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  1. #31
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    Thanks so much everyone. I called a broker on Monday and didn't get a great feeling from him. He wanted me to email me out tax returns so he could see our total income for the last 2 years and said he would get back to us with or borrowing power and some options by the end of the week. That seems ages! So I called another one and they said almost the same thing but seemed much nicer in the way she spoke and said she would get back to me Wednesday. Hopefully she calls me back today. Going to brokers as a starting point and planning to call my bank today as well. Also spoken to keystart as they do no deposit or 1% deposit home loans. We don't have genuine savings but was told by the broker that some places will accept our rental history as genuine savings. We have 25k deposit which is a gift and planning to borrow around 300k.

  2. #32
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    Quote Originally Posted by monnie24 View Post
    Yes. To change things you need to goto a broker again not NAB. As Homeside is not actually NAB it's actually a broker thing. But part of nab it's confusing haha!! They also pay highest commission too
    thanks! good to know!

    we went with nab mainly because all our other banking and share trading are through them. I just hated the idea of having a home loan separate to all our other banking.

  3. #33
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    Quote Originally Posted by monnie24 View Post
    I will never use one again too. I had big deposit (70k) purchased home 200k. And he told me use less deposit and pay LMI. Um wtf. I didn't know much about this sort of stuff and neither did DH. So we went with it. He put us with Homeside with NAB. Worst home loan ever. Go straight to your bank first especially now with rates
    The brokers get extra commissions on the LMI. They should've disclosed that though.

  4. #34
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    I work as a mortgage broker. Our focus is solely to find a deal that works for our client and their personal requirements. Never do we ever choose a deal based on the level of commission. If we did, we would soon find ourselves without an audience as we would most likely not get referral work, and word of mouth is valuable to us. A good recommendation also gives you satisfaction as a professional. Not saying every broker is above suspicion but some of us really do try to do the right thing. Obviously, do your research, ask for recommendations. I love what I do and where I do it because we make dreams happen for people and we do it the right way by them. That's my story anyway..
    Sylvie :-)

  5. #35
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    You can go with the bank, but they will only give you one solution, theirs. I like to look at options. There are many ways to skin an orange and that is why I like to work as a broker. I approach it from what is going to work for the people involved and what they will afford comfortably, not what is going to make me the best commission. If you do that, and the client ends up with a 'bad mortgage', then most likely they refinance before the two year period and you lose the money you earned anyway.. Any good broker out there is bound to reveal what commission they are making on the deal as well so it is pretty transparent these days.
    Sylvie :-)


 

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