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The 108 steps to the perfect loan

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Your Investment Property | 21 Jan 2013, 12:00 AM Agree 0
Before you bypass brokers and go straight to the bank, consider the information they have at their disposal
  • David Radcliffe | 26 Jan 2013, 03:14 PM Agree 0
    I am not sure I would use a Smartline broker if they have problem counting. They quote 108 measures they check but provide a list of those checks which total only 90! A few other errors in the story: NOT all banks "Credit Score" which can be useful (ie: Suncorp). The Smartline policy "system" may tell their brokers if they think a loan will be approved, but it is actually the lender who makes the final decision and some loans which get declined by "systems" can be approved with the help of a knowlegible & skillful broker. The other statement that "there is no use giving an offset account to a client with little savings" is rubbish. If the offset account doesn't cost the client anything to have, it is worth taking. My advice, be careful of using a mortgage broker who only puts all your information into a computer to decide which loan is best for you. I have met a few of these brokers over the years and they can't actualkly tell you why a loan is best for you other than saying "the computer says it is best for you". Try a broker with many years experience, who has written hundreds of loans, who actually knows why some loans are better thans others, and no, I will agree, interest rate is not everything.
  • Frank | 26 Jan 2013, 07:25 PM Agree 0
    nice promo/press release by/for a mortage broker - I'm just not sure I get the value for the $1000+ trailing commission mine gets for the 20 mins a year phone call discussions I have with him.

    as a seasoned investor - my needs are probably well-satisfied by the lowest interest rate offered by internet-only lenders - which strangely may not be offered by commission-seeking mortgage brokers.
  • peter | 27 Jan 2013, 08:27 PM Agree 0
    good comment David.
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