Why does broker not reply?

Why do brokers not reply when you ask them to see if they can get you a better rate?

I have several loans with a broker on this forum that i don't think are very competitive
IO 3.8% variable with offset
OO 3.35% variable with offset

the loans were written over a year ago? i don't understand why no reply on a simple question?

I was cold called by broker who can get me 6K for refinancing with one of the big 4 banks and much lower interest rates in the low 2's.

why would i not take up this offer if my own broker has no interest?

 

spam folder?

A lot of my enquiries go into spam. I mean to check weekly but forget sometimes. I am sure this happens to others.

Why not give them a call?

 

What LVR?
What kind of repayments, Interest Only or P&I?

The cold call is likely just to hook you, then when they look at your actual situation you may not even qualify for what they've suggested.
A Terry said, try to call your broker rather than email, while you're at it you could ask if you qualify for what the cold call broker mentioned.

 

how do brokers cold call people anyway? Where did they get your number?

 

I wont buy anything from anyone who cold calls me. Or who knocks on my door.
Its an unacceptable business model. Its like feeding seagulls in a nice park. It make it unpleasant to sit there. By encouraging them.

They always have the best deal in the world until you then discuss the finer details. The caller prob isnt a broker themselves but selling leads or on commission for leads. Until they fact find its pure speculation that they can assist. I would be real guarded with discussing anything personal by phone. Some are just pfishing scams too. Next thing some dude rocks up or calls and wants a form filled out. Oh crap. You just gave them your data.

I have spoken to a few solar calls too. They are rats with wings too. They all tell you how cheap it is because of this scheme and that and they always have just dropped prices for a limited time. But our house needs something bigger and better (it does) and its heaps more expensive. Their response (despite me having cash) is - cheap finance can be sorted. Its never cheap. The $4,000 system is still $19K.

 

If it were my client, I'd hope for a call - but appreciate it'd be a lack of service creating the issue.

From the other side (where your broker may be), good broker businesses are flooded with emails daily, the business does get ~500 emails+ a day from various parties/lenders/etc - an odd one can go astray even with good processes/structures in place.

Also, this may not be the same for every broker & not suggesting that this is you, there are people out there with loans looking for service, that are just not worth dealing with (largely an expectation mis-match). It doesn't really apply to existing customers though as there's obviously a filter for this already and broker is already being remunerated to service your ongoing needs.

Good brokers who run good ships and write substantial volumes will know this. Inexperienced ones typically run down every rabbit hole - its partly how experience builds. As experience grows, brokers get a feel for it and have more honed judgement on people to work with.

 

Another thought - have you checked your spam folder in case there is a reply in there?

 

If there's been no reply to your email (I assume you emailed) then give them a buzz. As mentioned above - it's not uncommon for emails to go into spam. Especially when words like loan/finance/mortgage/rate are included.

Having said that - I'm sure most brokers check spam regularly too. The last two email enquiries I had from new clients were sitting in the spam folder.

On another note - it's a bit strange that someone cold called you offering a home loan. Did you ask them how they got your details?

Cheers

Jamie

 

he said he got it from RP Data

 

yes terry i have to eat my words i have found a reply, wasn't in spam but somehow mixed up in another inbox.

 

Amazing.

 

Hi Jamie

yea he said rp data is how he got my number.

he rang me up nearly every day for a week asking to start the paperwork process, before i just stopped answering his calls.

Id rather stay with my broker on here