Switching Brokers

[Noodle]

Hi All,

Keen to get some thoughts on the best way of switching brokers.

Essentially I am tired of my current broker who is absolutely useless at returning my calls or communicating on any level for that matter.

Now the question I have before I pull the trigger (not literally ) is: How do I go about switching to another broker when my current broker has already arranged the pre approval? I'm happy with the product and bank and happy to stick with this but do not want to have multiple applications submitted in fear that it will look bad on my credit record.

Is this an easy fix? Can I just switch brokers and have them notify the bank that they are now looking after this?

Thanks again and I look forward to hearing some hopefully good news.

 

[Rolf Latham]

Hi All,

Keen to get some thoughts on the best way of switching brokers.

Essentially I am tired of my current broker who is absolutely useless at returning my calls or communicating on any level for that matter.

Now the question I have before I pull the trigger (not literally ) is: How do I go about switching to another broker when my current broker has already arranged the pre approval? I'm happy with the product and bank and happy to stick with this but do not want to have multiple applications submitted in fear that it will look bad on my credit record.

Is this an easy fix? Can I just switch brokers and have them notify the bank that they are now looking after this?

Thanks again and I look forward to hearing some hopefully good news.

Stick with the current broker and pre approval........... unlessyou werent goint to use it

Not worth the CRAA enquiry in my view, unless there is a structural problem with the advice received.

have you let the broker know of their tardiness ? I know Im guilty of it sometimes, and like to be brought back into "line" by courageous clients

ta
rolf

 

[Jamie M]

Is this an easy fix? Can I just switch brokers and have them notify the bank that they are now looking after this?

Hi Noodle

You can switch brokers. The new broker will probably need to lodge another application under their own accreditation with the lender though.

If you do go down this path, I wouldn't worry about lodging another pre-approval. Just have your new broker go straight for formal approval once you've located a property and if they use the same lender - get them to mention in their notes that you've been pre-approved previously.

Like Rolf said though - best to see if you can easily fix the issue with your current broker before jumping ship.

Cheers

Jamie

 

[Aaron_C]

Pre-approval is pretty useless anyway for most people - why was it done?

 

[jonmardell]

to switch brokers you will probably have to sign a letter to state that you would like to withdraw the current loan and proceed with the new application through the new broker. If you do this you will have another hit on your credit file. In my opinion if you have the conditional approval in place stay with your current broker and if it expires go to a new broker then. I would let them know in writing that you are not happy with the service you are currently receiving.

Hi All,

Keen to get some thoughts on the best way of switching brokers.

Essentially I am tired of my current broker who is absolutely useless at returning my calls or communicating on any level for that matter.

Now the question I have before I pull the trigger (not literally ) is: How do I go about switching to another broker when my current broker has already arranged the pre approval? I'm happy with the product and bank and happy to stick with this but do not want to have multiple applications submitted in fear that it will look bad on my credit record.

Is this an easy fix? Can I just switch brokers and have them notify the bank that they are now looking after this?

Thanks again and I look forward to hearing some hopefully good news.

 

[Noodle]

Thanks guys. I really would give him the benefit of doubt, but it has reached quite ridiculous levels now and quite frankly, if I do find a property soon I hate to think how slow it would be for me to get the formal approval.

I also think my new potential broker has a stronger grasp on my long term investment goals which is another important factor to me.

 

[Noodle]

have you let the broker know of their tardiness ? I know Im guilty of it sometimes, and like to be brought back into "line" by courageous clients

If only I could reach him to let him know. I would have thought my e-mails beginning "I am growing very concerned..." over a week ago were a strong enough hint. He obviously doesn't want his commission, and harsh or not I genuinely dont think he deserves it.

 

[Peter_Tersteeg]

If only I could reach him to let him know. I would have thought my e-mails beginning "I am growing very concerned..." over a week ago were a strong enough hint. He obviously doesn't want his commission, and harsh or not I genuinely dont think he deserves it.

There's no argument that the service you're received isn't good at all. At the same time, this is a really busy time of the year (at least it is for me), combine that with literally dozens of emails daily and some emails do get forgotten.

Have you picked up the phone? Emails are good, but nothing gets a persons attention like a phone call.

 

[DaveM]

On my latest loan I am sure Aaron wishes he never brought me onto his books... probably let out a groan every time my name came on his caller id

I changed threatened to change RAMS broker a few years ago due to slack turnaround on basic servicing questions and borrowing capacity calcs... when she got wind of it her whole approach changed and I was her best friend until RAMS/WBC wouldnt lend me any more money. Then Aaron became my new best friend

 

[Brady]

There's no argument that the service you're received isn't good at all. At the same time, this is a really busy time of the year (at least it is for me), combine that with literally dozens of emails daily and some emails do get forgotten.

Have you picked up the phone? Emails are good, but nothing gets a persons attention like a phone call.

It is to be expected this time of year, would say being a bit quieter would be nice but I like it busy

It can be toughwith multiple emails and voice messages, clients seem surprised that I will still return a call at 7:30 at night, but sometimes that's the first chance you get to call them back.

Busy times of year isn't much of an excuse though, I don't offer that as an excuse to clients and I don't think they would accept that either.

Phone call is more personal but if you haven't returned the email I dare say that your busy with a client or app and can't answer the phone at the time.

 

[Shahin_Afarin]

Whats the LVR? How many hits have you have on your credit file in the past 6 months and how is the lender? This will dictate whether you can move brokers or not.

 

[Corey Batt]

I'd definitely be letting them know how you're unhappy with the current level of service, good for them to know and may resolve the situation.

 

[Marty McDonald]

Whats the LVR? How many hits have you have on your credit file in the past 6 months and how is the lender? This will dictate whether you can move brokers or not.

+ 1 but I would still be leaning towards ditching them. I am worried for you in regards to what happens when a property is found and they have to move quickly. Inexcusable service.

 

[Qlds007]

Other consideration is if this is the level of service on a pre-approval imagine what it will be like when you actually find a property, proceed to contract and need the deal done.