Browse Forums Home Finance Re: sydney home loan centre, sydney home loans 5Dec 13, 2008 4:00 pm Building Upside down house in Wantirna VIC Current Stage: Procrastination... it's just all too hard.... Blog: http://thereluctantbuilder.blogspot.com/ Re: Do I really need a broker? 7Dec 13, 2008 8:30 pm Blog - http://snakedr.blogspot.com/ Build Thread - viewtopic.php?f=31&t=12084&p=307406#p307406 Status - PCI 15/10. Things nearly done. Re: Do I really need a broker? 16Dec 14, 2008 8:47 pm Having first hand experience in thlo's position I gotta say ... its a difficult gig!
I spent a few years as a business manager in Car Sales and that was really easy. Simply provide the same 'rate' as the banks are offering and people signed up. Forget the fine print it was all about the interest rate. I also spent a few years working as a mortgage broker (part time) and at the start it was all about the customer but after a while it became about the trailing commissions and the up-front fees. Most of the loans we did were upwards of 1 million and these customers were rate conscience as well. Not everyone, but a lot of people see 4.99% and that's the hook. Some people see "professional rates" .7% off for the life of the loan and that's the hook. Rarely do people dive in and read the fine print and really see what they are signing up for and even if they do read the fine print they don't know what it means anyway. Brokers, are not all bad. Think of them as a couple of rungs above car sales men and real estate agents. We don't really need them but they do provide a service that is somewhat useful. They do kinda help to 'Keep the bastards honest' .... sydney home loan advice, home loan choice 17Dec 14, 2008 9:42 pm mattwalker I also spent a few years working as a mortgage broker (part time) and at the start it was all about the customer but after a while it became about the trailing commissions and the up-front fees. Brokers, are not all bad. Think of them as a couple of rungs above car sales men and real estate agents. We don't really need them but they do provide a service that is somewhat useful. They do kinda help to 'Keep the bastards honest' .... The kind of broker that you describe left the industry when the banks cut commissions by 40%. They are now working for banks or back doing their old trades, like painters, cleaners, taxi drivers. For us it's still about the customer. I don't see any bank staff answering lending related questions at public forums, 7 days a week. Thanks for sharing your experience though. As I wrote in several posts before, choice is there for consumers. Large segment of borrowers don't know a time where there were no mortgage brokers. I don't think you can change their desire to deal with brokers, they don't like dealing direct with banks. Re: sydney home loan advice, home loan choice 18Dec 14, 2008 10:56 pm thlo The kind of broker that you describe left the industry when the banks cut commissions by 40%. They are now working for banks or back doing their old trades, like painters, cleaners, taxi drivers. Yes they are... thlo For us it's still about the customer. I don't see any bank staff answering lending related questions at public forums, 7 days a week. Thanks for sharing your experience though. And thlo, please don't think this is about your personally, I dont mean to generalise. The contribution and information you provide here is first class and extremely insightful. I am purely talking about my personal experience and opinions... thlo As I wrote in several posts before, choice is there for consumers. Large segment of borrowers don't know a time where there were no mortgage brokers. I don't think you can change their desire to deal with brokers, they don't like dealing direct with banks. I agree and I still appreciate that there are people out there who need and require the services you provide. Banks are hard work (and completely impersonal) and don't provide the friendly touches that a good broker can! home loan choice, sydney home loan advice 19Dec 15, 2008 4:44 pm thanks for clarifying your point. i didn't take it personally.
We're here to provide a (free) service for home buyers and the reason people use brokers to help choose a home loan from their chosen bank (or credit union) is not because of better rates but because of SERVICE, that is personal service far superior than what you can receive from a bank employee who works 9 to 5. Having a third party such as an Accredited and Certified Broker negotiate better rates and fees with the banks is just one part of that service. Re: Do I really need a broker? 20Dec 19, 2008 1:53 pm I remember seeing in this forum that if using Choice, at the tender appointment with Porter Davis, I don't need to pay much. But if go without Choice, 5% needs to be paid. I can't find that thread. Could anyone clarify this for me? Also,correct me if I'm wrong: if I don't go with Choice, the bank that I directly deal with will pay the 5% for me. ? do not pay until you are satisfied with workmanship windows require flashing over the head archithrave and up under weatherboards 3 28281 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 46012 Thank you so much for the effort. We will use it to talk with builder. We also had idea of building duplex instead and seeking suggest ions. viewtopic.php?f=31&t=106744 11 13833 |