Dear All,
1. Has anyone previously dealt with or/and successfully get a loan from "Ozero Pty Ltd", trading as "Redilend Australia" or/and from the Asset Lender of Australia, to date?
2. Redilend Australia advertises its loan services quite frequently in the API magazines, on the TV commercials and occassionally in the local newspapers, providing homeloans with lowest interest rate, debt consolidation loans, loan re-finance etc.
3. Among its many advertised advantages of getting loans from Redilend Australia, includes the following: a 100% No Deposit Homeloans, 95%LVR No/Low Doc Loans, lower monthly loan repayments, 95%LVR Loan/Loan Refinance for Credit Impaired borrowers and for Debt Consolidation purposes.
4. Redilend Australia further claims, that it is able to approve loans within 48 hours upon receipt of the loan application and supporting document.
5. We are presently applying for a loan refinance with Redilend Australian for our property at Lot 2040, Swell Residence, 1 Ocean Street, Burleigh head, Queensland, 4220.
6. We have submitted our refinance loan application and all the required supporting documents to Redilend Australia for its loan processing since 26th March 2008.
7. After giving us an "Indicative Loan Approval" for a A$522,000 loan (90%LVR) on 11th April 2008, which is made subject to the following conditions:
a. satisfactory valuation of the security property.
b. Formal approval by the funder.
c. Standard Lending Critieria.
8. Redilend Australia now further requires us to pre-sign a Finance Broking Contract and a Irrecoverable Letter of Appointment of Agent and Cost Agreement requiring us to pay a A$11,000 commission fee to Redilend Australia upon the loan settlement, in order for them to source and secure the abovementioned loan for us.
9. My wife and I are wondering if the present working procedures adopted by Redilend Australia, as well as the additional finance brokering fees charged to the borrowers, are the usual standard finance brokering industry practices and whether these procedures and fee chargeable are actually legally permitted under the existing Consumers Banking Laws or/and the Consumers Credit Code Regulation Laws in Australia , in the first place?
10. Secondly, we are also wondering whether the A$11,000 finance brokering charge for the loan is "reasonable" or "too excessive" by normal industry practice standards?
11. From my own experience and past dealings with some finance brokers as well as from my own continual self-ediucation through this forum, I understand that finance brokers in WA, do not normally charge such a finance brokering charge as they are paid some commissions by the end lenders for each successful loans referral.
12 However, we also known/heard of many finance brokers operating out from Queensland or/and NSW, who will charge these additional fees to the borrowers, in addition to their usual bank commissions received from their lenders for each successful loan referrals.
13. However, please note that in our earlier investing days back in 2003, we have previously paid some A$6,000 plus as finance brokering fee/commission fees directly to the finance broker at QMB in Queensland for helping us to arrange A$440,000 loan with La Trobe Homeloans for my Australian company at the last minute when many other finance brokers are unable/failed to get us the required loan for the land purchases and house construction.
14. Consequently, we will like to invite the various highly experienced and well-informed members who are present practising finance brokers, to further comment and advise us regarding our loan application:- i.e. whether we should further proceed to get the 90%LVR Low Doc Loan with this loan application through Redilend Australia by paying its A$11,000 finance brokering fee.
15. We further observe that the present procedures presently adopted by Redilend Australia, is very much similar to the procedures being adopted by the Asset Lender of Australia.
16. We have previously also applied for a 80%-90% LVR Loan with this Asset Lenders of Australia in November 2006, to settle on our off-the-plan purchase for the property at Lot 2040 SWELL Residence.
17. After collecting more than A$1500 worth of loan application/valuation fees upfront, the Asset Lender of Australia has continually failed to get us the required 90% LVR Low Doc Loan from its various lenders, including GE Capital, though it has previously advertised itself as capable of doing so.
18. Consequently, we managed to get our 80%LVR Low Doc Investment Loan from AIMS Homeloans to settle on our property purchase in April 2007 through Mis Janine Carpenter, a finance broker at the Independant Mortgage and Finance Services (IMFS).
19. Hence, our present uneasiness with the loan application with Redeliend Australia.
20. We are still not sure regarding the background and current status for both Redilend Australia and Asset Lender of Australia are actual bona fide finance brokering companies within Australia or/and approved MFIAA members.
21. I have made a search for both "Redilend Auystralia" and "Asset Lender of Australia" on this forum but there appears to be nothing written/said about them in this forum, to date.
