Mortgage Choice Brokers
- Thread starter chilliaa
- Start date
Hya Chill
I think you will find that this is like asking how long is a piece of string.
Mortgage Choice per se would be no different to Aussie or any other largeish franchised broker chain.
Comes down to the individual you are working with. There are many high quality well experienced brokers in the franchise networks.
Conversely there are those that will need to use you for their experience.
ta
rolf
I think you will find that this is like asking how long is a piece of string.
Mortgage Choice per se would be no different to Aussie or any other largeish franchised broker chain.
Comes down to the individual you are working with. There are many high quality well experienced brokers in the franchise networks.
Conversely there are those that will need to use you for their experience.
ta
rolf
I use and reccomend Jane Slack-Smith from http://www.investorschoice.com.au/
very savvy and to boot has a decent IP portfolio her self, so she understands!
very savvy and to boot has a decent IP portfolio her self, so she understands!
I used to work from mortgage choice, and as rolf said, it depends on the individual broker you get. They used to have a proposition of being paid the same regardless of lender. This made them unbiased, however they have had to pull that line as they, like other brokers dont deal with every lender in Australia.
As Rolf says....it's all up to the individual you're dealing with. Just because it's a large franchise doesn't mean you'll deal with someone who is good.
I know of 1 chain that actually advertises that "no experience is necessary" to join them as they will "train" you. I think you'll find most MB's on here will agree that lending is a funny game and that you are always continually learning. I know I am and I've been in the banking/finance industry since '85.
I was actually speaking to a collegue in Sydney a couple of weeks back who's been mortgage broking for 14 years. I was looking to refer a Sydney based client to him but decided against it as he may know lending but he appeared lazy and only willing to do "vanilla" deals and use 2-3 lenders. Not much of a coparison there especially when he didn't even know what the deal entailed.
All in all it's the same as finding a decent salesperon or bank manager. You walk into one branch and get advised a load of rubbish or made feel your interupting more "important matters" by 1 manager but the next you walk into you're made to feel important and receive the level of service you expect/deserve. You can't tar all the managers with the 1 brush although they work for the same bank.
Regards
Steve
I know of 1 chain that actually advertises that "no experience is necessary" to join them as they will "train" you. I think you'll find most MB's on here will agree that lending is a funny game and that you are always continually learning. I know I am and I've been in the banking/finance industry since '85.
I was actually speaking to a collegue in Sydney a couple of weeks back who's been mortgage broking for 14 years. I was looking to refer a Sydney based client to him but decided against it as he may know lending but he appeared lazy and only willing to do "vanilla" deals and use 2-3 lenders. Not much of a coparison there especially when he didn't even know what the deal entailed.
All in all it's the same as finding a decent salesperon or bank manager. You walk into one branch and get advised a load of rubbish or made feel your interupting more "important matters" by 1 manager but the next you walk into you're made to feel important and receive the level of service you expect/deserve. You can't tar all the managers with the 1 brush although they work for the same bank.
Regards
Steve
I've used Mortgage Choice at Springwood for my last two IP's, and I'm currently in the middle of setting up pre approvals for more through them.
I got a knock back in 2004 for a duplex with CBA. If it wasn't for my persistence and Morgtage Choice, I'd be $250,000 poorer. John H. at Springwood not only secured another loan fot the duplex, but worked out that I could afford another house three months later.
Three cheers for Johnno !!!
I got a knock back in 2004 for a duplex with CBA. If it wasn't for my persistence and Morgtage Choice, I'd be $250,000 poorer. John H. at Springwood not only secured another loan fot the duplex, but worked out that I could afford another house three months later.
Three cheers for Johnno !!!
Jane is also a regular on this forum - goes under the moniker of "Buzz"
Chillaa - there are heaps of brokers on this forum including Rolf, Jane, Lukentel, Simon, Bradsdad and plenty more...
given there propensity for quality property advice on this forum - give them a yell and see if they can help you!!??!!
Yep, my office is based in Nunawading.
Last edited:
So what does a Mortgage Broker do exactly? I thought they just tried to find the best interest rates for you once you've got a loan. They must charge something or get something for their efforts? I've been unaware that they could help with the actual setting up side of things. Are they exy?
I'm in Sunbury Vic if there are any on this forum that are close by...
I'm in Sunbury Vic if there are any on this forum that are close by...
It's just not a case of finding the lowest interest rate as many MB's will attest to. It's about finding out a clients needs/goals and then matching a poduct/s to these needs. Sometimes this may not necessarily be the "lowest" rate. Once YOU have decided on a product suggested by the MB the MB will arrange the paperwork and liase with the lender all the way through to settlement. At each stage of the process you should be contacted advising as to where the application is at. there's nothing worse that a client having to ring as they haven't heard anything.
Some brokers may charge a fee for their services. They do this to cover not only their time but for OOP exp. The lender will then pay a fee to the MB based on the initial loan amount and then an ongoing trail commission. The initial upfront may vary between lenders/aggregators and also on monthly/quarterly volumes written by an aggregator. It usually varies between 0.50% and 0.70%. The trail commission is all over the place at present but will vary from nothing in the 1st year to 0.25% p.a of the loan balance.
Hope this helps a little
Regards
Steve
Hi thanks for the replies and information. I think I might have annoyed some brokers out there... sorry I just haven't had anything to do with them before and had no idea.
No I certainly didn't mean 'dodgy'. I meant did they charge a lot of money setting up a loan? I should have worded it better.
I fully understand that sometimes it pays to spend a little to gain a lot and there is often false economy in going for the 'cheapest'. I'm personally not after the 'cheapest' as our situation is quite fiddly and would need, I'm sure, a higher rate or some fancy footwork.
We've had 'cheap' from our credit union but that's probably no longer going to work for us much longer.
Also, yes I do understand that a MB the other side of Oz can do the job just fine, I would personally prefer to deal with someone closer to home.
No I certainly didn't mean 'dodgy'. I meant did they charge a lot of money setting up a loan? I should have worded it better.
I fully understand that sometimes it pays to spend a little to gain a lot and there is often false economy in going for the 'cheapest'. I'm personally not after the 'cheapest' as our situation is quite fiddly and would need, I'm sure, a higher rate or some fancy footwork.
We've had 'cheap' from our credit union but that's probably no longer going to work for us much longer.
Also, yes I do understand that a MB the other side of Oz can do the job just fine, I would personally prefer to deal with someone closer to home.
Hi i am new here. Just been looking at posts for a while and gaining some knowledge from the forum . Time to ask a few questions but a bit shy....
I am about to look at buying a property to live in as PPOR. (Cant get First homeowners as some time ago owned property with former partner). Previously we had a loan with one of the major banks. What would be the benefit of going to a mortgage broker over a bank directly - my situation is safe job with years of employment history, decent deposit, looking to borrow only 200,000?
As many brokers get commissions would they not try to steer me into a product which made them more money?
Is it usual to charge an annual fee for a homeloan?
Mel
I am about to look at buying a property to live in as PPOR. (Cant get First homeowners as some time ago owned property with former partner). Previously we had a loan with one of the major banks. What would be the benefit of going to a mortgage broker over a bank directly - my situation is safe job with years of employment history, decent deposit, looking to borrow only 200,000?
As many brokers get commissions would they not try to steer me into a product which made them more money?
Is it usual to charge an annual fee for a homeloan?
Mel
