Mortgage Broker in Melbourne

From: Rick Kirk


Hi Everyone,

Please excuse my asking this question as I know this type of thing comes up often. I've done and search and didn't turn up much.

I was wondering if anyone can recommend a broker in Melbourne. If possible could you also please qualify your recommendation with reasons why that particular broker suits you and your investment profile...

My "banker", whom I usually can call and organise finance with has apparently found a better place of work :(

Thankyou all for your wisdom!

Cheers,
Rick.
 
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Reply: 1
From: Kristine .


Hi, Richard

I have a 'cracker' of a broker, who I have been recommending for about a year through the agency I was last selling with.

Alan has access to all sorts of interesting packages, for all sorts of reasons.

He is a very mild mannered, knowledgeable sort of fellow, nothing is too much trouble, very well prepared.

Alan has just organised a 'low docs' loan for me - interest only, redraw facility, 30 years, 7.24% variable, very modest setting up costs.

He has also organised approval for a twelve month, 'no docs' loan, interest only, for a development which I hope to start soon.

He also does all the major banks, serviced apartments, line of credit, standard home loans, whatever is most appropriate for your circumstances.

I haven't asked for his permission to publicise his details on the forum, but if you care to email me I give you his contact numbers by return email.

Cheers

Kristine
 
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Reply: 1.1
From: Russell Chellew


Hi Kristine,

There are Lodocs as low as 6.12% variable I/O 5 yrs overall term 30 yrs with redraw.

I have access to another Lodoc lender @ 7% variable, no ongoing fees,I/Only 5yrs overall term 30 years with redraw.

regards

Russell
 
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Reply: 1.1.1
From: Kristine .


Hi Russell

Sure, there are many variations, but without disclosing my own particular and specific circumstances I can't elaborate on why I think I got a pretty good deal.

And, you will note, my terms are 30 years interest only, which is totally appropriate for my circumstances, and which is worth paying a bit more for me at this time.

There will always be greener grass on the other side of the fence, however, in my perhaps limited personal and professional experience sometimes the greener grass does not stand scrutiny.

I bought my first business in 1989 (fools rush in where angels fear to tread) with a Better Business Loan from one of the Big Four, at 24.25%perannum. Of course there were cheaper loans about (I'm not sure where), but I had spent nearly six weeks chasing money including government business incubators, when my own bank was quite prepared to lend it to me on an unsecured loan.

Within months, interest rates started to ease, and by 1994 when I sold that business, I had built up a strong and ongoing relationship with the bank which has stood me in good stead and on which I still rely.

I personally think there are more important factors to consider in business than a few points of interest, and at the commencement of this new business venture my priorities are listed horizontally. Loan setting up costs are only part of the process - I'm also investing in education, reputable survey and drafting services etc, and while there is no guarantee of quality or satisfaction, I certainly increase my chances of success by not choosing a product (any product) based on cost alone.

Ruskin said something along the lines of "There is hardly anthing in this world that some man cannot make a little poorer and sell a little cheaper, and the people who consider price only, are this man's lawful prey".

So I'm sure your cheaper product is a quality product, Russell, but I'm more than pleased with what Alan has recommended for me in this instance.

Cheers

Kristine
 
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Reply: 1.1.2
From: Rolf Latham


Hiya Russell

Ya gotta be careful though, while the Suncorp product you are quoting is the best on the market, and I love it (most times) its not a one size fits all.

Minimum three years self employment doesnt work for everybody and because their No docs process is still"new" my experience says they are inconsistent in what they will and wont approve.


Ta

Rolf
 
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Reply: 1.1.2.1
From: Russell Chellew


Hi Kristine,

I was trying to point out that their may be some cheaper lodoc loans on the market that Alan may consider for you also, however it appears that these may not meet your current individual requirements.

thanks for your comments

regards


Russell
 
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Reply: 1.1.2.1.1
From: Russell Chellew


Hi Rolf,

I agree totally with your comments re Suncorp Lodoc and I have experienced some inconsistency in their policy , however if the client fits their policy, I cant find a better LODOC product around at the moment( approx .70% to 1% below most competitors variable rates.)


cheers

Russell
 
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Reply: 1.1.2.1.1.1
From: Rolf Latham


Hiya Russell

Yes its the best low docs product on the market and that is because rather than a product per say its a low docs process that uses their standard products, I mean as you know, they will even give you a LOC to 750 000 at sorta 6.5 rates. Its just damn scary to sit in fornt of a client and go yeah Jim no problems, and then a valuation comes in at 750 when market is 1 350 etc.

Perhaps this thread here can be used to elucidate the sometimes spurious loan decisions that lenders make.

Without dropping any in the pooh, what sort if inconsistent decisions have you seen ?


Ta

Rolf
 
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Reply: 1.1.2.1.1.1.1
From: Russell Chellew


Hi Rolf,

I think it is a case with this lender that the "Sales" people wanted to introduce a lodoc product but didn't talk to the "credit people first ! The Credit Policy is now more defined .

I have had a joint Lodoc loan (husband & wife ) declined because female applicant had never ever borrowed before!! I thought a client with a clear credit enquiry history (nothing adverse)would a typical client the Banks would want!!

On the other hand ,there are some loans that you you dont think will be approved that are .

Cheers

Russell
 
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