Westpac pricing team work through weekend?

Discussion in 'Loans & Mortgage Brokers' started by Patricia, 25th Apr, 2020.

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  1. Patricia

    Patricia Well-Known Member

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    My Westpac mobile lender promised to match the price of one broker for me. She told me to forward the broker's email last night (Friday night) and said will get back to me. Anyone from Westpac can tell me whether the pricing team work on the weekend, as I want to give the mobile lender a chance, but if she cannot match it, I will have to go with the broker. I need to act quickly as the application closes 30 April for the 2k refinance cashback. Thanks guys
     
  2. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    This suggests that the mobile banker can't match the broker unless they leverage the broker's previous work. They should be able to do better than the broker without the evidence, otherwise you should get the broker to set up this loan for you.
     
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    Why would you deliberately exploit a broker?
     
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  4. Patricia

    Patricia Well-Known Member

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    I contacted both of them at the same time. The broker got back to me a week later (Friday night) while the mobile lender has been back and forth to me since last Monday. We applied to the mobile lender, she promised me good rates of 2.69% if we combined 2 properties (cross security), but in the end we just wanted them separate. She can only do 2.79% for one property as it is 80 LVR. The broker came back last night. It was too late as we already signed documents with her, but not yet do interviews. Broker told me if not do interview yet, application not submitted, so can pass the file to him. I just want to give the mobile banker a chance to price match as she has been communicating with me.
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    But why would you contact a broker about Westpac if you have already approached Westpac? You would be wasting the time of one of them.
     
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  6. Patricia

    Patricia Well-Known Member

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    I want to see if there are any good offers of rates.
     
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Put dracula in charge of the blood bank.

    I write a post about an hour ago that folks are getting Myopic around the pork barrels, and often lose objectity.

    Good you resisted the cross for the 10 pts

    ta
    rolf
     
  8. Patricia

    Patricia Well-Known Member

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    Is it called cross-security? I have 2 properties. Property A is 80% LVR and property B is 50% LVR. The broker suggests me to borrow more money with property B as security to put in property A, so to reduce the LVR of property A, to get better interest rates. I understand if cross security, it is a high risk strategy, like if we cant pay the debts, we can lose both. When we sell or refinance in the future, it would be more complicated. The broker said there will be separate loans, and that will be fine. 1 loan for property A (70% LVR), 2 loans for property B (includes 1 loan for property B and another loan to cover the LVR 10% of property A). Thank you.
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Run a mile, this person has no idea

    To cross or not

    ta
    rolf
     
  10. Patricia

    Patricia Well-Known Member

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    Is that called cross-collateralisation? My broker said, "It is not because it does NOT have 2 properties on 1 loan".
     
  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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  12. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    Then it may not be cross collateralisation (which in my book is the same as "cross security").

    If there is a single application for both properties, that's a red flag as well.

    The problems with cross collateralisation are far more reaching than loosing both properties if things go bad. I've actually never seen that occur, but I have seen plenty of other problems.
    Cross collateralisation - 10 reasons to avoid
     
  13. Patricia

    Patricia Well-Known Member

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    Thanks for your reply. What do you mean by "If there is a single application for both properties, that's a red flag as well"? Could you please elaborate? Thank you.
     
  14. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    When there's a single application that includes both properties, it usually means that both are being offered as security for the loan.

    If you're refinancing two properties (or doing things that involved two properties), a separate application needs to be made for each property. The two applications would likely be assessed by the same person at the same time, taking into account the big picture, but there are two distinct processes going on.
     
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