not a breach. There are only 2 main insurers so if your loan is above 80% you are in an even worse position.

Up to 5 years prison for a charge of obtaining a financial advantage by deception. There may be other criminal charges as well.

Not to mention the ATO may become involved looking at the income declared and then assessing you on it.

 

[sanj]

you face both criminal and civial penalties. The bank will call the loan in, you will have 30 days to repay the loan in full. You will then have to try to find a new lender - lenders frequently breach the privacy act by letting other lenders know about fraud cases - maybe it is not a breach. There are only 2 main insurers so if your loan is above 80% you are in an even worse position.

Up to 5 years prison for a charge of obtaining a financial advantage by deception. There may be other criminal charges as well.

not to mention the ato may become involved looking at the income declared and then assessing you on it.

yolo



......

 

[D.T.]

Sounds similar to others experiences with Aaron C

 

[albanga]

Safe to say this has escalated a bit past what the OP had in mind.

 

[cuteduck]

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

How does he owe you money?? You mean rebate from upfront or trailing commission or ?????