Changing brokers
- Thread starter Barracuda
- Start date
Hi BarracudaBarracuda said:
It would be like changing branches in a bank I suspect. You have the preapproval with the lender,not the broker. Keep record of the pre approval docs.
Cheers
simon
The biggest hastle for you is that the new broker would not already have knowledge of your position and would have to get the appropriate paperwork from you.
hi Barracuda
funny question for me
as I will probably get my head chewed off
but I have a group of brokers that I send my projects to and the best deal gets the job and I recommend that to everyone
some people here say thats not the best way to go but it works for me and you can check out which lender you want to go with.
and don't pay up front until the deals the best.
as for info give them all the info
its no great loss and you will be pleasently supprised at the result.
there is very old saying that is the easiest way to get money is when you don't need it and with this in mind, if you have a good deal another lender is going to want to get your business because you don't need to borrow from them.
with pre approvals the reason to keep them is they are good to get other lenders to do better and they will.
always remember that the job of a lender is to lend and they must try to lend to the lowest risk and if you have already got an approval by default you are the lowest risk, so use this new found power.
funny question for me
as I will probably get my head chewed off
but I have a group of brokers that I send my projects to and the best deal gets the job and I recommend that to everyone
some people here say thats not the best way to go but it works for me and you can check out which lender you want to go with.
and don't pay up front until the deals the best.
as for info give them all the info
its no great loss and you will be pleasently supprised at the result.
there is very old saying that is the easiest way to get money is when you don't need it and with this in mind, if you have a good deal another lender is going to want to get your business because you don't need to borrow from them.
with pre approvals the reason to keep them is they are good to get other lenders to do better and they will.
always remember that the job of a lender is to lend and they must try to lend to the lowest risk and if you have already got an approval by default you are the lowest risk, so use this new found power.
I should expand on the reason I'm looking to change...
I'm getting a reasonable discount, so that's OK. My issue is the timeliness of work. With 2.5 days to go before going unconditional on the 2nd IP, and after 4 weeks to arrange a deposit bond, I find out from my conveyancer (not the broker) that the broker hasn't been able to arrange a deposit bond for the appropriate amount. If I'd known earlier I could have pulled cash from managed funds without hassle; but with 2.5 days to go it was all hands to the pump. Further, with this very late notice, there is no opporunity to re-assess the numbers to ensure that a decreased deposit bond (which still costs similar) is now the best approach (opp costs etc)
Other issues - well, never a PDS or scenario analysis in sight, even when asked for directly.
Anyway, so looking to change for a more timely level of service so I don't default on contracts and my reputation with vendors isn't affected by slow service.
Nothing against brokers in general, just this one.
Cheers,
I'm getting a reasonable discount, so that's OK. My issue is the timeliness of work. With 2.5 days to go before going unconditional on the 2nd IP, and after 4 weeks to arrange a deposit bond, I find out from my conveyancer (not the broker) that the broker hasn't been able to arrange a deposit bond for the appropriate amount. If I'd known earlier I could have pulled cash from managed funds without hassle; but with 2.5 days to go it was all hands to the pump. Further, with this very late notice, there is no opporunity to re-assess the numbers to ensure that a decreased deposit bond (which still costs similar) is now the best approach (opp costs etc)
Other issues - well, never a PDS or scenario analysis in sight, even when asked for directly.
Anyway, so looking to change for a more timely level of service so I don't default on contracts and my reputation with vendors isn't affected by slow service.
Nothing against brokers in general, just this one.
Cheers,
