Browse Forums Buying Land Re: First Time Land Buyer/Builder Needing Advice! 3May 09, 2019 11:26 am Put your financial needs in the hands of the leaders in the market. Find out why we’re the mortgage broker of CHOICE! Feel free to PM us for support or info. Re: First Time Land Buyer/Builder Needing Advice! 7May 13, 2019 1:59 pm Brokers get a commission on top of your loan which is paid over the life of the loan it’s called a trailing commission or fee and the brokers although you are charged and you are paying for the loan life don’t tell you how much it is. The Royal Commission into banking criticised this practice and even suggested that this system be scrapped. So don’t pay a broker for the rest of your life for nothing. Re: First Time Land Buyer/Builder Needing Advice! 8May 13, 2019 4:51 pm Zorro6 Brokers get a commission on top of your loan which is paid over the life of the loan it’s called a trailing commission or fee and the brokers although you are charged and you are paying for the loan life don’t tell you how much it is. The Royal Commission into banking criticised this practice and even suggested that this system be scrapped. So don’t pay a broker for the rest of your life for nothing. That’s if you stay with them through the entire life of your loan which imo no one ever stays at the same place forever. I’ve used a bank for my first purchase and 2 different brokers/companies for the next purchases. Would it be correct in saying that their commission stops when you are no longer with them? Re: First Time Land Buyer/Builder Needing Advice! 9May 13, 2019 5:29 pm We've never paid a commission directly to the broker but the bank covers it when we signed up with them for the loan. Re: First Time Land Buyer/Builder Needing Advice! 10May 13, 2019 6:39 pm Facts are facts especially when put forward by a royal commission. If you stop the loan naturally the fee to the broker will cease of course. Just be warned you are adding costs of a third party unnecessarily to your loan for the life of the loan. Re: First Time Land Buyer/Builder Needing Advice! 11May 13, 2019 8:43 pm Generally the additional fees are carried by the bank, not the individual. We recently refinanced with a broker through NAB, the interest was lower through the broker than what we could get directly through the bank. No additional fees etc. Not much in this responce. My suggestion is, what are you looking to build and why. This will all be impacted by the local councils planning scheme. Familiarise yourself… 6 5861 Can anyone give me any onfo on New Homes WA? Good or bad, hopefully good just need to know if my choice was good or not? Thanks ❤️ 0 8936 So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27708 |