Cashback Mortage Brokers
Oct 4th 2009, 2:07 pm
#1
Forum Regular
Thread Starter
Joined: Mar 2008
Posts: 87
Cashback Mortage Brokers
Am thinking of taking the plunge on buying a house.Getting finance should not be an issue.
I remember that there are a couple of mortgage brokers who give you a cashback/rebate if you go through them.
Has anyone used them/got any experiences?
I remember that there are a couple of mortgage brokers who give you a cashback/rebate if you go through them.
Has anyone used them/got any experiences?
Oct 5th 2009, 1:13 am
#2
BE Forum Addict
Joined: Jan 2006
Location: Perth, WA
Posts: 1,376
Re: Cashback Mortage Brokers
Anyone who gives you a cash back/rebate - believe me you are paying for it one way or another.
Oct 5th 2009, 5:58 am
#3
Guest
Posts: n/a
Re: Cashback Mortage Brokers
All it means is that the finance broker splits the commission with you, they therefore don't earn as much, per transaction, but maybe get more transactions/higher turnover, to compensate.
All it really comes down to is cutting the price, something that everyone seems to want.
http://www.refundhomeloans.com.au are the big one for this.
On a $300k loan, a broker can get as much as $3,000 for putting you and a lender together. Giving you back $1,000 and only keeping $2,000 for themselves is still a good return
