Browse Forums Home Finance 1 Feb 18, 2009 8:47 am It has been 4 weeks and our broker is yet to secure us our loan and I am more than a little frustrated at this point
He's been slack the whole time, calling for one document one day, another document the week later... It got to the point that i had doubted he was doing anything and asked for pre-approval to be sent to me. He did this, to which I saw the documents needed (which he hadnt mentioned in the three weeks prior), so I got them together and faxed them to him. Its been another week and nothing. Not to mention within that time he has hassled my work for numerous letters which are all variations of the same thing - that Im hired on a fulltime basis, at a certain wage and what not. So the business manager is furious. Can I change brokers? We have someone coming tonight to meet with us but Im wondering if I'll be charged or anything for dropping the other guy? Or if there is anything else I should worry about like if he has decided to put our documents in or something? Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! Re: Changing Broker 2Feb 18, 2009 2:11 pm Bam Can I change brokers? We have someone coming tonight to meet with us but Im wondering if I'll be charged or anything for dropping the other guy? Or if there is anything else I should worry about like if he has decided to put our documents in or something? You should have a finance brokers agreement which outlines any fees payable (if at all) to the broker. Has he signed an agreement with you before you made the application? If not and you are applying for a consumer loan (not business purpose), then he hasn't done his job. You can change brokers but you need to give notice to him. If you wish to apply to the same lender through another broker, you have to start from scratch and this will take long as well. Re: Changing Broker 3Feb 18, 2009 2:45 pm No, we didnt sign anything with him. I remember filling in personal details on a Homeside Lending form but that is all - things like address, name etc and he said he'd fill in the rest.
I dont mind starting from scratch if I have peace of mind. Surely this wouldnt take longer than a week tops anyway, sspecially considering I have all documents organised? 4 weeks just seems ridiculous - its a good thing we extended our settlement date Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! bank home loan approval delays 4Feb 18, 2009 4:55 pm Bam, that's your choice as the customer of course. But all the major bank lenders have HUUUGE (is that stressed enough?) delays so if your application requires LMI and a valuation, I think you may be up for another long wait. Have a go, at least you'll know for sure. Re: Changing Broker 5Feb 18, 2009 6:09 pm Hey Bam, if you are interested, our guy is mobile, he dealt with us entirely by email... which was fantastic, and we had pre=approval within 5 days subject to valuation - which all checked out fine a week later. He's a bit of a talker, but he know's his stuff, and he doesn't charge any fees (I think the bank pays him a commission)...
If you want his details, PM me. Maybe call him and tell him your situation and then he will tell you straight if he can help you or not. Good luck Annie A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ how to find a mortgage broker 6Feb 18, 2009 6:35 pm Annietom if you are interested, our guy is mobile... and he doesn't charge any fees (I think the bank pays him a commission)... This is the norm in mortgage broking. If someone asks you to pay them for service, tell them to walk. Don't accept email only service either, there should be plenty of good local brokers in your area to provide face to face service. In fact many banks require the broker to personally meet the applicant before taking an appication for compliance purposes. Re: Changing Broker 7Feb 18, 2009 7:41 pm Just had the meeting with the other broker and we are extremely happy - he actually sat down and explained costs such as stamp duty and LMI etc whereas the other guy didnt at all And this guy is adding LMI to the loan so we have an extra few $k for the wedding This loan is with CBA at a variable rate of 5.06%
Thanks thlo And thankyou Annie Custom European Cabinets - Melbourne Kitchen Specialist PM for business details as website currently being updated! Our Crazy Owner Builder Journey! Re: Changing Broker 8Feb 18, 2009 7:51 pm excellent result Bam - kudos for the unexpected extra $$$
that's my kind of surprise! A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Changing Broker 9Feb 18, 2009 9:01 pm Bam Just had the meeting with the other broker and we are extremely happy - he actually sat down and explained costs such as stamp duty and LMI etc whereas the other guy didnt at all And this guy is adding LMI to the loan so we have an extra few $k for the wedding That's great. Homeside or NAB can't capitalise LMI above the maximum LVR so it's a plus that this new broker picked up on your needs (wedding cost). west sydney home loans 10Feb 24, 2009 12:27 pm I have received another question which I would like to answer here;
Quote: Question regarding Broker.; I have today inform a broker that I wish to discontinue his service. Then, he replied and stating that he will send me an invoice for the services so far. Can a broker send an invoice for discontinuing his service? I wasn't been told up front there is such thing. Our land was supposed to settle in Feburary 09 but hasn't yet settled. But, I was being very naive last year that the broker came and got me sign the loan contract in April 08. Way before the land settlement date. So, he is claiming that I have signed the contract, then I have to pay for the service. The short answer to your question is; he can send an Invoice but whether you have to pay it is another matter. If you signed an agreement with him in which you agreed to pay a fee for his services in the event that you found another solution after he completed his duties for you (i.e. he obtained you an Unconditional home loan approval), then he will try to recover that fee. If you have signed a loan contract, that is very different as you may have obligations under the contract. You need to check with a lawyer who will read everything you have signed so far. I have personally seen customers whose circumstances changed and they did not settle the loan (stayed with their current lender) after they signed the loan contract and they were not billed for anything by the lender whose contract they signed. I did not pursue them for any fees either even though they knew the commission for the loan is paid months after (and if) the approved loan settles. This is a judgement call, there is no point in pursuing something that will in most cases be seen as a "penalty" by the customer. It would be a lose-lose situation and I don't pursue it. I think in this case, you need to find and agreements you have signed and go through them, also ask the broker on what grounds he intends to send you an invoice. That would be a good start. Broker here - legislation says that every true broker must put the clients best interests before theirs so in theory they must offer you the best options for you on their… 2 46013 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11916 Hi All, I'm new here! I'm in a block of 4 apartments (Waverley council) and looking to change a window to a sliding door. The window faces an enclosed garden (with a… 0 5536 |