Do lenders have to be local?

Hi,
This feels like the kind of question that must have been asked a million times before, BUT I searched and did not find!

I just went on a loan comparison site, checked out the best rate basic loan (Greater Building Society) and sent them an email. They said that I would have to actually go to their office to sign paperwork etc. And their nearest office is 100s of kms away, so that ain't gonna happen!

So does this mean that I can only use local lenders? (I'm kind of hoping for a yes, because that would make my shopping around so much easier!)
 
You can use any lender you like.

If you think that The Greater is the best choice then I think you would be wise to spend an hour with a good broker before you travel to Newcastle to sign that paper :)
 
Hiya

u can use any lender that will give u the loan.............

Most lenders have licences to operate in most states

PS comparison rates have a BIG problem...........just because carrrots and oranges have the same colour doesnt mean they do the same thing, even if they do throw in a holiday to colour your view


ta
rolf
 
Establishment fee $1,200 (some or all of this may be deferred at our discretion)

Interesting way of avoiding adding any Establishment fee into comparison rate calculations. :confused:
 
We got our loan via the internet/fax from a bank branch in Victoria. Or Sydney. I lost track. Local schmocal.

Our ID was so badly photocopied and witnessed by a very old woman who forgot her glasses so we could have been anyone.
 
Hi marmalade,


You can use any lender you like. Brokers save you the leg work and as Rolf makes reference- sometimes the Lowest Interest rate is not always attached to the best rpoduct to suit your needs.

Broker/bank - it is all personal preference.

Regards JO
 
Thanks for the info. I was just 'dipping my toe in the water' a bit, not really gonna jump in and do anything silly without checking out all the fine print!
I am meeting with a second mortgage broker tomorrow (because I just didn't 'click' with the one from Aussie), and I'm looking forward to seeing what they come up with.

The only thing I'm concerned about with using a broker is that they deal with about 30-40 lenders, but what about all the others? I have a niggling feeling that there could be better loans out there! Is this justified or is it not worth the time to shop around and check out smaller lenders/credit unions etc.

Has anyone actually found a much better deal than their mortgage broker could have given them?
 
u can use any lender that will give u the loan.............

Most lenders have licences to operate in most states

Not only that, but every lender will have it's own preferences as to what locations it lends for, and what types of properties they want as security, etc.

-Ian
 
Hiya Jam

I suppose it comes donw to what you mean by much better deal ?

This means different things to different people, eg.

1. Lower intial fees
2. Lower Initial intrest rate
3. Lower ongoing rate
4. Low Exit costs
5. Good serviceability model
6. high Loan to value ratio loans
7, easy top up process for investment loans

blah blah blah

Until you know what you want, you will be lead by the nose ring from one sales person to another, until one is good enough to close the deal, even though it doesnt suit your purpose.

ta
rolf
 
Has anyone actually found a much better deal than their mortgage broker could have given them?
No, we're pretty much locked to one bank while we're cross collateralised up to the eyeballs with one property being in a bad postcode and the other two in good. Must sell the bad one some time so we have options.

Our broker seems fine - had a good chat with her yesterday for pre-house-buying advice, since we're buying a house today. I'd recommend her. She's very helpful and if you email her about something she phones you back, which is handy considering how many 1000km away she is :)
 
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