I Have A Home Loan Broker Coming This Moring...

[G6ET8U]

Hey guys...

Following on from the 'Redundancy' thread I started about a week or two ago, I have a home loan broker coming to the house this morning in an attempt to take a bit of the stress and financial pressure off my parents with regards to their mortgage and take on more responsibility for the house that I live in and have somewhat taken for granted all these years, though I pay a few hundred $ a week to help things along but we don't have anything in writing or any formal agreements (cheers Falchoon and Ford Grunt for your advice), just looking now for your experiences with home loan brokers, both good and bad, and any tips or advice you have with regard to mortgages...

Cheers

Jack

[ktford]

Just remember that they are selling you something, but then again you are deffinately in the market for it at the moment, so be honest and you'll get the best advice.

[xrdreaming]

My brother is a home loan broker mate if you need a second opinion or even a chat he would be more than happy to help.

[xr6 typhoon]

Make sure you check out Virgin Money they seem realy competitive and are new to the mortgage market.

[Mondie]

Seeing a broker is the best option, ensure they cover a wide range of banks and other lenders and ensure that they are giving you a good cross section of the loans available. Checkout what mortgage originator they are affiliated with, that will tell you if they are truly representative of whats out there.

Its a much better idea than going from bank to bank

[Lord Cyric]

Send a PM to Simon (SJW)... I settle on my new place this Friday and he set me up with my home loan.

He's a member of the Dark Night Mafia Family, but I'm sure he won't hold your purple fantasies against you...

[G6ET8U]

Cheers boys for your replies...

The broker was from Aussie Home Loans and we are looking at (applying for) a loan through Bank West (a WA bank) who charge no fees on set up or on going fees, offer redraw, no termination payment, early repayment fees and allow extra to put on the loan at anytime regarless of the amount... and are new to the mortgage market, seems like a good deal to us and the broker was extremely helpful and answered all of our questions and even some we didn't ask... extremely happy with the result, now the wait begins...

(a very happy) Jack

[markxr6t]

I've had good and bad experiences with brokers, as I have with dealing directly with banks.

Make sure your broker discloses his schedule of commissions from each lender - some are known to recommend lenders who pay them the best commission rather than the loan that best suits you.

Most brokers now get you to sign and acknowledge their Disclosure of Interest (I thinks its even law in some states) so double check that this compares favourably with the kickback he gets from other banks.

Your loan sounds competitive, flexible asnd with minimal up front costs. I recently refinanced with Bankwest an I'm satisfied with their product - In this case I actually did better by going direct than through a broker as I tried both.

At the end of the day, borrowing for property can only be a positive thing and the market is far too competitive for any of the major players to be offering dodgy loan products.

[G6ET8U]

Your loan sounds competitive, flexible asnd with minimal up front costs. I recently refinanced with Bankwest an I'm satisfied with their product - In this case I actually did better by going direct than through a broker as I tried both.

Yeah that is what we (my Mum, Dad and I) thought about the costs and fees... we have a fair bit of equity in the house up our sleeve, I was just basically buying half of it off them, better than moving out, gets me in to the property market and solves their issues they currently have with the mortgage (read: paying money and getting nowhere)... I see it as us all winning in a way...

And on the fee structure, I believe from what 'Bernie' our Aussie Home Loan broker said he gets a flat rate commision paid to him by Aussie rather than it being varying amounts, be them high or low from different lending institutions which then we as a family believe takes away the 'carrot' of sending us to the lender that pays him the most but to the lender that he believe's provides us with the correct and most competitive lending facility for our needs...

Jack

[turb06]

We bought our first home through a broker after having finance declined twice, he did a great job in gathering information and got 4 banks to approve our mortgage, he then took us through all the loan details from each bank and gave his opinion to which was the best and as it turn out it was the one we were leaning towards anyway, he even got the 2 banks that refused us to agree to lend us money, we are using him again to buy our 2nd and 3rd houses this year. Its the toowoomba homeloan centre for anyones interest.

Dazza.