Mortgage Brokers
Apr 22nd 2004, 2:18 pm
#1
Impressive Member
Thread Starter
Joined: Nov 2003
Location: Leeds
Posts: 130
Mortgage Brokers
Can anyone refer any particularly good mortgage brokers in Oz?
ta
ta
Apr 22nd 2004, 11:32 pm
#3
Guest
Posts: n/a
To those of you who have used Mortgage Brokers here in OZ.
Which lender have they recommended to you.
I know of three now that have been pointed in the direction of the HSBC bank.
No mortgage broker should charge you anything. They get paid a commission by the lending insitution.
Beware mortgage broker commissions
By Sunday Telegraph, 14/3/04, p93
Soft-dollar commissions to mortgage brokers are widespread in the industry but home loan borrowers are generally unaware of them.
While the Mortgage Industry Association is advocating disclosure of these commissions above $300, the Australian Consumers' Association wants them banned altogether. T
he ACA says the commissions prevent brokers from giving independent, impartial advice.
Consumers go to brokers expecting they will look around the market and find the best deals but this is not the case, the association says.
Brokers are paid agents of the financial institutions.
Not only are brokers getting disclosed commissions, they also get an under-the-counter reward, the ACA says. These can take the form of holidays, sponsorships for staff golf days and conferences, sporting event tickets, shopping vouchers and even office furniture.
RESI Mortgage says its loans are not offered by most mortgage brokers because of these commissions.
Which lender have they recommended to you.
I know of three now that have been pointed in the direction of the HSBC bank.
No mortgage broker should charge you anything. They get paid a commission by the lending insitution.
Beware mortgage broker commissions
By Sunday Telegraph, 14/3/04, p93
Soft-dollar commissions to mortgage brokers are widespread in the industry but home loan borrowers are generally unaware of them.
While the Mortgage Industry Association is advocating disclosure of these commissions above $300, the Australian Consumers' Association wants them banned altogether. T
he ACA says the commissions prevent brokers from giving independent, impartial advice.
Consumers go to brokers expecting they will look around the market and find the best deals but this is not the case, the association says.
Brokers are paid agents of the financial institutions.
Not only are brokers getting disclosed commissions, they also get an under-the-counter reward, the ACA says. These can take the form of holidays, sponsorships for staff golf days and conferences, sporting event tickets, shopping vouchers and even office furniture.
RESI Mortgage says its loans are not offered by most mortgage brokers because of these commissions.
