Are you willing to pay a broker 1% +GST of the loan amount to secure you a loan/mortgage?

Discussion in 'Loans & Mortgage Brokers' started by euro73, 20th Nov, 2018.

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Are you willing to pay a broker 1% + GST of the loan amount to secure you a loan/mortgage?

  1. Yes

    6.0%
  2. No

    94.0%
  1. Brady

    Brady Well-Known Member

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    Adelaide, SA
    Agreed just about every industry does this, check out how many insurers have a great price year 1 and watch it ramp up after that.
    As always ask the question see if can get a better deal.
     
  2. tobe

    tobe Well-Known Member

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    Melbourne
    A lot of industries do this, let’s explore some examples....
    Perhaps power companies? Mobiles phone plans? Insurance?
    It is used by lots of companies, and by coincidence these industries are getting the blow torch applied by regulators.

    Power companies being the most recent example. In that case it’s the threat of divestment. Unlikely to be resolved in the same way with banks that are too big to fail.
     
    Eric Wu, Peter_Tersteeg and Brady like this.
  3. BKRinvesting

    BKRinvesting Well-Known Member

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    Location:
    Canberra, ACT
    Now thats a service id pay for, expert/proxy rate negotiation ;)
     
  4. SoroSoro

    SoroSoro Well-Known Member

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    18th Jul, 2016
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    Location:
    Brisbane
    I was blown away at the difference between Telstra and Vodafone for service. I spent over 4 hours on the phone with Telstra trying to orchestrate a move that then led into me completely cancelling due to their incompetence. I spent 45 minutes on the line with Vodafone and not only signed up for NBN, canceled another service with a small fee and then was told I could actually get more mobile data per month for a lower fee than what I was currently paying.

    Guess who will be a loyal customer for Vodafone and will never, ever be a Telstra customer again?
     
    Brady and Terry_w like this.
  5. neK

    neK Well-Known Member

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    @SoroSoro
    I had the same experience... I'm with Vodafone now.
    I hate it. Service sucks balls. Speedtest on 4g in Sydney cbd gets me average 400- 600kilobytes per second. Telstra was substantially faster.... maybe around 2mb per second.
    Call quality is also substantially lower with Vodafone.

    Telstra have a really crap retention team.
    Vodafone have an awesome onboarding team.
    Too bad their actual phone network still sucks.
     
    Last edited: 23rd Nov, 2018
    Dsign and Dean Collins like this.
  6. albanga

    albanga Well-Known Member

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    Melbourne
    Until you need data or a connection in a remote location. Telstra are expensive and don’t have great customer service but they don’t need to when their network is that far ahead of the competition.
     
    Terry_w likes this.
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,599
    Location:
    Gold Coast (Australia Wide)
    Droptus aint too bad

    Though our biz fleet is all testra, you can get some decent deals


    ta

    rolf
     
  8. Redwing

    Redwing Well-Known Member

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    18th Jun, 2015
    Posts:
    7,438
    Location:
    WA
    On mortgage brokers, this showed up in my news feed

    CBA's top 200 mortgage brokers were earning $2.5 million a year. Each.

    At the Commonwealth, about 40% of home loans are broker-originated. At Bankwest, it’s 75%.

    The commission was told broker-originated loans generally have higher initial loan-to-value ratios and are more likely to be interest only, particularly for younger home buyers.

    Broker revenue on the average loan was $6627.

    Comyn said broker revenue had increased by almost 50% as house prices rose.

    One option was to pay a flat fee to brokers, rather than one based on the size of the loan.

    Under this scenario, the fee to brokers would fall to $2310.
     
  9. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Location:
    03 9877 3000
    I'd like for Mr Comyn to produce a list of 200 brokers earning $2.5M or more, plus his list of 1300 earning $1M or more.

    Volumes of the top brokers are published every year. I know I'm somewhere close to the top 200 and definitely well within the top 1300. My total revenue doesn't even come close to $1M, let alone net profit.

    Your local fruit and vegi shop probably has a turnover in excess of $1M.
     
    Eric Wu and Terry_w like this.
  10. Eric Wu

    Eric Wu Well-Known Member Business Member

    Joined:
    8th Oct, 2016
    Posts:
    1,603
    Location:
    Australia
    Telstra " customer service" really sucks, ring them 10 time, likely getting 8 different answers. don't know whether they even give proper trainings to their staff.

    but Telstra still seems the first choice for business ( in my case) due to its broadband speed and coverage. hope someone can compete with them in the near future.
     

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