How to stop using a mortgage broker?

Hi all,

I've got a question that couldn't find the answer online, maybe because it is a silly question or not!

I've got a Home Loan with CBA and it was organised (managed?) via mortgage broker (MortgageChoice) few years ago, now I'm looking to refinance.

Just wondering if I can make required changed to my current home loan without going through the mortgage broker? I've got nothing against the guy but I prefer to deal with the lenders myself now. Also notice that they don't cover all the lenders in the market for example Ubank and feel like they are pushing for a specific product sometimes (I'm just guessing)

I remember last time I asked bank for something, they referred me the broker and couldn't get a direct answer.

Thanks all

 

You can make changes to a CBA loan without using a broker. You can go direct to branch.

 

If your loan is less than 2years old watch for any claw-back clauses in your contract, otherwise you are free to do whatever

 

My partner uses a broker and pays 1% less interest than me going direct with the same bank.(Macquarie) Unfortunately brokers tend to not deal with larger investors.

 

Btw, I have been refused a sensible credit limit on my credit cards, yet my partner is employed by me and owns only 5 investments and has more than double the credit limit
I have loans of 6.6 mil with Macbank. My only standard property is the home I live in.
All the rest are 5 acre sites in NW Sydney, inner city developments, commercial properties and 8 student units in Melbourne. Another difficulty is I lend the borrowed money to other developers and this is unacceptable to most lenders.

 

If banks won’t give me a credit card I doubt they are going to loan me money. That’s why I’m still with Macquarie direct. My LVR is only 10% of total assets. But it’s very difficult to take out loan against business(32years since I started) development sites, student units and commercial properties.

 

Some of the issues I see (as someone who is NOT a broker) :

1. DIY borrowers want to avoid brokers thinking its costing them. That often costs them
2. Other loans and security and policy issues are ignored at the borrowers peril. Most brokers know this stuff eg Bank policies of servicing and cards, personal loans etc
3. I have NEVER found a client adversely affected by using a broker. But have seen endless cases of DIY borrowers with issues like crossed loans, bad rates and issues with refinancing later

Brokers are professionals. Its worth listening to a experienced broker v DIY borrowing

 

I have! Not all brokers are the same. The first two I contacted couldn't get me (can't remember the exact amount) something like $100k, and wanted all my loans crossed. I contacted a broker from this forum & things changed big time.

From what I've read from most of the brokers on this forum, they are ahead of the game.