Choosing a Broker - a thread for the newbies
- Thread starter Jess Peletier
- Start date
If you transition to a new broker and dont touch the previous loans and you dont take out any more loans then can the existing broker know that you have new broker?
I was planning on moving to a new broker but waiting 2 years until the trailing commissions start since i have just taken my last loan with them and dont want them to loose all their upfront payments.
I was planning on moving to a new broker but waiting 2 years until the trailing commissions start since i have just taken my last loan with them and dont want them to loose all their upfront payments.
So long as existing loans are untouched - then the existing broker doesn't have to know.
They won't lose their upfront unless you refinance out to another lender. They will lose their trailing commissions if you do a top up, change structure, etc. Note if you do this, your existing broker will know.
If you're in perth and have had your previous broker mess you about, perhaps worth giving Jess or Colin Rice a call - they're both on the ball and I suspect you won't need to look for another broker after hitting either one of them up.
Cheers,
Redom
Nope, they wouldn't know unless you refinance their loans. Depending which bank you're with, it might be less than 2 years - maybe 18 mths.
This post is timely for me personally ...
In 3 years I've had 3 brokers ... first one a non-SS broker. Long story short I purchased a town home that was all but built and broker had me believe the loan was unconditionally approved. He knew that I was about the move employment to a similar industry employer and I was told this would be no problem. Well the lender did a quick check before settlement and found that I had moved employment and then declined my loan even though I went to a higher paying job in similar industry. Scramble 2 weeks out of settlement for new lender. Wasn't fun but got it across the line.
Then I found SS and thought I would align myself with someone here ... no names mentioned but needless to say he wasn't interested in my business or returning emails/phone calls ...
Have now tried someone else here but sometimes I feel I am small fish for this person. I've had the discussion on what I hope to achieve but there is no "plan" in place for me and am in two minds whether to swap again.
So the question is how does someone like me with the desire to keep purchasing choose the right broker - one who is interested in my situation and with the desire to continue with me on my journey? I have my own little quirks to my personal situation however income is fairly good and am not difficult or troublesome to deal with?
SWS
In 3 years I've had 3 brokers ... first one a non-SS broker. Long story short I purchased a town home that was all but built and broker had me believe the loan was unconditionally approved. He knew that I was about the move employment to a similar industry employer and I was told this would be no problem. Well the lender did a quick check before settlement and found that I had moved employment and then declined my loan even though I went to a higher paying job in similar industry. Scramble 2 weeks out of settlement for new lender. Wasn't fun but got it across the line.
Then I found SS and thought I would align myself with someone here ... no names mentioned but needless to say he wasn't interested in my business or returning emails/phone calls ...
Have now tried someone else here but sometimes I feel I am small fish for this person. I've had the discussion on what I hope to achieve but there is no "plan" in place for me and am in two minds whether to swap again.
So the question is how does someone like me with the desire to keep purchasing choose the right broker - one who is interested in my situation and with the desire to continue with me on my journey? I have my own little quirks to my personal situation however income is fairly good and am not difficult or troublesome to deal with?
SWS
@SWS - I'd just a have a chat with a few more to see who you click with - I imagine we all have different ways of doing business and relating to our clients and sometimes it can be personality and the way they communicate and relate that can make all the difference.
You are forgetting the biggest thing of all to be a successful mortgage broker and that is being an ever insightful BA 
How many of your clients have wanted to buy an investment property and asked you for your advice on where to buy and even what to buy!
Obviously a lot of clients from SS would be a bit more educated on this matter but I am sure a few "Im investing because property doubles every 7 years" property investors would happily take a brokers advice and use it to buy a 400k investment.
How many of your clients have wanted to buy an investment property and asked you for your advice on where to buy and even what to buy!
Obviously a lot of clients from SS would be a bit more educated on this matter but I am sure a few "Im investing because property doubles every 7 years" property investors would happily take a brokers advice and use it to buy a 400k investment.
I would like to add further to this from personal experience... Please don't assume that because the broker is on SS that they're a great broker. Don't assume because they have many posts that they're a amazing broker. Dont assume becuase they have great responses on many posts that they're up to date and current with each bank that they deal with.
Can I say maybe you need to touch base directly and say these things to them. Tell them (hope its not me BTW!) that you want more of a strategic plan / direction.
People want all different levels of assistance and it is not always easy to determine who wants what. Some don't actually want the full long term plan / discussion, they are happy to map out their own path and just want more general advice on the next 1 or 2 lending options. I will do whatever level my clients want but won't do a full thought out 10 year credit plan for everyone because it takes a bloody long time and not everyone wants it.
I guess I'm saying don't be afraid to ask what you want.
A bit too much time spent on internet forums, and not enough time actually writing loans eh Brady?
I know what people mean when they say some of the professionals on SS dont return phone calls or don't give the client the attention they deserve. If these people aren't taking on new clients, or after the first meeting the service provider doesn't believe they are compatible with the client - please have the decency to say so. A simple "sorry, I'm not taking new clients" or "Sorry, I'm not sure I can assist you with your particular concern" would go a long way.
Edit: Just saw Tango's post regarding the broker knowing when you've gone to another broker. My first broker didn't even notice after I had done a top up with another broker on the same loan (and hence the trails had stopped). I got an email stating "Hi Waldo, just checked your loan & everything looks fine. Let me know if I can be of further assistance". Pretty much sums up the overall level of competance of the broker. ALTHOUGH that broker did help me sign my loan documents in person - which is a lot more than what I can say for my current broker (*hint hint*).
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Far out Jamie, you must have a whole library of chip posters!
Far out Jamie, you must have a whole library of chip posters!
He ain't original that's for sure
I select my Somersoft broker based on how they look in their profile pic...
Srsly, what is it with that trend?
I have used numerous brokers in my time,the best i have ever encountered is Dustin at your broker, he is a SS member,but rarely posts,doesn't need to,a quiet achiever who gets the results..................that's the difference between brokers IMHO.
