Abject_Rage

Does anyone have any experience of using 'The Loan Market' financial advisers/ mortgage brokers to secure a home loan? If so, are they reputable?

t

shorrock

Some are some are not. We used a broker, from a friends recommendation. This person was fantastic. He came to us, we provided him with some details. He went through some loans, pro's con's. He filled in all the paper work, all we had to do was sign the forms he completed. He then worked with the bank and our lawyer when we found a house. I recommend him and will us him again. He's been doing it for about 10 years now and knows his stuff.

If your in or going to be in Sydney I'm happy to pass on his details. He is independent and is a member of the broker association (or what ever it is called). He doesn't advertise and gets all his work from referrals.


Most people I speak to about brokers, all say there broker was recommended to them and that they would stay away from ones not recommended by family or friends.

Lewis Lapthorn

Is he any good?

shorrock

He is. I will be doing all my loans with him in the future.

When we got our loans, the bank messed up in our favour on the final contract. The fixed loan was 0.5% lower than it should have been. Which ment it was 1.25% lower than the published rate. The bank told him to bin the contract if we had not signed yet. He informed the bank that we had signed within 30min of him getting the contract. However we were overseas at the time and didn't sign in for another 5 days This has saved us significant amount of money over 5 years and we got our fix rate loan cheaper (% rate) than our var rate loan This meant he lost out of commission as he is paid based on the money we pay to our loan.

He ws happy to tell us what he was making, how he was making his commission. Happy to tell us which companies paid him the biggest commission and which paid the less. Very open.

He will NOT recommend just ONE loan. He will recommend two or three loans and guide you. But as we found out, he wouldn't tell us which one we should pick. He did guide us extensivley. This is in the broker association guidelines.


He has access to a lot of loans and companies and is 100% independant.

He is a property investor and got into it as he found banks and other brokers shoddy. He also has another job (which I won't tell you what it is) but it's a job you can assume he must be very trust worth and honest to have.

Happy to pass on his details in a PM, just let me know.

He is that respected that he is now getting calls / business from intersate. Where he does not see the people, everything is done over the phone or emails .

KS