suggestion on mortgage broker
- Thread starter shail
- Start date
I have had a very bad experience with a broker from Mortgage Choice!! Of course I'm sure not all MC brokers are terrible, although I would never go back again! Very bad, impersonal service, inflexible and an apparent determination to use a particular lender - by the time I discovered all this too much time had been wasted and I had to persevere with him. Never again. Also constant hints and proposals to "make use" of their "free" financial plannig expert...no thank-you!!
I will happily recommend Rolf Latham from the forum - there are also several other brokers that frequent the forum, that I'm sure others will be happy to recommend..
Good Luck
Nadia
I will happily recommend Rolf Latham from the forum - there are also several other brokers that frequent the forum, that I'm sure others will be happy to recommend..
Good Luck
Nadia
Hiya
Depends
Most non franchises brokers running their own biz get some % based on the loan amount minus aggregator fees.
Many loan writers and some fran brokers end up with a flat fee
ta
rolf
Depends
Most non franchises brokers running their own biz get some % based on the loan amount minus aggregator fees.
Many loan writers and some fran brokers end up with a flat fee
ta
rolf
I go with the mortgage broker that gets me what I want.
Shail, I think you need to know the right questions to ask a mortgage broker to evaluate whether they're good or not. e.g. would they suggest IO or P&I, offset or not, how they can maximise your future borrowing capacity so you keep buying, etc.
Alex
Shail, I think you need to know the right questions to ask a mortgage broker to evaluate whether they're good or not. e.g. would they suggest IO or P&I, offset or not, how they can maximise your future borrowing capacity so you keep buying, etc.
Alex
'Evening All,
Sadly anyone can buy into a franchise with minimal scrutiny. I believe it all comes down to the expertise of the broker; particularly with franchised agencies such as Mortgage Choice. I have heard numerous anecdotal accounts of how poor certain brokers have been etc. and have read a number of posts over the years on this forum detailing similar misfortune.
Personally I have used Mortgage Choice, but more importantly the same broker, since 2002 and couldn't be happier. Leeanne Scott of the North Sydney agency (she has a background in banking / finance.....which makes a huge difference) has handled my portfolio since we first met in Adelaide while she was in operation there. She has always provided an exceptional service and I am quite happy for her to receive any commission because it is fair reward for her efforts......and I know what grief I have served up to her over the years.
I have previously recommended my work colleagues contact her and to the best of my knowledge they have similar appraisal.
Ultimately sometimes people get too caught up in what commission brokers of various professions receive......the bottom line is that if they are providing you with the service / product your circumstance requires then let the institutions pay them as much as possible because they deserve it.
If they are genuinely assisting you with your wealth creation, then why not assist them with theirs?
:>)
Cheers,
Ian.
Sadly anyone can buy into a franchise with minimal scrutiny. I believe it all comes down to the expertise of the broker; particularly with franchised agencies such as Mortgage Choice. I have heard numerous anecdotal accounts of how poor certain brokers have been etc. and have read a number of posts over the years on this forum detailing similar misfortune.
Personally I have used Mortgage Choice, but more importantly the same broker, since 2002 and couldn't be happier. Leeanne Scott of the North Sydney agency (she has a background in banking / finance.....which makes a huge difference) has handled my portfolio since we first met in Adelaide while she was in operation there. She has always provided an exceptional service and I am quite happy for her to receive any commission because it is fair reward for her efforts......and I know what grief I have served up to her over the years.
I have previously recommended my work colleagues contact her and to the best of my knowledge they have similar appraisal.
Ultimately sometimes people get too caught up in what commission brokers of various professions receive......the bottom line is that if they are providing you with the service / product your circumstance requires then let the institutions pay them as much as possible because they deserve it.
If they are genuinely assisting you with your wealth creation, then why not assist them with theirs?
:>)
Cheers,
Ian.
Hi Kris
From post you are in pre approval stage ?
What issues could that be ?
ta
rolf
From post you are in pre approval stage ?
What issues could that be ?
ta
rolf
Hiya
Id have to agree with Ian
As with all things, look beyond the brand and look at the person
ta
rolf
Id have to agree with Ian
As with all things, look beyond the brand and look at the person
ta
rolf
Hi Rolf,
Yes, I am. Issue is the mortgage insurer is having issues trying to prove my income despite group certs,tax returns, letter from my contractor company, letter from my management company (the guys that pay me) pay clips, savings history, credit card statements, you name it...
I believe my broker has really not presently me in very good light at all. I'm also a customer of this bank for the last 10 years with excellent history. I found the broker didnt really understand my situation to begin with and therefore has not presented me well to the bank/insurer. The BDM has been alot more helpful!
I've also spoken to two other brokers who have basically said they are well aware of how I get paid and so on, and that they could have presented this loan without a drama.
In short, I'm a contractor that has been on 3 contracts with the same company since Mar 06 last year. 10 years industry experience, the 6month contracts are redrawn up twice a year and just keep rolling on. My gross salary is then paid to a management company, who take a fee of my gross and then distribute my income under a trust structure to me which includes my gross and super. I then do what I wish with the money. Difference is, im not a PAYE. Income is 150K+, this and last year the income is shorter than usual as this year I had a 3month holiday in Europe & the US (savings history shows this) and last year I did 2 months overseas holiday
Hopefully this morning the BDM will call me and Ill know more...
This broker ive used doesnt seem to have much experience with this kind of thing despite having an accounting background.
