Red Rock Broker

Hi Everyone
if anyone has dealt with RED ROCK before, please share your experience. I cannot refinance any of my loan due to serviceability doesn't work , have tried a few brokers. I came across with Red Rock and was told they may help as they do things differently with normal broker.
I can see they are different in term of cost : application fee+ valuation fee+ broker commission up yo 1.1%
thank you for your feedback

 

I've not heard of them - but they look like another broker. Those numbers look like it may be from a non-conforming/non-bank lender of which most brokers have on panel.

What was the feedback from the other brokers than you've spoken as to why you can't refinance? Plenty of expertise on this forum that may be able to help.

 

Is refinancing to Red Rock going to put you in a better financial position? They appear to be a non conforming lender. If they're anything like other lenders in this space, they're going to be very expensive compared to more mainstream lenders.

 

the rates quoted just little bit higher than major bank, if they can refinance , it will be great help for my position

 

I just can't pass serviceability test of all banks including pepper, etc...

 

Including Bluestone? Have these Red Rock guys done an assessment on your numbers yet?

 

No i dont think so , i need to pay the application fee then they will assess. What is interest rate from Blue stone?

 

Do you really want to lock yourself into Red Rock if you don't pass serviceability with any other lender including pepper?

How much debt are you looking to move across?

Whole portfolio or only one property?

Worst case is you move your whole portfolio over, then they know they have you bent over a rock and end up ratcheting up rates as the introductory offer ends.

Be very careful and have an exit strategy.

 

I would be wary if you need to pay an application fee for an assessment, knowing that two other brokers couldn't help you. You'll be have to pay a non-refundable fee and they may not actually be able to find a solution for you. I have seen this before.

 

So you're going to pay for them to tell you you can't service a loan? Doesn't seem like a good idea to me

 

What a load of BS - unless they're doing something dodgy they won't be able to 'do things differently' other than charge you a fee upfront.

 

If doesn't service with bluestone / pepper etc unlikely to work with them.

 

thanks Rolf, but what does it mean ? sorry i don't understand

 

thank you Rolf and all for your input