22. For your further comments and discussion and advice where neccessary, please.
23. Thank you.
Cheers,
Kenneth KOH
1. Has anyone previously dealt with or/and successfully get a loan from "Ozero Pty Ltd", trading as "Redilend Australia" or/and from the Asset Lender of Australia, to date?
2. Redilend Australia advertises its loan services quite frequently in the API magazines, on the TV commercials and occassionally in the local newspapers, providing homeloans with lowest interest rate, debt consolidation loans, loan re-finance etc.
3. Among its many advertised advantages of getting loans from Redilend Australia, includes the following: a 100% No Deposit Homeloans, 95%LVR No/Low Doc Loans, lower monthly loan repayments, 95%LVR Loan/Loan Refinance for Credit Impaired borrowers and for Debt Consolidation purposes.
4. Redilend Australia further claims, that it is able to approve loans within 48 hours upon receipt of the loan application and supporting document.
5. We are presently applying for a loan refinance with Redilend Australian for our property at Lot 2040, Swell Residence, 1 Ocean Street, Burleigh head, Queensland, 4220.
6. We have submitted our refinance loan application and all the required supporting documents to Redilend Australia for its loan processing since 26th March 2008.
7. After giving us an "Indicative Loan Approval" for a A$522,000 loan (90%LVR) on 11th April 2008, which is made subject to the following conditions:
a. satisfactory valuation of the security property.
b. Formal approval by the funder.
c. Standard Lending Critieria.
8. Redilend Australia now further requires us to pre-sign a Finance Broking Contract and a Irrecoverable Letter of Appointment of Agent and Cost Agreement requiring us to pay a A$11,000 commission fee to Redilend Australia upon the loan settlement, in order for them to source and secure the abovementioned loan for us.
9. My wife and I are wondering if the present working procedures adopted by Redilend Australia, as well as the additional finance brokering fees charged to the borrowers, are the usual standard finance brokering industry practices and whether these procedures and fee chargeable are actually legally permitted under the existing Consumers Banking Laws or/and the Consumers Credit Code Regulation Laws in Australia , in the first place?
10. Secondly, we are also wondering whether the A$11,000 finance brokering charge for the loan is "reasonable" or "too excessive" by normal industry practice standards?
11. From my own experience and past dealings with some finance brokers as well as from my own continual self-ediucation through this forum, I understand that finance brokers in WA, do not normally charge such a finance brokering charge as they are paid some commissions by the end lenders for each successful loans referral.
12 However, we also known/heard of many finance brokers operating out from Queensland or/and NSW, who will charge these additional fees to the borrowers, in addition to their usual bank commissions received from their lenders for each successful loan referrals.
13. However, please note that in our earlier investing days back in 2003, we have previously paid some A$6,000 plus as finance brokering fee/commission fees directly to the finance broker at QMB in Queensland for helping us to arrange A$440,000 loan with La Trobe Homeloans for my Australian company at the last minute when many other finance brokers are unable/failed to get us the required loan for the land purchases and house construction.
14. Consequently, we will like to invite the various highly experienced and well-informed members who are present practising finance brokers, to further comment and advise us regarding our loan application:- i.e. whether we should further proceed to get the 90%LVR Low Doc Loan with this loan application through Redilend Australia by paying its A$11,000 finance brokering fee.
15. We further observe that the present procedures presently adopted by Redilend Australia, is very much similar to the procedures being adopted by the Asset Lender of Australia.
16. We have previously also applied for a 80%-90% LVR Loan with this Asset Lenders of Australia in November 2006, to settle on our off-the-plan purchase for the property at Lot 2040 SWELL Residence.
17. After collecting more than A$1500 worth of loan application/valuation fees upfront, the Asset Lender of Australia has continually failed to get us the required 90% LVR Low Doc Loan from its various lenders, including GE Capital, though it has previously advertised itself as capable of doing so.
18. Consequently, we managed to get our 80%LVR Low Doc Investment Loan from AIMS Homeloans to settle on our property purchase in April 2007 through Mis Janine Carpenter, a finance broker at the Independant Mortgage and Finance Services (IMFS).
19. Hence, our present uneasiness with the loan application with Redeliend Australia.
20. We are still not sure regarding the background and current status for both Redilend Australia and Asset Lender of Australia are actual bona fide finance brokering companies within Australia or/and approved MFIAA members.
21. I have made a search for both "Redilend Auystralia" and "Asset Lender of Australia" on this forum but there appears to be nothing written/said about them in this forum, to date.
22. For your further comments and discussion and advice where neccessary, please.
23. Thank you.
Cheers,
Kenneth KOH
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