To Broker or Not To Broker?

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From: JustAMum B


If we get good deals from banks directs, why do so many people use brokers who have up front and trailing fees?
Is it because they can get cheaper finance when serviceability becomes a problem?
If so does anyone know any good ones for Melbourne?
 
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Reply: 1
From: Victor Mann


hi Just a mum,

Any decent broker will not charge you an up front fee for any standard bank loan. The banks pay us a commission for introducing the business to them. People use brokers to source the best and/or the most suitable loan product that suits the client. Most banks pay a similar commission, so there should be no favourtism however some brokers may not have an accreditation with some banks and so avoid or diswade the client from using that banks product.( avoid those if possible).
Good brokers will know the how certain lenders will assess a loan application
and so make sure that it is presented to the right bank in the right way, thus avoiding an embarrassing "decline"
When it comes to commercial or specialized loans for specialized securities (eg hotels) etc, there are fewer options and in most cases brokers charge a fee only because the lender does not pay for the referral and it often takes some time to find the right lender, longer preparation of loan documentation etc.

Hope this is of some help and yes i am a broker in melbourne

Victor(the Broker )Mann

Good Hunting !!!!!!!!!!!!
 
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Reply: 2
From: Rolf Latham


Hi

Victors got it just about down pat.

I will add that if you were to do all the work your broker or brokers group has already done on sniffing out the right loans AND combinations for particular people and purposes, you would be 100s of hours poorer.
Using a broker usually does not cost you any of your money unless your loan is a difficult proposition.

Victor is also being a little bit humble. He belongs to the largest independent brokers group in Australia with excellent products and services.

ta

Rolf
 
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Reply: 2.1
From: Victor Mann


aww gee thanks rolf...blush
 
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Reply: 2.1.1
From: JustAMum Bromilow


Ta for your response.
Its great to talk about these issues.
I'll print this out and take it to my other half (his the boss right !???)
Gosh this is a fun game.
Thanks again. Just A Mum
 
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