Mortgage Broker Recommendations

Discussion in 'Loans & Mortgage Brokers' started by Property, 26th Mar, 2017.

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  1. Property

    Property Active Member

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    Hi,

    Just wondering if anyone can recommend an experienced Mortgage Broker/company in Melbourne?
    Has any one used Empower Wealth for Mortgage Broker services?

    Thank you
     
    MJS1034 likes this.
  2. Wukong

    Wukong Well-Known Member

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    JacM likes this.
  3. Anthony Brew

    Anthony Brew Well-Known Member

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    Why would they need to be in your own city?
     
  4. LifesGood

    LifesGood Well-Known Member

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    A lot of people still prefer face to face when it comes to finance. I know I do!
     
  5. Redwood

    Redwood Well-Known Member

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    I'd say keep your mortgage broker separe to provide an impartial proposal for you, not sure what empower wealth do - but they may be selling you the property.....i'd like a broker to be separate from the property "sell".

    Cheers Ivan
     
  6. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    My understanding is that Empower Wealth are predominantly buyers agents. They either have some brokers working for them in house or they have close relationships with brokers.

    I'm a bit nervous about having everything under one roof, there's a modest risk of a conflict of interest arising. A referral relationship between BAs and MBs is a fairly natural one which can work very well for everyone involved, but there is still some risk of a conflict of interest occurring (though it's significantly reduced). Regardless you should always keep your eyes open and not put blind faith in anyone you deal with.
     
    Last edited: 27th Mar, 2017
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  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Agree with the general sentiment above - keep your pros separated. Pete's your man - a true finance nerd.

    Cheers

    Jamie
     
  9. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I'm with Peter on that view. One of the ways property can be sold at an inflated price is to avoid an arms length valuation. This normally occurs with a loan application that is not arms length.

    Two serious concerns are common:
    - Pre-approved valuation is what you are told. The broker is a direct referral and so no independent caution is given.
    - The broker seeks a buyer who has immediate equity in other property to use. Hence 80% is used as security on the over priced new property and LOC etc is used for the balance. Again this can bypass the issue of a low valuation so its not immediately apparent.

    To me its like using a solicitor referred by the vendor or their agent.
     
  10. Ben Kingsley

    Ben Kingsley Well-Known Member

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    Thanks for your question about Empower Wealth, the company I founded in 2007. For the record we started as a Mortgage Broking business and over time we have expanded into offering a professional specialists in property advisory, finance, financial planning and buyers agency services. Just don't want any fake news or misrepresentation on this forum. Also again, just so the facts are clear - we don't sell property and we don't take any commissions from any third parties!
    Good luck for finding the right broker for you.
     
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