Are Finance Brokers better than bank?

Discussion in 'Loans & Mortgage Brokers' started by Darlinghurst Boy, 26th Oct, 2016.

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  1. tobe

    tobe Well-Known Member

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    Hi, can I borrow some money?
    Yes, how much? What name would you like the bank cheque made out to?
    NAME??? I'm not giving you that personal information!!!
     
  2. Redom

    Redom Mortgage Broker Business Plus Member

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    Haha this has been an entertaining thread.

    Getting a loan is far more onerous than purchasing with cash. If your not one for complexity, the best way to keep it simple is to keep paying cash.

    There's obvious structuring costs to this, but there is an upside of not having as much complexity/administrative processes.
     
  3. beachgurl

    beachgurl Well-Known Member

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    My favourite clients - "Please provide me with your last 3 months' transaction history". "No way, the bank doesn't need to see how I spend my money or what repayments I make". Hmmm.
     
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  4. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Yes quite an attitude change for those not used to be asked questions.

    Imagine going to the bank with cash to deposits but requesting they fill out your application form and that they disclose their current assets and liabilities position. Then you would have to grill them about their debt levels and ask how they think they will manage if rates go to 7.5%.. Then of course take 2 weeks to make a decision to lend them money or not then eventually depoist the funds 4-6 weeks later.
     
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  5. 158

    158 Well-Known Member

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    You just gave me an idea to troll one of my mates who is a bWanker........


    pinkboy
     
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  6. Hodor

    Hodor Well-Known Member

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    Have you seen how quickly a selling agent will get this done to make the sale?
     
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  7. Perthguy

    Perthguy Well-Known Member

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    You joke, but this has happened to me in real life.

    Our tenant moved out of our investment property in Melbourne and we needed the power left on for an extra 2 days to clean the carpet. Tenant agreed to keep the power on for some nominal sum (from memory it was $100???). My investment partner organised to transfer the money to his account if he would send us his account name and account number. Anyway, about a week later we received a very nasty text demanding that we transfer the money immediately and asking why we had not already transferred the funds. My investment partner texted back that we are unable to transfer funds without an account name and account number!!! Because the tenant doesn't give out personal information like that! l00l!

    [​IMG]
     
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  8. tomlemke

    tomlemke Well-Known Member Business Member

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    Generally all prepared prior to the property going on the market.
     
  9. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    This ^^^^^ statement is true however you are not making the most of your position if a few necessary documents are going to cause you grief so whip out your wad of cash and dont worry about it.

    This reminds me of people who come to me for advice to achieve their goals and then I give them the path way to do so and they wont do it because it goes against the advice from their mum in timbucktoo who is as broke as a badger and has no clue on finance structuring nor what there precious darling is actually trying to achieve.
     
  10. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Mum's always have the kids best interests at heart, but her advice will always be 'are you sure you can afford that? I don't think you can afford that. It's very risky.'

    This is because she knows that if the **** hits the fan, the buggers will be moving back in ;)
     
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  11. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Good point that haha!

    I had one client who had credit file issues so had to go to a non conforming lender there fore a higher rate for a period. Uncle said not to proceed as the rate was to high and he can get a better deal through his bank.

    The particular property then went on to increase in value over the next 12 months so he missed out on about 100k worth of equity cause Uncle new better.
     
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  12. larrylarry

    larrylarry Well-Known Member

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    That's why we said nothing. :)
     
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  13. Perthguy

    Perthguy Well-Known Member

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    Not all mums are like that...
     
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  14. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Thats so true. I have clients with the most awesome and generous parents who want to help their children get ahead and I see nothing wrong with that as long as the respect and consideration is mutual.
     
  15. shorty

    shorty Well-Known Member

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    Firstly, hilarious!

    Secondly, I honestly cannot believe the effort (and long-game) some people put into trolling. Seriously gobsmacking stuff OP. This has been going on since Somersoft, right?

    Serious props dude.
     
  16. Perthguy

    Perthguy Well-Known Member

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    I was just talking to my mum. She wants to buy an old renovator in Adelaide, manage the reno and rent it out. She's already got a good painter, plumber and sparky lined up. Just needs to find the right property.
     
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