Best lenders for H&L package in WA

Discussion in 'Loans & Mortgage Brokers' started by Karlos1234, 10th Feb, 2020.

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  1. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Its rare for me to come out of the closet............ but self interest often drives many of us including me.

    What am I missing out on here ?

    Can someone help me with what these benefits are pls ?

    ta
    rolf
     
    Rolf Latham, 15th Feb, 2020
    #21
  2. sash

    sash Well-Known Member

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    Und zee purpose of the question please?

    It like asking what conflict of interests brokers have?

     
    sash, 16th Feb, 2020
    #22
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Unfortunately...a lot of brokers prefer the majors because they there are additional benefits for them. ;)

    This bit

    Can u elaborate a little on what additional benefits a broker may have using a major vs Pepper

    ta

    rolf
     
    Rolf Latham, 16th Feb, 2020
    #23
  4. sash

    sash Well-Known Member

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    Some of the brokers over the years have steered people away from Pepper, Latrobe....even when they are perfectly fine in some instances.

    There seems to be over reliance on using the CBA...NAB...which over the longer term are poor choices. I am presuming this is due to volumes based to keep their volume based accreditation?
     
    sash, 16th Feb, 2020
    #24
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Thats a reasonable response, but not factual.

    Neither CBA nor NAB have volume based accreditation requirements.

    Historically, a small higher performing slot of brokers could be seen to be conflicted with stuff like that, but thats so last decade.

    Pepper Latrobe Liberty are all good lenders, and we do a bunch with them, but a first home buyer builder is NOT one of them, and would go close to breaching one's duty of care to push that unless there is a defined end benefit for the borrower - which there likely isnt here -going back to the OPs needs..though we have very limited data.

    Im still confused what benefit one would receive from a Major over Pepper............. Pepper is in fact MUCH faster than most majors in approvals and use a common sense non score based assessment.



    ta
    rolf
     
    Rolf Latham, 16th Feb, 2020
    #25
  6. sash

    sash Well-Known Member

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    I like when you use the duty of care....statement...

    So let me ask the question..... did you know that Pepper white labels products at much lower rates?

     
    sash, 16th Feb, 2020
    #26
  7. Shogun

    Shogun Well-Known Member

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    I met someone with a Pepper loan. It was like he had brought a house on a low rate Credit card and was stuck in a bad position. Not sure if Pepper screwed him (well they were) or the dodgy Mortgage broker
     
    Shogun, 16th Feb, 2020
    #27
  8. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    AS do Adelaide Bank and other warehouse funders like Nab still do and Mac used to.

    The above doesnt address what caused me to come of the closet.

    Unfortunately...a lot of brokers prefer the majors because they there are additional benefits for them.

    See, if one is making comments that can be construed to be very wrong, coming from someone with as much influence as yourself, you cant expect to " just leave it there" and not be challenged.

    If it came from Poster X, pffffffft who cares.
     
    Rolf Latham, 16th Feb, 2020
    #28
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  9. sash

    sash Well-Known Member

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    My experience is Pepper is quite stringent....but they are also quicker and willing to listen to their customer base.

    I reckon...they are working themselves to be mainstream lender for non-traditional loan - i.e. self-employed, impaired credit, construction loans. The ones that the Big 4 have dropped the ball on.

    Too many brokers are stuck in yesteryear..... and are still recommending the Big 4.;)
     
    sash, 16th Feb, 2020
    #29
  10. Shogun

    Shogun Well-Known Member

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    Pepper might be good for experienced investors like yourself.

    Pepper and the Broker screwed the person I met.

    Pepper might be great for investing in Mount Druitt but not every one can afford that area.
     
    Last edited: 16th Feb, 2020
    Shogun, 16th Feb, 2020
    #30
  11. sash

    sash Well-Known Member

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    I don't think we did a warts and all convo...it would be allowed.

    So lets leave it there. ....;)

     
    sash, 16th Feb, 2020
    #31
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