Browse Forums Home Finance 1 Jan 28, 2012 6:25 pm Hi all I am a first home buyer and I need some opinions from the experienced please. I am buying a house from PD subject to finance approval. I know a mortgage broker who was introduced by a good friend that I intended to use but the PD sales person told me to speak to Choice home loan first to get a pre-approval. PD also said that there is no obligation to go with Choice after that. So I saw a lady from Choice and showed her our payslips etc.. and the lady offered a few options and explained it all, then said "Ok so do you wanna lock it in?" so I said no, we are going to explorer our options and get back to her. (Because I didn't wanna "lock it in" I just wanted to get "pre-approval" and I thought I was doing the right thing by not "locking in" right there and shopping around..... "obligation free" right??) She seemed to be disappointed, she probably felt that we wasted her time. I felt pretty bad because she was nice etc but should I? I don't know..... Anyway I rang the PD sales lady and explained this as she needed to know how it went with the finance. She then told me that all mortgage brokers have access to all banks and the broker we chose will tell you the same thing. Also said a few other things and basically she's trying really hard to get us to use Choice. She sounded like speaking to two brokers is a really bad thing and really we should've "locked it in" with Choice. I'm confused and really don't know what I've done wrong or what I'm supposed to do. Am I on the right track? Thanks in advance Porter Davis and Choice home loan 2Jan 28, 2012 8:04 pm You don't have to use Choice at all, don't let your broker or sales person make u feel like u do. You just have to get choice to qualify your finance, so they know you can afford the house. Porter Davis probably find it easier if you do go with Choice, but you go with who you're happy with. We already had a pre approval through one broker but still had to see choice. In the end we went with Choice cos we found them very helpful. Re: Porter Davis and Choice home loan 3Jan 29, 2012 9:45 pm Hi spuff, Being a broker my views may be a bit bias; but ill try my best to " tell it as it is" 1. You don't need to go with choice. Go with who ever you feel conformable with , trust + is looking after your needs and not their "bottom line"- at the end of the day you will be providing personal details to this broker. 2. Most refers will receive a commission cut ( not all) so this may be the reason why the agent is pushing you towards choice. 3. It's not right for choice OR any broker to " lock you in", if they are confident in what they do and they can stand by their "recommendation" - then EVEN if the client shops around the recommendation should still hold. Most recommendation should not be based on the "rate" only, but rather the structure, features and how it fits your overall goals. - go with your gut. Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Porter Davis and Choice home loan 4Jan 31, 2012 2:16 pm spuff Hi all I am a first home buyer and I need some opinions from the experienced please. I am buying a house from PD subject to finance approval. I know a mortgage broker who was introduced by a good friend that I intended to use but the PD sales person told me to speak to Choice home loan first to get a pre-approval. PD also said that there is no obligation to go with Choice after that. So I saw a lady from Choice and showed her our payslips etc.. and the lady offered a few options and explained it all, then said "Ok so do you wanna lock it in?" so I said no, we are going to explorer our options and get back to her. (Because I didn't wanna "lock it in" I just wanted to get "pre-approval" and I thought I was doing the right thing by not "locking in" right there and shopping around..... "obligation free" right??) She seemed to be disappointed, she probably felt that we wasted her time. I felt pretty bad because she was nice etc but should I? I don't know..... Anyway I rang the PD sales lady and explained this as she needed to know how it went with the finance. She then told me that all mortgage brokers have access to all banks and the broker we chose will tell you the same thing. Also said a few other things and basically she's trying really hard to get us to use Choice. She sounded like speaking to two brokers is a really bad thing and really we should've "locked it in" with Choice. I'm confused and really don't know what I've done wrong or what I'm supposed to do. Am I on the right track? Thanks in advance Hi spuff Congratulations on making the decision to build. It’s good to see that you are researching all of your options, chatting to mortgage brokers and you’re active on H1. Everyone is really helpful and supportive on this forum – exactly what you need when you’re looking to buy your first home! When you build with