Broker does not offer cashback for ANZ homeloan

Discussion in 'Loans & Mortgage Brokers' started by htopg, 5th Aug, 2020.

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  1. htopg

    htopg Well-Known Member

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    Hi,

    It seems that brokers are offering 3k cashback for ANZ homeloans.
    My friend refinanced his 300k homeloan to ANZ 750k homeloan, but my friend did not get 3k cashback from the broker.
    What does this mean?
    Does this mean that the broker is 3k richer?
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    no
     
  3. Morgs

    Morgs Well-Known Member Business Member

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    No, the broker is not eligible for a $3K rebate from ANZ.... has he asked the broker where the rebate is?
     
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Banks that offer cashback pay directly. They don't give it t the broker
     
  5. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Is it the refi rebate? The broker will need to lodge a form with ANZ to request this rebate to be paid to the customer. Its paid directly to the borrower.
     
  6. Ravi Gupta

    Ravi Gupta Active Member

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    ANZ cashback rebate offer was for $4000 (now ended) not $3k.
    If your friend recently refinanced most likely they would be eligible for $4k. Broker has to apply for it. Bank pays it directly to applicant.

    Are you talking about lender's cashback or broker's? If it is broker's then it comes from their own pocket leaving them $3k poorer.
     
  7. Lindsay_W

    Lindsay_W Well-Known Member

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    ANZ's refi cash back was reduced from $4000 to $3000 for applications $250K or more, submitted between 1 June and 31st of August 2020.
     
  8. Ravi Gupta

    Ravi Gupta Active Member

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    OP says the loan is refinanced. Given the current SLA in ANZ the application is likely been submitted prior to June 1st. It is just an assumption though.
     
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  9. Lindsay_W

    Lindsay_W Well-Known Member

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    Here's a tip, never assume.
    Lodged ANZ refinance on 17th of June for a client and it settled Monday 03/08
    Clients will receive $3000 cash back.
     
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    thats quick :)

    ta
    rolf
     
  11. Lindsay_W

    Lindsay_W Well-Known Member

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    I must admit the ANZ doc prep was done very fast, within 48 hours of formal approval and sent via email (was told initially it would take 2.5 weeks for docs)
     
  12. Jess Peletier

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

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    Whaaaat? No way! Who are you sleeping with?
     
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  13. Curious2019

    Curious2019 Well-Known Member

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    Wow that’s fast. We have a 7 week timeframe on an ANZ construction loan at the moment :(
     
  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Hmmm

    Imagine the benefits register

    ta

    rolf
     
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  15. Lindsay_W

    Lindsay_W Well-Known Member

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    hahaha
    I have a pretty good BDM (happily married btw) who escalated where possible but other than that it just went smoothly :confused:
     
  16. MC1

    MC1 Well-Known Member

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    ANZ are training over 100 new staff. If you have a vanilla deal it may be allocated to one of the new staff hence the quick turn around. Otherwise, you're waiting til Christmas
     
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  17. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    they need 1000
     
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  18. htopg

    htopg Well-Known Member

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    UPDATE

    My friend talked directly to the business owner of the broker.
    My friend was told that he will definitely get the $4000 cashback.
    The broker ($490-per-hour conveyancer) was notified by his boss and sent cashback form for my friend to complete.
    I feel that the $490-per-hour conveyancer's original plan was:
    after loan settlement, she would show off her professionalism to my friend by providing the $4000 lender's cashback to my friend (+ charging my friend $490 for one hour work to complete the cashback?)
     
  19. MC1

    MC1 Well-Known Member

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    Something wrong here. Doesn't make sense
     
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  20. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    nah

    coveynancer broker massage therapist and nails and brows :)

    Its what our agg has been saying to us for years...................to diversify :)

    ta
    rolf
     
    mikey7 and MC1 like this.

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