Refinance trouble

I suspected that.

Do you know what happens to the brokers commission if I refinance the loan that's already drawn?

I'm assuming she loses the trailing commission? any idea what it's worth on 245k loan?

 

She might get clawed back the upfront as well if the loan is less than 12 months old. The trail is around .15% of the loan amount pa.

 

Just finish off, later re finance and new broker will get the benefit, although things often work this way, you have to use your brain too to do ok.

 

Another broker can't 'take over' the loan.
You can get another broker to do a new application with the same lender. It is a whole new application paperwork wise but there shouldn't be any issues getting it approved again if your details haven't changed and the lenders policies are the same.

 

Turbo, I'm no broker, but I don't think a pre approval means that the dud broker will get the commission when it's written up. You could go with @Corey Batt who has given you some solid help and knows his stuff. It doesn't matter that he's not in your state as long as he picks up his phone and he's there for you when you need him.

So I think you can stick with your lender and get a new broker for the construction loan. Again - I'm not a lending person at all

 

I've had a chats with heaps of brokers now.. i was wondering how many fact finds i would have to fill out before i got a straight answer, Corey gave it to me straight out of the gate. So thx, good call

 

If you don't proceed with the pre-approval, the broker won't get the commission but if you move to a new broker the pre-approval won't count and a new application will be required.

 

Hi Jess, it appears as though moving to a new broker is out of the question, based on the claw-back policy (i plan on paying back the loan within about 14 months of taking it) All brokers I've spoken with charge percentage rate

Not sure what others would do in this scenario, current broker is saying they cant get me to service with anyone but NAB

I guess I'll start shopping around for loans myself soon, just to make sure

 

If your broker knows this, that's probably why she's put you with NAB - no claw back with redstar/branch network. You might have some luck if you're willing to pay fee for service.