PD, you can organise your finance directly with a bank or through a mortgage broker, like Choice Home Loans. It's completely up to you! If you do decide to go with someone other than Choice, all we ask is that Choice pre-qualifies you to give us assurance that you can cover your construction loan, like Wateman said, then we’ll continue on with the building process. Just to be clear, our sales team does not get kickbacks from Choice deals. It sounds like the PD sales consultant you spoke to was encouraging you to use Choice as they are the experts in construction finance. I hope this answers some of your questions. If you have any more, I’d be delighted to help. Cheers, Ebony Porter Davis Homes Questions? Call 1800PORTER Mon - Fri 9am-8pm Sat - Sun 10am-4pm info@porterdavis.com.au http://blog.porterdavis.com.au/ http://www.porterdavishomes.com.au Re: Porter Davis and Choice home loan 5Jan 31, 2012 7:49 pm I personally think that any builder that has their own mortgage broker onsite is only there to pressure people to sign on the spot with their pre approval methods. Practises like this is why young people get into so much trouble in the first place and this is why people should just be able to look at display houses without being pressured into something that they really don't want and can't afford. My 2 cents A bank is a place that will lend you money only if you can prove that you don't need it... Re: Porter Davis and Choice home loan 6Feb 04, 2012 7:55 am Thanks for your replies everyone, I was very confused and only the experienced can help situations like these. We ended up using our friend's mortgage broker. He is fantastic and everything is going well. It would've been probably easier in a way, if we went with Choice, in terms of communication between PD because they are affiliated. If anyone is considering using Choice I'd recommend it the lady we spoke to was very good. We just chose not to use them. Re: Porter Davis and Choice home loan 7May 24, 2012 1:53 pm I love PD designs but hate the process of all this. I will refuse to get choice to assess my situation when the time comes. We have a letter from the bank with an approved amount. It is good enough for other builders and if it came to it I would change builders. Choice is owned by PD and like most builders these days so are the "independant inspections". How stupid do they think we all are. I much prefer Henley homes..you get a book with all their prices and everything is up front and out in the open. I detest PD way of doing things and wish they would change it Re: Porter Davis and Choice home loan 8May 31, 2012 11:35 am suziz3 I love PD designs but hate the process of all this. I will refuse to get choice to assess my situation when the time comes. We have a letter from the bank with an approved amount. It is good enough for other builders and if it came to it I would change builders. Choice is owned by PD and like most builders these days so are the "independant inspections". How stupid do they think we all are. I much prefer Henley homes..you get a book with all their prices and everything is up front and out in the open. I detest PD way of doing things and wish they would change it Hi suziz3, Thanks for your comments, we love our designs too and feel Henley Homes is also a fine builder. I just wanted to take a second to clarify the process when it comes to home loans. Choice Home Loans (Choice) is our recommended lender as they specialise in construction loans. However, you are free to use which ever bank or financial institute you like. We don’t force you to use Choice. If you do decide to go with someone other than Choice, all we ask is that Choice pre-qualifies you to give us assurance that you can cover your construction loan, then we’ll continue on with the building process. In saying this, If the bank pre-approval you have is subject only to the building contract and valuation, then that’s all we need to continue - you won’t have to be pre-qualified by Choice (sometimes bank pre-approvals are subject to a long list of conditions which still require us to complete a pre-qualification). We’d like to have the opportunity to chat to you further, hear your full feedback on why you detest our procedures and possibly get some insights from a customer’s perspective so when reviewing our processes we can take your feedback into consideration. Please feel free to send me a direct message or email to info@porterdavis.com.au. Many thanks, Ebony Porter Davis Homes Questions? Call 1800PORTER Mon - Fri 9am-8pm Sat - Sun 10am-4pm info@porterdavis.com.au http://blog.porterdavis.com.au/ http://www.porterdavishomes.com.au The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 18896 Three options 1 Ask the liquidator 2 Find another PD customer and ask the source of their report 3 Pay for new report 3 12320 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35191 |