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Experiences with MatesRates

Discussion in 'Property Finance' started by T-Trade, 11th Nov, 2015.

  1. T-Trade

    T-Trade Member

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    11th Jul, 2015
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    Location:
    Melbourne
    I'm interested in whether anyone here has had experiences with MatesRates mortgages - either positive or negative?

    I was going to refinance my PPOR loan directly with a bank, however seems like a no-brainer to go through a broker that rebates trailing commissions and MatesRates has come up.
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Adelaide, SA
    I'd be questioning why they rebate them. Wouldn't you want to keep all the money you earn? Or is their business in a desperate cashflow situation so piling additional customers on is their last hope?

    I'd rather use a broker that has proven track record, has experience getting me to the quantity of properties i want to, knows the banks policies back to front etc.

    The ones you linked sound like they're just form fillerinerers, which I guess is fine if that's all you're after.
     
  3. T-Trade

    T-Trade Member

    Joined:
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    Melbourne
    Perhaps I wasn't clear enough, but I am happy to source a deal and finance direct, so this is simply a way to clip the ticket on the way through. It would be different if I was after advice, but I'm not.

    I'm not fussed about their business or their business model - the only risk I can see to me is they stop paying the trail for whatever reason and I'm effectively in the position i'm in now going direct.
     
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  4. Redom

    Redom Mortgage Broker Business Member

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    Sydney (West) and Canberra
    Not sure why someone rebating trials equals a 'desperate cash flow' situation - its just a different business model that competes on pricing. There's plenty of ways to run brokerages, those that rebate trials will likely do significantly more volume and do just fine as a business.

    No experience with them - i've read about them though, i think they may be related to Michael Lee and his business interests.

    If it suits your needs, i can't see it hurting you. Feel free to use this forum as a springboard for general advice to find a suitable lender. Even if you're looking for a vanilla loan and know your needs, there's some stuff that the people who do this day in day out may know ('you don't know what you don't know') and we're a pretty sharing bunch. :)

    Cheers,
    Redom
     
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  5. T-Trade

    T-Trade Member

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    11th Jul, 2015
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    Location:
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    Thanks Redom - I think you're spot on. It's all about a vanilla loan and price for me as I've sold off my IPs.

    I am surprised no one here has used them though...
     
  6. York

    York Finance Broker Business Member

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    Last edited: 13th Nov, 2015
  7. tobe

    tobe Well-Known Member

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    Melbourne
    What do you hope to learn if someone here had used them before? Broker franchise systems in Australia aren't that proscriptive. Seeing an Aussie broker or a mortgage choice or loan market broker isn't going to have any discernible difernece to the average punter. They all have a similar sales process and the same lenders on their panel. They may be remunerated differently, but that's about it.

    If you are after a broker that rebates, and don't need advice go online and get loans.com or similar. It'll work out cheaper than a rebated major bank loan.
     
  8. Jkat

    Jkat Well-Known Member

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    25th Jun, 2015
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    Location:
    Sydney
    My impression (and I could be wrong) is that many of the people on this forum are happy for the broker to get paid for what they do via the commission as long as the advice/service is quality. All of the brokers (and other professionals) that regularly post on this forum deserve a wage.

    In the end, the phrase I have seen written many times on this forum is you get what you pay for.