Browse Forums Home Finance Re: Do I really need a broker? 58Jun 16, 2009 10:47 am I started this thread a few months ago and now since I have chosen a broker and the construction of my house started, I thought I might report my experience. Overall, if it started all over again, I would not use a broker. I was pushed to use commonwealth bank loan, although I made it very clear at the start of the conversation with the broker that I did not want to use it. (all my friends who used a broker were recommended with commonwealth bank loan, why?!) He did not recommend any other loan products although I told him about my situation....So I had to do the researching work myself. Then when I decided which bank loan to choose, my files were dealt with by an administrative assitant. She was not helpful at all. All she did was sending me the application forms. There were many sections in the form that I did not know how to fill in. But I could not get her (emails and calls never replied). So I had to go to the bank and ask for help (The staff at the branch were really nice and helpful). Then again when the first payment for the builder was due, I found that my loan application was not finalised. Because I used the broker, I could not do anything about it myself, as the mortgage centre of the bank prefered to deal with the broker. So I called the broker. She even did not know that my loan was not finalised......... Well, it seems that I wrote an essay about it. Sorry if my comments about the broker annoys someone. I guess it really depends on which kind of brokers people meet. But it is really hard to meet one who really cares about the clients. Re: Do I really need a broker? 59Jun 16, 2009 12:45 pm I think that brokers are like builders and tradies, some are fantastic and others let the rest of their industry down. The sales broker I spoke to for mine was great however the office staff were below par and at one point when I rang up to enquire where things were at her reply was 'well I have to call the bank about another customer, so I suppose I can ask about yours too' Instead of saying, 'yes, I can call the bank to find out for you' So very frustrating. 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Do I really need a broker? 60Jun 16, 2009 3:28 pm Mango lover and lisanne, what you describe is a very common issue in 2009. I think a lot of brokers lose patience after staying on the bank broker hotlines for 3-4 hours a day (typically 45-60 minutes on hold and 15 minutes of discussion per customer per call). The problem emanates from the lack of full and transparent information about a customer's file on the lenders' online systems (for brokers). If the information is not provided to the broker then it means everytime there is a new question, a phone call has to be made (some lenders do not accept questions by email) and spend lots of time. On the issue of Cba for construction loans, it's often the case a new customer will say to me "My friend says CBA is the best for construction and I should apply for that" and when I provide a range of lenders for choice I am often surprised to hear "why are you interested in offering other lenders? Do they pay better commission?". do not pay until you are satisfied with workmanship windows require flashing over the head archithrave and up under weatherboards 3 28287 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 46014 Hello It is good to have a planned bathroom reno to suit your budget and design, living for 10 years I think you need a bathtub 4 10374 |