Disappointed with my broker

H

Hados

Hi guys,

Wondering if anyone can give me some advice. I emailed my mortgage broker over 2 weeks ago now to enquire about fixing a loan that we have through the CBA for 3 years. The normal girl I use has moved on and the receptionist informed me she had passed my file on to be looked at. To this day I haven't heard anything back and am slightly peeved.
Do you recommend I approach the bank instead? I was hoping to avoid the $750 rate lock fee that CBA has as well. Has anyone successfully had the fee waived? I have borrowings with the CBA of approximately $650k.
I'm also looking to set up a line of credit against one of my properties, but the rate fix is probably more important at the moment

Cheers,

Hayden
 
Hello Hados, I had a similar case 3 years ago, the Broker I was using left the industry, but the Broker my brother used (different company) sent me the CBA form to sign. I think it was called a Switching Form, and came with about 10 pages of small print attached. Anyway I signed it, & the new Broker sent it to CBA, and my loan changed over less than a week later. Not sure about getting the rate lock fee waived, but are fixed rates due to increase soon? If not it may be worth the risk not to rate lock anyway.
 
Hados said:
Hi guys,

Wondering if anyone can give me some advice. I emailed my mortgage broker over 2 weeks ago now to enquire about fixing a loan that we have through the CBA for 3 years. The normal girl I use has moved on and the receptionist informed me she had passed my file on to be looked at. To this day I haven't heard anything back and am slightly peeved.
Do you recommend I approach the bank instead? I was hoping to avoid the $750 rate lock fee that CBA has as well. Has anyone successfully had the fee waived? I have borrowings with the CBA of approximately $650k.
I'm also looking to set up a line of credit against one of my properties, but the rate fix is probably more important at the moment

Cheers,

Hayden
Click to expand...

Shoe on other foot for a mo

Its a busy life, if you really need it done, you might have to chase em.

I know im guilty of same in some instances, as are my clients. Not excusing, just a reality sometimes.

On the rate lock, do you really think rates will move UP during the process ?

CBA fixed rates are "average" and nothing special at the moment


ta
rolf
 
Any branch would be able to switch to a fixed. The branch will only usually refer you back when it's further borrowing you are looking to do, as brokers unfortunately are protected species by the banks many times.
Id would even suggest check competitors fixed rates to see if they can't be match ;) ***banksa***
 
2 weeks ago? That's crap :eek: (Sorry Rolf). As mentioned you could give them a call direct. Your "broker" certainly isn't earning their trail commission.
 
sounds like a 'ma and pa' broker to me, are they suited to investment setup?
i can believe you waited for 2 weeks i would of been back onto it if they hadn't responded in a couple of days.
 
If you are in a rush then go through another broker or branch. You might want to look around for fixed rates cause CBA is not the best.
 
Bradsdad said:
2 weeks ago? That's crap :eek: (Sorry Rolf). As mentioned you could give them a call direct. Your "broker" certainly isn't earning their trail commission.
Click to expand...

Just had a look at my emails- 17th of July was the date i sent the email. The receptionist emailed me back within the day but haven't heard since.
I'm at quite a high LVR so I don't think switching to another lender will be an option. Just looking for a constant repayment on this one property as it's a long term investment (10+ years)
 
Hados said:
Just had a look at my emails- 17th of July was the date i sent the email. The receptionist emailed me back within the day but haven't heard since.
I'm at quite a high LVR so I don't think switching to another lender will be an option. Just looking for a constant repayment on this one property as it's a long term investment (10+ years)
Click to expand...

ok if you are above 80% then definitely stay with CBA. Call them up and do it over the phone or go to the branch if you are not having any luck with your broker.
 
Hados said:
Just had a look at my emails- 17th of July was the date i sent the email. The receptionist emailed me back within the day but haven't heard since.
I'm at quite a high LVR so I don't think switching to another lender will be an option. Just looking for a constant repayment on this one property as it's a long term investment (10+ years)
Click to expand...

Call CBA and tell them that St George are offering you 5.59% fixed for 3 years with a $700 cash rebate.

The retention team will call within 48 hours.

They'll mention that you paid LMI on the loan - tell them that you've spruced the place up and it's probably worth a bit more now.

Best of luck.

Cheers

Jamie
 
Great advise many times Jamie M.

suggest dealing with branch immediately.

suggest looking for a new broker/banker, 2 weeks isnt acceptable, cant just be taking commission and trail has to be about the follow up customer service.
 
Aaron_C said:
2 weeks is too long to get back to you. Doesn't matter how busy the broker is - a client is a client.
Click to expand...

Happens to the best of em I guess, Holidays, personal events and/or issues

We've all had Brokers at some point who've dropped the ball

The Brokers would've had clients who've done the same ;)
 
redwing said:
Happens to the best of em I guess, Holidays, personal events and/or issues

We've all had Brokers at some point who've dropped the ball

The Brokers would've had clients who've done the same ;)
Click to expand...

Just because it happens doesn't make it right. Business is business, if you are employed to do a job and you don't do it in a timely manner then of course the customer is disappointed, angry and has every right to be.
 
agreed aaron. poor business planning and management. if you dont have time outsource the non value added work, recruit more staff, manage time better, etc. no excuse for not returning calls except for poor business management.

Even worse imagine if you rang your broker, didn't hear from them for a week and then find out they had time however to post on forums such as somersoft, etc. Hmmmm
 
Last edited:
coastymike said:
agreed aaron. poor business planning and management. if you dont have time outsource the non value added work, recruit more staff, manage time better, etc. no excuse for not returning calls except for poor business management.
Click to expand...

I doubt that anyone would "schedule" a call 2 + weeks out for something like that.

What has likely happened is that the call back has slipped between the cracks or whatever number of reasons.

No matter how tight one's business process, where humans are involved, stuff sometimes gets missed.

Im not saying its right, or excuseable, im saying it happens, and while one poor experience colours a client's expectations, that doesnt make for a reflection of the business per se. If this was truly the case, one would never step foot on a commercial aircraft.


ta

rolf
 
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