hahahahaha
Commissions: How much do mortgage brokers get per loan?
- Thread starter hpe
- Start date
hahahahaha
Very interesting thread. Always thought bank employees just got a salary. Guess i should have known better - sales persons of the banking world. When I banked with CBA was always pestered into doing this/that/insurance/open blah blah account. Now I'm with NAB with personal/business banking - never ever get a sales pitch. Really cant complain about anything.
And you really don't think that exists in the business bank.
It does, but its better sold and there better employees who earns better $$
If you wanna call me to discuss, please call 1300GULLIABLE
Lol, so true. The only reason you have a private banker is to sell you even more stuff.
There's no difference in published rates between bank and broker channels.
Going to a bank directly, they can get things done a little faster.
Brokers have far more options to figure out the ideal solution.
Going to a bank directly, they can get things done a little faster.
Brokers have far more options to figure out the ideal solution.
Most of the comminsure products are pretty reasonable, I have no issues offering these products. I have had clients sick, injured and loss of employment who have had cover and others who have refused and they haven't been covered (it's not a nice feeling either way). What happens if I don't offer these products and something does happen, when I'm fully aware I could of at least offered a product could assist.
I get pushy sales, that's not cool. Most of the general insurance through comminsure is extremely competitive with a decent product.
You also were likely on a package of sorts which give you discounts on insurance and free accounts/cards...
I'll challenge the little bit faster to a lot faster.
But give you the more options
I purchased 2 properties last year. One direct with a big 4, another with a broker.
One gave me approval in 4 days with only a desktop valuation required. The other submitted the application about a week prior to settlement
One property I was waiting for the vendor a few days. The other I settled a week late.
You can probably guess which deal was through a broker and which was direct to the bank...
Sometimes brokers complicate things.
A friend of mine purchased a property recently and he used equity of a house he owned. The broker ordered a full valuation for that property. It came some 30k less than desktop val. Lost some LMI.
With hindsight he should have used my broker. My broker blackmailed my current bank (through which the property was settled just a couple of months ago with quite lower valuation) with a valuation done through another bank and got the LOC we needed Guess who my broker is?
A friend of mine purchased a property recently and he used equity of a house he owned. The broker ordered a full valuation for that property. It came some 30k less than desktop val. Lost some LMI.
With hindsight he should have used my broker. My broker blackmailed my current bank (through which the property was settled just a couple of months ago with quite lower valuation) with a valuation done through another bank and got the LOC we needed
Guess who my broker is?
I have no issues the CBA trying to offer me products, always thought they were being super helpful lol. Didn't think a bank teller would receive sales commissions on them though, it was always when i popped in to do some over the counter banking.
Mmmmm, might ring that 1300gullible number now
I have no issues the CBA trying to offer me products, always thought they were being super helpful lol. Didn't think a bank teller would receive sales commissions on them though, it was always when i popped in to do some over the counter banking.
Mmmmm, might ring that 1300gullible number now
They don't receive commission they have sales targets, just like most business. They can also receive a bonus for exceed targets... bonus for teller a really good one might be <$2k in a year, nothing to write home about. Also they have service targets as well, which are very high standards. If the service standard isn't met no bonus.
hrmm well the person I responded to didn't seem to think everyone was in sales
Poor buggers...? should they not make sales, I don't get your angle?
While the advertised rates may be the same, I would think that brokers would have a much bigger picture of how much different banks are willing to decrease their rates. For example, you or I may think a .5% reduction is great and walk away happy, but a decent broker would know that this particular lender regularly gives 1% on this particular loan size.
My broker has just negotiated my rate down another .15% (with a new loan on their books). While I could have asked for this myself, it was nice to have someone do the heavy lifting without being asked.
BR
IMO I always recommend clients see a broker. They know market and what is competitive. They usually outbid the client own bank and if they cant they tell you. Its a blind auction that can manage. The client bank often plays the trump card and broker knows that and is happy to assist. All fees paid by lender so no cost really. Only thinhg to watch is the dodgy broker who scams the churn sale.
I see no issues. The problem I see is clients who think their bank is a fan and they get screwed by NOT using a broker. You cant tell someone who wont listen. You cant lose $$ using a good broker. You retain choice.
I see no issues. The problem I see is clients who think their bank is a fan and they get screwed by NOT using a broker. You cant tell someone who wont listen. You cant lose $$ using a good broker. You retain choice.
