Mortgage broker commission

Discussion in 'Loans & Mortgage Brokers' started by Chreee, 12th Jan, 2020.

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  1. Never giveup

    Never giveup Well-Known Member

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    Thank you @Peter_Tersteeg for clarifying broker positioning
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    OMG, its bad enough now with decision making by borrowers.

    Choice is wonderful, until borrowers need to chose ...............from way too many options and then use CCR as a primary tool for suitability.

    ta
    rolf
     
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  3. Never giveup

    Never giveup Well-Known Member

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    Aim is to buy an overseas aparent hence need ti refinance to pull equity but serviceability is an issue even finder.com shows I can borrow 400K , moreover if I sell IP to reduce debt then I may not to be abke to norrow rhe same amount due to no rental income. Then there is the Terrm Deposit after selling IP but can't use the money to buy overseas and also want yo include DR.

    Coplex loan and structuring!!
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Seeking credit advice from DIY tools such as comparison sites is akin to trying to find a life partner on Ashley Madison..........can happen but the odds are slim

    Just my 2 c worth

    ta
    rolf
     
  5. tobe

    tobe Well-Known Member

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    Trail isn’t and never has been payment for ongoing service after the loan is funded. Trail was devised by lenders in the 90s when they realised paying the whole upfront to brokers on draw down would impact their bottom line. Lenders decided to make part of t upfront ongoing, for the life of the loan which better aligns with their balance sheet.
    I’m not saying brokers shouldn’t be in touch with the clients and help with loan maintenance and other issues, just don’t get that marketing exercise mixed up with trail payment.
     
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  6. Lindsay_W

    Lindsay_W Well-Known Member

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    The figure from finder.com is likely wrong and misleading, you need to speak to a broker to confirm your true borrowing capacity. Most lenders won't lend for overseas security and recommend speaking to an accountant or tax specialist regarding deductibility of loans used to purchase overseas property.
     
  7. Archaon

    Archaon Well-Known Member

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    Quoted from the website.

    "Calculator Assumptions

    Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as indication only. They are neither a quote nor a pre-qualification for a loan."
     
  8. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    That calculator doesn't even ask the right questions for an accurate assessment!
     
  9. Never giveup

    Never giveup Well-Known Member

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    Hummmmm

    I was playing around to find out the estimates before I waste anyone's time as I am sure you guys are super busy...
     
  10. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Sorry, but that tool isn't even going to get you close for anything but the most basic scenario.

    Online servicing calculators are a marketing tool. They're designed to get you interested, then to click to take the next step and remove you from the rest of the market. In fact I could say that for almost any online form that looks like it's giving you information.
     
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